CHICAGO–The financial institutions from around the world judged to be among the most innovative have been announced.
The Bank Administration Institute (BAI) has announced the 2018 winners of its BAI Global Innovation Awards, which seek to recognize “transformative solutions in the financial services industry worldwide.”
Winners will be celebrated at BAI Beacon in Orlando, Fla. Oct. 9 – 11.
According to BAI, the winners of the Global Innovation Awards winners were selected by the Innovation Circle, a panel of global innovation experts and leaders.
“Each nomination was carefully evaluated on the basis of its originality and impact,” BAI said. “Winners reflect positive strides made toward improved customer experience and noteworthy achievements in efficiency and profitability.”
New to this year’s program is the People’s Choice Award. Finalists from the customer-facing award categories are candidates for this honor, and voting remains open through Oct. 10. One winner will be selected for the People’s Choice Award and will be announced and celebrated at BAI Beacon.
The Winners
The 2018 BAI Global Innovation Award winners are:
- Best Application of Data Analytics, AI or Machine Learning in a Product or Service: Shenzhen OneConnect Smart Technology Co., Ltd., Shanghai, China: AI Verification Using Insure Tech
- Innovative Touchpoints and Connected Experiences: CaixaBank S.A., Barcelona, Spain: CaixaBank Now App
- Internal Process Innovation: Live Oak Bank, Wilmington, N.C., U.S.: 100 Percent Re-Invention to Cloud Service Operations for Boundary-less Anytime-Anywhere Employee Enablement
- Innovation in Societal and Community Impact: RUKULA (PVT) LIMITED, Columbo 5, Sri Lanka: Credit for small consumer durables for the financially excluded in Sri Lanka, and USAA, San Antonio, Texas, Aerial Imagery Tool
- Innovation in Customer Experience: NovoPayment, Inc. Miami. Embedding FinServ in Gig Value Chain
- Human Capital Innovation. Fifth Third Bank, Cincinnati, Ohio. Maternity Concierge
- Innovation in Marketing.
- DenizBank, Istanbul, Turkey: Denizbank Credit X.
- Innovative Accelerator or Incubator. Arion Bank, Reykjavík, Iceland: Digital Future - Internal Accelerator.
- Wild Card: Honorable Mention. DBS Bank, Singapore: DBS API (application programming interface) Developers’ Programme
- FARFA Foundation, Chiniot, Pakistan: FARFA BLT Incubator
Other Nominees
BAI said the winners of its Outstanding Achievement Awards will also be announced live at BAI Beacon. The nominees are:
Disruptive Innovation in Financial Services
- Nova Credit: The World’s Premier Cross-Border Credit Bureau
- NovoPayment, Inc.: 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
- Shenzhen OneConnect Smart Technology Co., Ltd.: AI Verification using Insure Tech
- Ping A Technology: Emotion Recognition Based Financial Risk Management System
Most Innovative Finserv of the Year
- Arion Bank, Iceland
- CaixaBank S.A., Spain
- DenizBank, Turkey
- USAA, U.S.