Congratulations to the finalists of the 2016 BAI Global Banking Innovation Awards for Innovation in Payments.
These finalists have all improved an existing payments platform or solution or introduced a new payments platform or solution. Finalists listed in alphabetical order include:
America First Credit Union
Card Guard® from American First Credit Union
Card Guard: Security you control.
America First offers a “remote control for plastic” product that lets cardholders manage their Visa credit and debit cards, and ATM cards – all through their smartphone.
Card Guard enables cardholders to:
• Define where their cards can be used,
• Get real time alerts on all transactions,
• Set per-transaction spending limits,
• Control card use by location by only keeping the card active around them, and
• Turn cards on or off in real- time.
Simply put, cardholders can now decide when, where, and how their cards are used.
It’s the power to protect themselves and their money.
Risk Modelling Innovation through Data Analytics
CaixaBank is the leading bank in payments in Spain. To maintain and reinforce its position against the threat of traditional players and newcomers, the company has put in place processes to continuously monitor innovation trends that enhance the customer experience.
As part of this corporate culture, CaixaBank identified that credit card application processes create great customer discomfort and dissatisfaction because of the response time, denials and overall application complexity.
In order to enhance this process, CaixaBank has created an innovative online process that allows clients and non-clients to get an instant response, alternative offer in the case of denial (different credit option with the same loyalty program) and personalized offers based on gas consumption patterns.
Digital Banking Platform that Enables Real-time, Contextual and Conditional Payments Across Multiple Channels
While the industry has been attempting to deliver faster, real-time payments for years, regulatory and compliance concerns prevent most solutions from making any progress. For this reason, CBW Bank launched the first real-time payments product that leverages debit networks from within “a bank account” and is API-enabled. The bank designed and deployed a modern digital banking architecture, positioning the bank as one of the leading innovation hubs in the payments industry. Leveraging its digital banking infrastructure, CBW Bank is capable of processing contextual and conditional payments across multiple channels, and can rapidly design and launch payment products and services, satisfy regulatory requirements with an embedded compliance and risk management platform, as well as improve its ability to prevent fraudulent transactions.