CHICAGO, IL. October 11, 2016 – The winners for the 2016 BAI Global Banking Innovation Awards were announced last week during Illuminate: A Celebration of Innovation, a reception at BAI Beacon in Chicago. Showcasing this year’s top innovators within the financial services industry the recipients were chosen out of the 15 finalist organizations that represent the most forward-thinking global leaders changing the face of the industry.
As the premier financial services innovation awards program, the BAI Global Banking Innovation Awards provide finalists and winners worldwide visibility. Over the past six years, over 1,000 nominations from more than 540 financial services companies globally have been submitted. The awards program, which began with only two categories in 2011, has grown to nine categories today, including six primary innovation categories and three overall awards.
“It is exciting to recognize forward-thinking organizations who are driving positive change and moving the financial services industry forward,” said Debbie Bianucci, BAI President & CEO. “This year’s winners should serve as an inspiration to other leaders seeking to innovate and better serve their customers.”
Innovators were awarded for demonstrated excellence in a variety of product and service areas. The winners for each awards category include:
Product and Service Innovation
CEO Mobile® biometrics
Wells Fargo’s latest security innovation utilizing a unique Eyeprint feature in addition to an ID and password to sign on
Use of humanoid robots “Pepper”
Mizuho Financial Group, Inc.’s use of “Pepper” humanoid robots to serve as concierges in traditional formal Japanese bank branches;
Innovation in Societal and Community Impact
TEB Women Banking
Turk Ekonomi Bankasi (TEB)’s establishment of a separate department to provide Women’s Banking services that provide solutions to the obstacles women face in business
Innovation in Payments
Risk Modelling Innovation through Data Analytics
CaixaBank S.A.’s solution to alleviate customers’ dissatisfaction due to response time, denials and overall application complexity
Innovation in Internal Process Improvement
Alior Bank S.A.’s intelligent automated and scenario-based process of debt collection
Honorable Mention – Most Innovative Non-Bank Financial Services Organization
NerdWallet – NerdWallet’s Checking Account Tool
NerdWallet’s innovative new tool evaluates 14 inputs from users against more than 3,300 checking account options to remove guesswork and streamline the selection process for consumers
Disruptive Innovation in Banking
Virtual Assistant in Foreign Trade WATSON
CaixaBank S.A.’s WATSON Engagement Advisor (WEA) application that builds a more intelligent and efficient financial terminal, with better and faster access to information for employees
Most Innovative Community-Based Banking Organization
Most Innovative Bank of the Year, sponsored by TCS BaNCS
Nominees in this year’s awards program were evaluated by the Innovation Circle Judging Panel, comprised of 13 prominent international innovators who represent the industry. The Innovation Circle Judging Panel evaluated the nominations on the basis of originality and impact.
“Innovation is about relevance, sustainability, growth, profitability and scalability,” said BAI Innovation Circle judge and Head PBB SA Innovation Capability at Standard Bank Group, Paul Steenkamp, who is based in South Africa. “I think it’s fantastic that BAI is recognizing the finalists in this year’s Awards. These are organizations that clearly aren’t happy just performing above the norm in their local markets- they really want to benchmark their innovation efforts against the best in the world, and this gives a nudge to all other banks to lift their game. It’s been a huge honor being invited to be part of the jury this year. I’ve learned a tremendous amount.”
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