Global Innovation Awards Finalists

Congratulations to the 2022 BAI Global Innovation Awards Finalists!

These global trailblazers have successfully designed and delivered innovations that positively impact profitability, efficiency, employee and customer experiences, and the communities they serve.

Themis
Making Compliance Easy and Reliable for Banks and Fintechs
USA

With the rapidly changing and complex regulatory frameworks, compliance is getting harder and harder for banks and fintech startups. Ask Themis built a next generation software solution for Governance, Risk and Compliance that will make it easy for fintechs and financial institutions to comply with complex regulations with a platform to protect their vendors and partnered fintech companies.

Banco Popular
Talent Lab & Skills Accelerator
Puerto Rico
‎‎

A pressing issue that HR leaders are facing is that they are encountering a significant skills gap. Only a small percentage of HR departments are currently engaging in role-based skills assessments and new ability training for employees. Banco Popular’s opportunity is to maximize internal talent potential by having a human-centered approach to talent market challenges such as talent scarcity, high turn-over, and the need to accelerate skillsets important for the future by integrating coaching and continuous learning.

Bank of America
Bank of America Security Center
USA


In a digital age, clients expect security as part of their experience, especially when it comes to personal and financial information. The Bank of America Security Center is a centralized, client-friendly solution that provides security and authentication settings in one place. Scam and fraud avoidance education is woven throughout the experience and process, to highlight the importance of enabling security features and empowering clients to share the responsibility of account safety and security.

BankiFi
Open Banking API and Embedded Banking Platform for Businesses
USA

‎ ‎‎

In a moment of worsening economic conditions, small to medium-sized businesses (SMBs) need an easy way to accept payments now more than ever. At the same time, most small businesses do not have the time or resources to effectively manage their own accounts payable and accounts receivable programs or partner with a third party fintech. BankiFi’s approach threads this needle, offering simple, straightforward and cutting-edge payments services through trusted financial institutions.

BMO
True Name
USA

For the transgender and non-binary communities, reality remains harsh as they face multiple challenges related to their identity documentation, with 1/3 experiencing verbal harassment, denied benefits or service, asked to leave or even assaulted when presenting an ID that does not match their gender presentation. Furthermore, 75% of LGBTQIA+ consumers agree that they tend to support companies that market to and support their community. When True Name’s customers are empowered financially, lives improve, innovation surges and the economy grows stronger; equal financial opportunity means everyone wins.

SoLo Funds
SoLo Community Finance Platform
USA

People who live in “financial deserts” have little choice but to rely on payday lenders and check cashing stores because they are more plentiful in their neighborhoods, hindering wealth accumulation and contributing to long term debt. Thus, SoLo Funds was created with the mission to bring quality, fair financial services to all Americans — 198 million of whom are underbanked and 54 million of whom are looking for access to, or yield from, short-term capital. SoLo is an online marketplace that serves the needs of these 252 million Americans, connecting people who need fair access to emergency funds with community members willing to lend them money and see a return on their capital.

DenizBank
Technology and Start-up Loans in Agriculture
Turkey

As it is well documented, animal farming, livestock, and meat production may have negative impacts on the environment, welfare of the animals, as well as following unsustainable business plans will cause negative economic consequences for shareholders and stakeholders. To address these risks, DenizBank developed solutions that will offer smart financial facilities for tech-companies as well as agri-initiatives to create and afford efficient farming systems to increase their yield.

Dreams Technology
Dreams ESG Innovation
United Kingdom

The Dreams Financial Wellbeing Platform is a revolutionary way of engaging banking customers rooted in psychology, neuroscience and behavioral economics. They make the experience deeply personal and leverage emotion as the main driver of human decision making and behavior to motivate banking customers to engage with their finances, and to develop the skills they need to improve their financial wellbeing.

Fifth Third Bank
Customer Recommendation Engine
USA

Customer engagement in today’s banking world has changed as customers migrate to digital channels – especially for transactional activities. To address this change, Fifth Third developed an integrated platform called the Customer Recommendation Engine (CRE). With CRE, customer engagement is driven by customer needs and powered by data, customer science and analytics to create “always on” personalized recommendations.

FNB
FNB Connect
South Africa

South African consumers and local businesses face challenges related to access and affordability of fast, efficient, and reliable telecommunication services and devices along with value added services allowing them to remain connected. FNB Connect’s solution to this is the first banking institution in Africa to fully integrate the sale of telecommunication services and devices, end-to-end, into a banking app, which means a full digital platform experience for customers from order to delivery of products and services.

