2020 BAI Global Innovation Awards Finalists
Congratulations to the 2020 BAI Global Innovation Awards finalists
These organizations from around the globe have demonstrated successful efforts to move the industry forward through the introduction of innovations positively impacting profitability, efficiency and customer experience across the Awards categories.
Consumer Products or Services Innovation – Category Finalists
PeoPay KIDS is an advanced educational mobile application for children aged 6-13 and their parents. The mobile application introduces children to the complicated world of finance, teaching them about money and showing how to save it. The app provides a wide range of functions for kids, with account balance and history, transfers, top-ups, and a savings management tool.
Dynamic Life»Home dynamically tracks customers’ outstanding FNB home loan amount and automatically adjusts their life coverage to match that amount. If a customer pays off their loan faster or withdraws funds from their bank, the cover amount will decrease or increase accordingly. This innovation automatically customizes a customer’s life insurance to exactly match their unique needs.
“Smart Fast Claim” is a car insurance product, with deep learning technology and powerful big data mining rules in the image recognition field. It can recognize damaged part of the vehicle, assess damage level and the price immediately after the user upload images, which truly achieves risk-free and one-click loss assessment.
CaixaBank has become the first bank in Spain to allow non-residents of Spain to open an account and apply for a mortgage online from their country of origin. These solutions are unique in the market and fully online, the branch does not handle documentation at any point during the process.
With the launch of the new Price Drop service, Meridian provides Members with a free and convenient solution to save money on retail purchases within its mobile app – putting money back in the pockets of Canadian shoppers. Price Drop finds savings in everyday and big-ticket purchases that most people wouldn’t expect. The Price Drop feature is available – with no obligation or cost – to new and existing Meridian Members by simply downloading the mobile banking app and opting in for the service.
Customer Experience Innovation – Category Finalists
Using a home-grown AI model, BMO AI Cashflow Prediction provides customers with an intelligent prediction of upcoming cash shortfalls and offers a solution to get back on track. Customers are presented with a warning about the predicted amount and timing of the shortfall within Mobile Banking, and a recommendation for how to manage the shortfall (i.e. transfer funds, line of credit). The prediction factors in the customer’s holdings and spending across multiple accounts.
DBS Chatbot Guided Conversation is part of DBS’ Digital Servicing Model. Guided Conversation Digibot enables fulfilment on banking requests made by customers within the same channel. It can perform over 60 services in a structured, conversational style, improving the chances of addressing customers’ banking needs compared to a traditional chatbot.
COVID-19 and the subsequent lockdown restrictions put immense pressure on customers and business alike. This solution enables customers to submit their insurance claims remotely and it also proactively initiates claims for customers. This innovation has multiple steps, the first was enhancing the FNB Life platform (digital) processes to provider more customers with greater access to products and features. The second part was creating a proactive claims process, which meant that customers who were unaware they had an insurance policy, could also get paid out when they needed it most.
As customers’ financial relationships become increasingly complex, the management of bills and regular expenses continues to be a pain point for customers. Bill Sense is available to all CommBank App users with an eligible product and provides a single, consolidated view of customers’ bills and subscriptions to help manage their finances and plan ahead. Machine learning models identify and predict the frequency and size of regular payments with high accuracy. Predictions are then served to the customer and supported by data-driven notifications to help customers manage their committed expenses.
Finicity has deployed an open banking platform, designed to ensure transparency, control and security in the financial data experience, while empowering consumers and businesses to better use their financial data to their benefit. This is done by allowing them to provide permission for the use of their data for a variety of financial experiences that are increasingly going digital and reliant upon data to fuel innovation.
Human Capital Innovation – Category Finalists
“Jamie”, Citizens’ Virtual Career Assistant, enables an impactful, personalized, and modern candidate experience to all prospects and delivers efficiencies and new capabilities throughout the recruitment process. Jamie uses intuitive, conversational language, and can understand the natural language of the user. She even uses emojis in her responses! External job seekers have leveraged their chat with Jamie to search for open jobs and kick-off the application process. Jamie has interacted with more than 18,000 candidates answering 60,000 inquiries on benefits, company culture and interview process, plus topical questions on Citizens’ approach to Covid-19 and Diversity, Equity & Inclusion.
With the help of analytics, Ziraat Bank identified the various factors of increased employee dissatisfaction and bottlenecks in communication. Based on the data, they created an innovation designed to strengthen the communication network among employees and to recognize and take precautions in case of any communication problem. The main purpose of the innovation is to establish connections in workplace, build a culture that aligns with people’s demand and increase the level of workplace communication.
The Employee Digital Care Program of Sberbank identifies and seeks to prevent undue stress for employees at all stages of their career path within the bank. By using a host of digital tools and technologies, gamification, as well as offering psychological support, this program has positively impacted the level of employee engagement and satisfaction as well as employee efficiency. It has also resulted in improved customer satisfaction scores.
Internal Process Innovation – Category Finalists
This innovation seeks to offer customers flexible and agile mobility through different products available at CaixaBankNow. The Mobility project mainly has an impact on the environment and on the contracting of products through 100% digital channels, which are very necessary at this time.
OPTIMUS is an online web-based platform for online invoicing for payment disbursement, eSigned invoices submission, NDC submission, ID Card issuance request, two-way digital communication for our outsourced agencies, online profile updating, submission of KYC documents and a declaration collection medium from vendors. Online ID Card issuance is an Industry First and is Go Green Initiative.
