CHICAGO–The Bank Administration Institute (BAI) has announced the finalists for 2018 BAI Global Innovation Awards, offering insights into the kinds of investments in time and money other financial services providers are making in the marketplace.
The awards seek to recognize “the most transformative solutions in the financial services industry worldwide.”
Now in its eighth year, the BAI Global Innovation Awards recognizes industry leaders and showcases what leading financial services innovators in all regions of the world are doing to deliver new value to customers and employees and improve efficiencies and profitability for their organizations,” BAI said.
Each nomination is evaluated by the Innovation Circle, a panel of global financial services innovation leaders who thoroughly review each application to determine the top submissions. The judges weigh each innovation on originality and impact on consumers and the industry. The BAI Global Innovation Award winners will be announced in August and celebrated at BAI Beacon in Orlando on Oct. 9 – 11.
The 2018 BAI Global Innovation Awards finalists are:
Best Application of Data Analytics, AI or Machine Learning in a Product or Service
- First National Bank, Johannesburg, South Africa: Robo-Advice Tool for Life Insurance
- Jibun Bank Corporation, Tokyo, Japan: AI Support Tool for Foreign Currency Deposits
- OneConnect Smart Technology Co., Ltd. (Shenzhen), Shanghai, China: AI Verification using Insure Tech
- Ping An Technology, Shanghai, China: Emotion Recognition Based Financial Risk Management System
Innovative Touchpoints and Connected Experiences
- CaixaBank, Barcelona, Spain: CaixaBank Now App
- HDFC Bank Limited, Mumbai, India: HDFC Bank Mobile Banking Card
- mBank S.A., Warsaw, Poland: Breakthrough Customer Experience in Distribution of Banking Products
- USAA, San Antonio, Texas, U.S.: IVR to Digital Channel Shift
Internal Process Innovation
- DenizBank, Istanbul, Turkey: Internal Fraud Defence
- Live Oak Bank, Alpharetta, Ga., U.S.: 100 Percent Re-Invention to Cloud Service Operations for Boundaryless Anytime-Anywhere Employee Enablement
- Royal Bank of Canada (RBC), Toronto, Canada: RBC Blockchain Shadow Ledger for Cross-border Payments
Innovation in Societal and Community Impact
- KASIKORNBANK PLC., Bangkok, Thailand: KPLUS Beacon – Mobile Banking Application for the Visually Impaired
- Nova Credit, San Francisco, Calif., U.S.: The World’s Premier Cross-Border Credit Bureau
- Rukula (Pvt) Ltd, Columbo 5, Sri Lanka: Micro-Credit for Consumer Product Purchases in Sri Lanka for the Financially Underserved
- USAA, San Antonio, Texas, U.S.: Aerial Imagery Tool
Innovation in Customer Experience
- Arion Bank, Reykjavík, Iceland: Digital Mortgage Process
- Bank of America, Charlotte, N.C., U.S.: Meet Erica: Bank of America's New Virtual Financial Assistant
- Best Innovation Group, Oak Ridge, Tenn., U.S.: Financial Innovation Voice Experience (FIVE)
- NovoPayment, Miami, Fla., U.S.: Embedding FinServ in Gig Value Chain
Human Capital Innovation
- Albaraka Turk Participation Bank, Istanbul, Turkey: Yourunge Project
- DenizBank, Istanbul, Turkey: HR in a pocket
- Fifth Third Bank, Cincinnati, Ohio, U.S.: Maternity Concierge
- Intesa Sanpaolo, Turin, Italy: ISP Digital Learning – Portal and Smartphone App to Learn Anytime, Anywhere
Innovation in Marketing
- CaixaBank, Barcelona, Spain: imaginCafe
- DenizBank, Istanbul, Turkey: Denizbank Credit X
- Intesa Sanpaolo, Turin, Italy: XME Conto UP! Marketing Campaign: the New Relationship Between Young People and Intesa Sanpaolo
- Turkiye Is Bankasi A.S., Istanbul, Turkey: Isbank's Self-Learning Marketing Hub
Innovative Accelerator or Incubator
- Albaraka Turk Participation Bank, Istanbul, Turkey: Albaraka Garaj Acceleration Center
- Arion Bank, Reykjavík, Iceland: Digital Future - Internal Accelerator
- Emirates NBD, Dubai, United Arab Emirates: Emirates NBD 3D Open Innovation Boost
Wild Card Honorable Mention
- DBS Bank, Singapore: DBS API (application programming interface) Developers’ Programme
- FARFA Foundation, Chiniot, Pakistan: FARFA BLT Incubator
Additionally, all nominees are considered for BAI’s Outstanding Achievement Awards. The finalists for the three honors are:
Disruptive Innovation in Financial Services
- Nova Credit: The World’s Premier Cross-Border Credit Bureau
- NovoPayment: Embedding FinServ in Gig Value Chain
- USAA: Aerial Imagery Tool
Outstanding Use of AI in Financial Services
- Jibun Bank Corporation: AI Support tool for Foreign Currency Deposits
- OneConnect Smart Technology Co.,Ltd. (Shenzhen): AI Verification using Insure Tech
- Ping An Technology: Emotion Recognition Based Financial Risk Management System
Most Innovative Finserv of the Year
- Arion Bank, Iceland
- CaixaBank, Spain
- DenizBank, Turkey
- USAA, U.S.