Fonbulucu
Fully Integrated Investment Ecosystem
Turkey

Certain investment possibilities in the world were only offered to a select group of people and for a specific amount, making startup funding appeal to a very specific audience. Fonbulucu solved the minimum investment amount problem, the investment bureaucracy problem, the transparency problem, and the trust problem with the fully integrated system they built. Individual investors can make small investments in businesses using a bank transfer or a credit card while people can invest entirely digitally with completely reliable infrastructures and monitor them from reputable institutions.

Growsari
GROWSARI.com – Powering the Digital Economy of the Philippines
Philippines

Growsari was built to help small Filipino store owners build a long-term sustainable model and become financially independent. They simplify the inventory/delivery model by taking out the middlemen, instead using technology to pass the savings to the stores. Furthermore, they develop a financial services arm that could qualify these stores for short-term credit and digitize payments that would mitigate cash handling.

JUMO
Core & Unify
South Africa

Founded in 2015, JUMO is the market leading Banking as a Service (BaaS) platform that powers AI for financial services in emerging markets. The platform has two foundational capabilities: Core – providing end-to-end, next generation banking infrastructure and Unify – the AI processor that transforms data to reduce the cost and risk of lending. JUMO offers savings and credit products to entrepreneurs in emerging markets, and financial services infrastructure to partners such as e-money operators and banks.

Kolleno
Kolleno AR Platform
United Kingdom

One of the biggest challenges that B2B companies face is late payments, causing two major problems across all industries: the amount of time involved in being able to track overdue invoices and the concern around how to best manage the chasing of late payments in a way that enables them to effectively sustain positive relationships with their clients. While no B2B sales are immune to late payments, the approaches to how businesses manage their unpaid invoices differ. Kolleno helps to automate the accounts receivable management with the help of innovative technology so that employees can spend their time on more value-added tasks and leave repetitive manual tasks to innovative technology.

Money Management International, Inc
Project Porchlight by MMI
USA

After a natural disaster, survivors can turn to emergency relief agencies and groups for help with basic needs. But when it comes to recovering financially from a fire, flood, earthquake, or other natural disaster, they’re often left to navigate complicated decisions, systems, and red tape on their own. MMI’s Project Porchlight uniquely provides targeted support to help survivors return to pre-disaster “normal” as quickly as possible, using technology and learned experience to deliver highly effective support.

MVB Bank
Onboarding Fintechs Better, Faster, Stronger… the Victor (ad)Vantage
USA

Through this project, MVB Bank has established a way for fintech entities to be compliantly, consistently and efficiently onboarded. This provides these entities access to valuable banking services and payment channels, while also mutually building franchise value.

Oportun
Digit by Oportun
USA

Digit created an AI algorithm that anticipates expenses and saves a little every day, slowly building a user’s savings without any effort on their part. Digit’s automation and machine learning continue to help members overcome these obstacles through its newest innovation, a bank account called Direct in partnership with Pathward, which allows members to budget for bills automatically while also making progress on both long- and short-term savings and investing goals. This new experience is completely personalized to each member’s short-term financial needs and long-term wealth building.

OppZo
Democratizing Access to Affordable Working Capital Loans
USA

OppZo grew from the belief that for entrepreneurs to drive American innovation and build thriving communities, every business owner needs access to fair and affordable capital. They had the idea that government contracts were one of the most underutilized sources of financial opportunity for SMBs in distressed communities. They created advanced financial models to predict and quantify the impact that small businesses could create for their communities if given an affordable loan, and illustrated how government contracts create a unique situation that nearly eliminates all risk.

Payten Technology Inc.
Paratika Crowdfunding e-Payment Project
Turkey

Paratika, an equity-based crowd funding program, has been launched in Turkey under the control of state institutions. One of the biggest challenges entrepreneurs face is raising funding for their promising companies. Crowdfunding is one of the best ways to provide the entrepreneurs with funding by bringing investors and the start-ups together on online funding platforms enabling innovative products/entrepreneurs to receive funding quickly and easily from large number of investors.

Quilo
Fully Digital Real-Time Syndication Platform
USA

With hyperinflation, rising rates and concerns for potential global recession, most community financial institutions, that lack advanced digital underwriting solutions, are becoming more reluctant to underwrite unsecured personal credit to borrowers especially in underserved, rural communities. Quilo has been developing financial products for major financial institutions to deliver a unique, fully digital, real-time syndication platform to community financial institutions. As the platform was starting to be offered to the community institutions, they realized that the small banks are very sensitive to credit concentration risk in terms of unsecured personal loans, so they decided to apply the concept of loan syndication to personal, unsecured loans but digitally in a fraction of a second.

