Congratulations to the finalists of the 2017 BAI Global Innovation Awards for Disruptive Innovation in Financial Services.
These finalists have created innovations that are radical in nature with global impact that are redefining business-as-usual in retail financial services. Finalists listed in alphabetical order include:
Streamlined Online-Bank Account-Opening Process
Max is an intelligent cash management solution that helps individuals earn dramatically higher yield on FDIC-insured bank deposits. Working closely with BofI Federal Bank, Max designed and implemented a process that allows clients to open a UFB Direct-branded online savings account from within the Max website in minutes, including complete know-your-customer (KYC) verification and linking to an external checking/brokerage account. This is a major improvement from the current industry-standard process, which involves manual data entry of pages of personal information and a tedious, multi-day trial deposit verification to link an external checking account. With Max’s new process, financial advisors can pre-fill the application forms with one click from their CRM systems, and then customers can open new online bank accounts directly from the Max site.
Pay-per-mile car insurance
Metromile is revolutionizing car insurance through the use of technology with its pay-per-mile insurance model. By offering affordable car insurance, transparent pricing based on the miles customers actually drive, data to optimize how customers use their car, and instant access to detailed vehicle diagnostics via the driving app, Metromile is transforming car insurance — and car ownership — to be more intelligent, seamless and accessible than ever before.
#bank4all – Taqanu opens the financial ecosystem for anyone by using a blockchain-based digital ID to enable financial inclusion and create equal opportunities
Taqanu started as an idea inspired by the surge of the European refugee influx and the mishandling of new arrivals by European member states. It is a holistic, easy- to- deploy and location-independent financial solution that aims to become a banking service anyone can use once they have established a digital identity to agreed standards. It uses the digital footprint and a person´s phone to identify and authenticate people with a very high degree of accuracy, using this newly created digital ID to onboard users to a banking solution. The self-sovereign digital ID gives the ownership of data to customers with the use of blockchain technology and encryption.