CHICAGO–The globe’s best financial institutions when it comes to “outside-the-box thinking in breakthrough technologies, state-of-the-art design and implementation, that drive efficiency and enterprise profitability” have been announced.
Here is a look at the winners of BAI’s Global Innovation Awards and the products/services/ideas for which they were honored:
Innovation in Consumer Products or Services – Category Winner
Winner: Commonwealth Bank of Australia, CommBank Benefits Finder
“Millions of Australians face financial stresses. One-third of households can’t access $500 in emergencies,” BAI said. “More than half of people don’t have savings to handle temporary loss of income. Benefits finder organizes, personalizes and simplifies the claiming of over 270 rebates and benefits for everyday Australians, but particularly helps those that need it most.
“Benefits Finder is a large-scale digital experience integrated into the CommBank banking app that leverages reach, data assets, AI and a marketing engine. It seeks to address the stubborn global phenomenon of unclaimed benefits.
“In Australia, the government makes more than $115 billion of benefits and rebates available annually, but there is an estimated $12 – 70bn p.a. left unclaimed, negatively impacting the financial wellbeing of many Australians. It’s the difference between paying the rent, keeping the lights on, and giving kids equal opportunities at school.”
Innovation in Digital Transformation – Category Winner
Deutsche Bank, API Program, ‘Embedded Finance Initiative’
“Through Embedded Finance, non-bank companies can seamlessly integrate complete financial products into their own offerings and IT systems via digital interfaces, also called Application Programming Interfaces or APIs,” BAI said. “At the core of the ‘Embedded Finance Initiative’ is the principle ‘API First’: Whenever a new digital banking product is developed, either existing APIs should directly be used or developed.
“In the challenging times of the COVID crisis, the importance of seamless digital processes became very clear, driving the demand for more flexibility in banking. Deutsche Bank’s API Program enables its partners to use individual client data to offer personalized digital apps.
“Embedded Finance seamlessly integrates entire financial products and banking services into a wide variety of non-bank products and applications, making banking an invisible yet ubiquitous part of everyday life. Deutsche Bank’s Application Programming Interfaces (APIs) enable third-party providers to embed banking products like accounts or credit cards directly into their own offerings. The bank’s corporate clients, on the other hand, can integrate their business bank account into their own IT landscape.”
Innovation in Human Capital – Category Winner
Payactiv, Livelihood Employees Experience Platform
“Payactiv levels the playing field for millions of low-income hourly workers by not making them wait for their paychecks before getting access to earned wages,” BAI said in announcing the winner. “Payactiv offers a suite of financial services that includes earned wage access, savings and budgeting tools, bill payment, employee communication and shift scheduling tools, a discount marketplace, and financial health measurement.
“Payactiv levels the playing field for the millions of low-income hourly workers being exploited and monetized for their ‘between paychecks’ cash flow timing issues. Rather than dwell over wage stagnation and tax structures, Payactiv invented EWA (Earned Wage Access) to improve the financial stability and livelihood of the paycheck-to-paycheck worker.
“EWA empowers workers to access their accumulated wages on-demand between paydays. Their technology enables companies of all sizes to help their employees be less stressed and lead more productive lives.”
Innovation in Internal Process Improvements – Category Winner
PKO Bank Polski, Road to Paperless Banking Empowered by Blockchain Technology
“The durable medium is a cost-effective service meeting strict legal requirements and enabling EU banks to replace the process of sending paper documents to customers with digital distribution,” BAI said. “The legal challenges involved in the durable medium service have been overcome thanks to the innovative use of the blockchain technology. It is an example of a corporate use of the technology (not involving cryptocurrencies), which gave PKO Bank Polski millions in savings in its operations.
“The first generation of the durable medium service made it possible to digitize the process of distribution of public documents – ones without personal data. With the recent rollout of Durable Medium 2.0, it is now possible to digitize the process of delivery of documents containing personal data.
“PKO Bank Polski has developed the first and the second generations of the service with the leading provider of trust services in Poland – Krajowa Izba Rozliczeniowa [National Clearing Chamber] and the technology partners – Coinfirm start-up and IBM. The service is used by retail customers of PKO Bank Polski (about 35% of the Polish market) as well as the customers of other banks.”
Innovation in Small Business Products or Services – Category Winner
Santander Bank, Santander Treasury Fusion for where You Do Business
“Santander has always wanted to provide the best banking experiences for their customers. They learned that customers were asking for direct connectivity between their accounting and ERP systems to the bank’s core banking platforms,” BAI stated. “Santander spent nearly two years evaluating their own internal options as well as partner opportunities and ultimately chose to partner with FISPAN to bring this vision to life.
“Santander Treasury Fusion, which uses the FISPAN platform, will allow the bank to extend their treasury services by connecting the bank directly with their clients’ ERP and accounting systems. Clients will use this two-way connectivity to streamline their payments, journal entries, and reconciliation while also giving them an up-to-date view of their accounts.”
Additional details can be found here.