2019 BAI Global Innovation Award Finalists
Business Model Innovation
In July 2018, CaixaBank launched a non-financial marketplace for travel-related products and services, in partnership with Booking.com. After running several polls to understand what else the bank could offer its customers, it learned that travel-related products appealed to their audience. That spurred the bank to analyze different ways of integrating a search box into its home banking service, which customers could use to find simple and useful information about various destinations. Since its debut, the service has been growing month by month.
DenizBank launched its new Banking as a Platform Initiative, which comprises five key components: 1) An open API platform, Aquarium, that allows the bank to create a space for potential partners to test its technology and services, and lets partners reach the bank; 2) An incubation center, the DenizBank Center of Innovation (DenizCI), that brings together partners and business lines within DenizBank walls; 3) A Platform Banking Strategy Committee, half of which is made up of outside experts, whose goal is to foster agility in decision making and objectivity; 4) An Innovation Committee including all the business lines and subsidiaries of DenizBank, which represents the insight required for its collaboration; and 5) DenizBank’s fintech, tech and non-tech related partners, who allow the bank to enhance and perfect their products and services.
The Member Cards function is a loyalty card platform on K PLUS, the mobile banking application of KASIKORNBANK (KBank). A number of KBank’s business partners and corporate customers have their own loyalty programs, in which they allow their customers to hold plastic cards that earn and burn loyalty points. Meanwhile, many KBank retail customers face the problem of having to carry many plastic cards around with them. With K PLUS, users can add their loyalty cards onto the application and substitute physical cards for digital ones, slimming down their wallets. Payment transactions with loyalty card partners via K PLUS can also earn users loyalty points.
RBC Ventures is a wholly-owned subsidiary of the Royal Bank of Canada, and takes a portfolio approach of build, buy, invest and partner to achieve its goals. RBC Ventures operates as an internal incubator within the RBC. To maximize speed to market and minimize costs, most ventures are ideated, validated and built in-house, using lean startup methodology and agile principles. The short-term goal of RBC Ventures is to attract users and to convert a percentage to RBC banking customers by engaging with them more frequently, deeply and meaningfully. The longer-term goal is to disrupt the meaning of “bank,” moving RBC from serving part of a customer’s need, to orchestrating entire experiences.