An intelligent quality management system that helps to provide the highest quality of service to customers. This system was built using advanced technologies and proprietary AI-based modules, which help the bank to gather insights and to make decisions. Processing and storage of all data takes place in the bank’s internal circuit, ensuring a high level of security.
The Digital Scorecard is a broad monitoring system used to evaluate employees’ performance at promoting the use of digital channels to customers. Digital Scorecard is helping the employees to analyze their customers’ daily-weekly-monthly transactions and helping them to direct customers to the right digital channel vs. having them use physical branches. This only helps customers reduce time and money spent, but also helps the branches improve profitability due to increased use of low cost digital channel.
The Smart Contract Cloud platform builds a real-time risk prediction model based on the contract risk concern tag, which forecasts the probability of contract clause default and defines the clause risk level. Simultaneously, it interfaces with external data sources, constructs a portrait of the contract subject, establishes mapping rules, generates risk alerts, and provides risk warning.
Marketing Innovation – Category Finalists
United Arab Emirates
Over the years the United Arab Emirates (UAE) has lost billions due to phishing. Emirates NBD wanted to create awareness and educate people on this “dry” but important topic. Together, as a joint public service initiative, with Dubai Police and the Government of Dubai, the campaign “Secure Your Account” is a story, narrated through an adaptation of the popular pop song – “It wasn’t Me.” It tells the story of a bank client who fell victim to a fraud and lost his money. https://vimeo.com/361328625
Millie, a collaboration between Synchrony and Meredith Corporation, is all about women and money: making it, saving it, spending it, investing it, giving it and talking about it. Channels include a quarterly 48-page print magazine, online content updated weekly, a weekly e-newsletter, social presences and webinars.
United Arab Emirates
As we launched the New imagin platform (its customers are between 18-25), the bank redesigned the entire marketing and communication strategy, creating a new tone and style guide.
The idea was that if imagin talked its customers in their own language, they will understand it better and identify better with the bank. They used humor, graphic, tone and text, as well as revitalized its app to be more dynamic and fun.
RegTech – Category Finalists
United Arab Emirates
Kalignite Hypervisor uses OS-Virtualization technology to decouple the ATM PC-core from the ATM operating system. This means software drivers that are unsupported under new Windows operating system versions will now be supported by the hypervisor software drivers instead. This gives more control to the bank and cost less money to fund the ATM network.
This enterprise wide fraud and risk management system was launched, while the bank was a 100% remote due to the pandemic. The system use is business intelligence data from across all the bank’s systems and channels in real-time to instantly deliver insights about potentially fraudulent transactions to the bank’s fraud investigation unit for further action.
This is a new technology that develops machine learning models without data aggregation and leverages the value of data for AI application. Beehive Federated Intelligence Platform provides secure data cooperation and AI optimization solution.
Small Business Products & Services Innovation – Category Finalists
This innovation combines merchant processing and small business card issuing into a single platform, PayVus. PayVus is integrated with a merchant’s credit card processing system to make managing cash flow automatic and easy. This is helping merchants to take control of their business funding, while expanding their business credit limit over time.
Ownr empowers and enables Canadian entrepreneurs by making it easy to start, manage, and grow their business. The Ownr platform simplifies the process of registering a sole proprietorship or incorporating, which can be complicated and difficult to navigate. Registering with Ownr takes 15 minutes or less, and Ownr takes care of the filing. New business owners receive their registration documentation in one business day, along with their Articles of Incorporation and formation documents.
Banco Bradesco is the first bank to offer an Open Banking model platform free of charge and includes all the necessary solutions that individual microentrepreneurs are looking for. The MEI portal, the first platform built on the Open Banking model at Bradesco, delivers an attractive and substantial experience to the customer, offering financial and non-financial products and services according to their needs, which is a much different experience and value that just account opening.
Societal & Community Innovation – Category Finalists
Woodforest is one of the first banks to develop its own Opportunity Zone Fund benefitting low-income communities across its 17-state footprint. This fund counters the common narrative surrounding the Opportunity Zone program, which states it only benefits the wealthy by providing tax benefits. The Woodforest CEI-Boulos Opportunity Fund is an innovative collaboration between Woodforest (investor) and CEI-Boulos Capital Management (fund manager). The fund’s over $20 Million of equity invested across 11 projects leverages an additional $233.7 Million in debt, creating 1,800+ jobs and 1,000 affordable housing units.
SeekCap is the Philippine’s first same-day approval loan marketplace for small and medium enterprises (MSMEs.) Through SeekCap, multiple lenders can onboard their loan products, allowing borrowers to choose what best suits their business needs and apply for loans digitally and seamlessly on a single platform. SeekCap was built to meet the financing needs of micro, small and medium enterprises (MSMEs) and to better serve this unbanked/underserved segment who forms the backbone of the Philippines economy.
City Builder by Citi is a free data-driven platform that seamlessly aggregates information about urban and rural communities to help investors, fund managers, real estate developers, municipalities, and community members work together on community development projects. By developing a user-friendly platform that increases transparency into key data for place-based (i.e. community) investments, City Builder aims to drive more capital into the areas where support is needed most.