Standard Bank
Trader Direct
South Africa

There is a growing demand for working capital from informal African retail SMEs (‘traders’) to allow them to improve and grow their product ranges. Having restricted cash flow limits a trader’s ability to hold the appropriate levels of stock required to address their customers’ needs but to qualify for a loan, these cash-based businesses need to have built up a credit profile, which requires a variety of up-to-date information. Trader Direct enables the Standard Bank Group (SBG) to undertake credit assessments using non-traditional data and, on this basis, provide working capital and stock advances in the form of virtual stock and physical stock to traders in the general trade market.

Standard Bank
OneFarm Share
South Africa

OneFarm Share aims to address the ever-widening food provision gap in South Africa, such as oversupply, diminished demand for fresh produce and excess stock. The relief market struggles with consistent, reliable access to nutritious food basket items, with the time-sensitive nature of fresh produce posing a significant challenge. Using CSI/CSR funding to procure fresh produce from smallholder farmers at market-related prices, OneFarm Share facilitates paying developing farmers within 48 hours and assists with packaging and logistics all contributing to providing suitable market access.

Theta Lake
Utilizing AI to Scale Data Security, Risk Detection and Compliance Supervision
USA

Theta Lake’s patented AI helps compliance, legal, and risk teams quickly and effectively scale their data security, risk detection, and compliance supervision of modern video, voice, chat, and unified communications systems. Theta Lake empowers financial services firms to compliantly unlock all of the rich communications features of platforms like Zoom, Slack, Webex, Microsoft Teams, and RingCentral to support hybrid work. This results in increased productivity and employee engagement on platforms more popular with customers and prospects while decreasing the risks of the use of prohibited outside channels.

TIAA
TIAA Phone Authentication Risk Management (PARM)
USA

As their customer base grows and interactions evolve, TIAA needed to create a scalable and flexible solution to help mitigate risk and fraud, resulting in an innovative, multi-platform ecosystem that enables them to capture and analyze key phone attributes to evaluate the risk of each call. A real-time fraud and risk assessment is performed, and any potential fraud call is automatically routed to their fraud servicing personnel for appropriate handling. This comprehensive, scalable, and layered innovation enables TIAA to strike an optimal balance between managing fraud risk and delivering world class customer service.

Umoja Labs
Building Payment Rails to Enable Universal Access to Affordable Digital Financial Services
USA

It’s difficult to scale payments across highly fragmented markets when the market is predominantly made up of micro-enterprises, smallholder farmers and street vendors who don’t have access to bank accounts, have limited access to smartphones, and have only intermittent Internet connectivity. Between the inability to access affordable financing and savings, and the cost of transfers when using cash-pickup, mobile money, and international wire services, informal workers face an expensive paywall to access digital financial services and payment rails. Umoja is addressing this unprecedentedly large opportunity by building the payment rails of the informal economy to enable universal access to affordable digital financial services.

Union Bank of India
Union Prerna
India

Union Prerna is aimed at driving a culture of performance, objectivity and satisfaction among employees. This is to be achieved by transforming Human Resources into a strategic function which enables decision-making from the grassroots to management level through data analytics and digitalization of key processes. Under the bank’s leadership development program, holistic development of employee’s technical, functional & behavioral competencies through various assessments including psychometric tests, coaching opportunities and customized Individual Development Plan (IDP).

Yabx Technologies
Simplifying Financial Access, Control and Choice to the Underbanked
Netherlands

Yabx’s vision is to simplify financial access, control and choice to over two billion unbanked and underserved populations in the emerging markets of Africa, Asia, and Latin America. This is to be actualized via the mobile device by utilizing an individual’s digital footprints. The company leverages technology and analytics to reduce the cost of delivering financial services, thereby bringing banking services to the unbanked.

Zilch
Zilch Technology: Financial Services Technology Innovation
United Kingdom

There’s an unspoken problem customers face now and that’s the education on financial choice. In today’s economic environment, the cost-of-living crisis is only going to get worse and harm the public more. Zilch offers an alternative already recognized by the wider industry, working for consumers, not retailers, and offering them a broad range of payment options to win their trust and repeat business.