Congratulations to the finalists of the 2017 BAI Global Innovation Awards for Breakthrough Collaboration in Financial Services.
These finalists illustrate business collaboration at its finest to accomplish something that can’t be done by one organization alone. Finalists listed in alphabetical order include:
Bank Millennium S.A. and PKO Bank Polski
E-administration in online banking
Banks in Poland now work together with government administration on digitizing the economy.
Thanks to advanced technology and experience implementing complex IT projects, PKO Bank Polski and Bank Millennium together with, among others, the Ministry of Digitalization, have prepared and implemented solutions enabling their customers to access a wide range of public services through e-banking websites.
Both banks have used their service platforms to provide a secure gateway to digital administration services. In facilitating access to e-government, they have developed a new e-banking area, laying the groundwork for the continued development of e-services in Poland.
Emirates NBD and ICICI Bank
Emirates NBD and ICICI Bank pilot a Blockchain project specifically for the banking sector, using Infosys-Finacle technology
In a pioneering project, ICICI Bank and Emirates NBD partnered with Infosys Finacle to pilot the first blockchain-based network for international remittances and trade finance. The new framework replicates the paper-intensive international trade finance process as an electronic decentralized ledger, which enables all the parties within the framework to access a single source of information in real-time. The framework is also equipped to send real-time financial messages to the recipient bank, allowing the remittance transaction to take place instantaneously – overall facilitating quicker, transparent and secure transactions.
Online Lending Network: An industry consortium to enhance responsible lending, fight fraud and protect consumers
One of the newest and more challenging types of fraud is loan stacking, where fraudsters apply for multiple loans in a brief time period, targeting multiple lenders in rapid succession. Loan stacking can also seriously impact consumers when criminals use authentic identity information belonging to an unknowing consumer to quickly open dozens of loans using that person’s information. To address these challenges, ID Analytics launched the Online Lending Network, a new consortium formed to enhance responsible lending, help protect consumers and businesses and address emerging credit and fraud risks. It is a subscription-based membership for online lenders that provides access to exclusive risk products tailored to the unique credit and fraud issues they face.
SpringFour, Inc. and U.S. Bank
A Win-Win for Improving Consumer Financial Health and Mortgage Servicing Operations: A Partnership between U.S. Bank and fintech company SpringFour
More than half of Americans are living paycheck-to-paycheck and are increasingly finding it difficult to meet financial obligations. U.S. Bank identified a need to help mortgage customers who were falling behind on their payments. SpringFour, a Certified B Corp. and social impact FinTech company, provides a platform of financial health resources to address urgent financial needs and improve cash flow, creating opportunities for financial stability.
SpringFour’s applications allow U.S. Bank to increase the effectiveness of servicing operations and enhance customer engagement. With the integration of SpringFour technology into call center operations, agents now have the ability to connect customers with resources that address their individual needs. Customers can also access SpringFour’s application directly on the bank’s website.