BAI and Infosys today announced the winners for the 2014 BAI-Finacle Global Banking Innovation Awards. Now in its fourth year, the global awards program recognizes innovation in the retail banking industry that positively impacts customer experience, bank efficiency and profitability. The winners were honored in a special ceremony at the BAI Retail Delivery 2014 conference in Chicago, Illinois on November 12, 2014.
Winners were chosen from 22 finalists representing 12 financial institutions from around the world. BAI’s Innovation Circle Judging Panel, a group of distinguished thought leaders and retail banking professionals, selected the award winners in each of the following categories.
- Product & Service Innovation Award: Spain’s Caixa Bank introduced Recibox, a trendsetting online and multi-device service for bill payment. Available through the bank's native app, Recibox combines an intuitive user-experience with interactive features that enables customers to categorize and compare their bills, communicate with issuing companies, receive alerts, and more. The service advances the evolution of bill service and payment and makes it easier for customers to manage their finances
- Channel Innovation Award: Project New mBank: The Next Generation Digital Bank by mBank from Poland is revolutionizing the digital banking experience with enhancements to its online and mobile platform. Project New mBank features customer-centric interfaces and leverages state-of-the-art technology to offer simplified, convenient access to the full suite of mBank products and services. Key features such as advanced and integrated money management, real-time customer relationship management, merchant-funded rewards, and Facebook integration are transforming the way customers conduct their banking activities
- Innovation in Internal Process Improvement Award: DenizBank from Turkey developed ”inter-Collect” a scenario-based collection software that combines a best-practice decision engine and a case management system. It enables the bank to minimize collection costs by identifying the most effective ways to allocate resources, and to enhance collection effectiveness through consumer-level analysis
- Innovation in Societal & Community Impact Award: Fifth Third Bancorp from the United States tackled the issue of increased foreclosures with its Homeowner Re-employment program. Understanding that loss of jobs is the primary reason for late mortgage payments, the program assists unemployed customers, who are over two payments late on their mortgage, by partnering with a re-employment solutions organization. Forty percent of the participants found meaningful employment and returned to financial stability
- Disruptive Innovation in Banking Award: Idea Bank S.A. from Poland created Idea Cloud, a game changing, multi-functional and multi-channel banking platform based on cloud solutions that target small-scale entrepreneurs. The system is the first of its kind in Europe to combine both accounting and banking functionalities that helps simplify and accelerate the processes associated with small business management
- Honorable Mention for Innovative Spirit Award: CaixaBank from Spain has been recognized for their consistency in innovating their products, services and processes to drive value and success for customers. The bank's 24 substantive nominations for this year's awards program, by far the most for any bank, reflect the depth and breadth of CaixaBank's innovative spirit
- Most Innovative Bank of the Year Award: DenizBank A.S. from Turkey has been recognized for its focus on solving problems, making life simpler and engaging its customers. It leads the industry in a constant search for more efficient and convenient ways of banking, and excels in the areas of internal process and customer-facing innovation
“This year’s winners epitomize the persistence and commitment of financial institutions around the world to develop and bring to market extraordinary innovations that continually advance the retail banking industry,” says Debbie Bianucci, president and chief executive officer of BAI. “Success in the competitive environment in which these organizations operate is a notable feat and the unique solutions these organizations have designed and delivered have impressive levels of impact.”
“These institutions have made remarkable progress in introducing innovative solutions to keep up with customer demand,” says Michael Reh, senior vice president and global head, Infosys Finacle. “The products, services, practices and processes they have pioneered have lead the way for the industry, providing substantial benefits to their customer base and to the institutions. As the innovation partner for global financial organizations, we applaud their outstanding efforts.”