Congratulations to the finalists of the 2017 BAI Global Innovation Awards for Product and Service Innovation.
These finalists have substantially improved an existing product or service, or developed and introduced a new product or service that has engaged customers, unleashed new revenue opportunities or improved the bank’s competitiveness. Finalists listed in alphabetical order include:
Bank Millennium S.A.
Public transport and parking tickets purchased in a banking mobile app
Bank Millennium brought a new level of convenience to its customers by enabling them to buy public transport tickets and pay for parking in the Bank Millennium mobile app. Passengers of public transportation can conveniently buy a ticket, validate it and display it – all via the mobile app. Vehicle drivers are also able to simply pay their parking fare in the app. Moreover, customers will pay only for the actual time of parking without having to pay in advance as with a parking meter, and without unnecessary time spent locating a parking meter or ticket machine. This service makes commuting a breeze and is free of charge.
Emirates NBD Bank
Liv. – the first lifestyle digital bank in the world – a lifestyle accelerator that enables you to Liv. more
Liv. is the first lifestyle bank in the UAE launched by Emirates NBD. With 2.4 million Millennials in the UAE (26% of the population and growing) possessing an estimated $16 billion in annual spending power, there was no banking solution targeting them. Research shows they don’t want just another bank but a financial partner to support their life. So Emirates NBD re-imagined banking from the ground up to easily enable digital onboarding, social pay and a partnership ecosystem in a smart lifestyle app that doesn’t require back office or call center support.
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.