By a News Reporter-Staff News Editor at Investment Weekly News -- To recognize some of the world's most innovative retail banking programs, services and processes, BAI and Infosys have announced the finalists of the 2014 BAI-Finacle Global Banking Innovation Awards. The global awards program, now in its fourth year, recognizes innovation in the retail banking industry that positively impacts customer experience, bank efficiency and profitability. Twenty-two finalists representing 13 financial institutions around the world were chosen from more than 200 nominations for their innovative excellence. Five categories of finalists are represented this year, all of which celebrate breakthrough achievements in key areas of innovation.
The Product and Service Innovation Award recognizes retail financial institutions that have substantially improved an existing product or service or have introduced a new one that has engaged customers, unleashed new revenue opportunities or improved the bank's competitiveness. Finalists listed in alphabetical order include: Alfa-Bank (Russia): Savings Account Activity BAC|CREDOMATIC (Costa Rica): BAC Ticket CaixaBank (Spain): ReciBox: Online and Multi-device Service for Bill Payment DenizBank A.S. (Turkey): fastPay Hands-free Payment Using Bluetooth Low Energy OCBC Bank (Singapore): Money In$ights: Personal Financial Manager TD Canada Trust (Canada): SecureKey Concierge
The Channel Innovation Award recognizes retail financial institutions that have made marked changes or improvements within the bank's distribution network to existing channels (such as branch, ATM or mobile) or have introduced a new channel or distribution strategy that has benefited the organization and the customer experience. Finalists listed in alphabetical order include: CaixaBank (Spain): Wearable Technology in Banking DenizBank A.S. (Turkey): fastPay Mobile Wallet DenizBank A.S. (Turkey): Social Customer Care mBank (Poland): Project New mBank: The Next Generation Digital Bank Tatra banka, A.S. (Slovakia): Voice BiometricsTB The Innovation in Internal Process Improvement Award recognizes retail financial institutions that have made a significant investment in internal processes to improve the overall customer experience, including cultural transformations or more customer-friendly products, services or delivery channels. Finalists listed in alphabetical order include: CaixaBank (Spain): Artificial Intelligence in Commercial Communication for Home Banking (LOE) Denizbank A.S. (Turkey): Smart Cross Platforms "inter-Dashboard" DenizBank A.S. (Turkey): "inter-Collect" Collection Software ICICI Bank Ltd. (India): Project MARC- Mobile-based Automation of Receipts on CAPs
The Innovation in Societal and Community Impact Award recognizes retail financial institutions that have designed or enhanced products and services, or channel accessibility to meet the needs of customers with special circumstances. These include ensuring access to physical locations to disabled customers, or providing banking services and financial education to underserved populations. Finalists listed in alphabetical order include: BAC|CREDOMATIC (Costa Rica): We Are Inclusiveness - Inclusive Finance CaixaBank (Spain): APSIS4all - Accessible ATMs CaixaBank (Spain): Microdonations: Charitable Giving Through Electronic Channels Fifth Third Bancorp (United States): Bank Homeowner Reemployment
All submitted nominations were also reviewed and considered for the Disruptive Innovation in Banking Award. The Disruptive Innovation in Banking Award recognizes a bank that implemented a program or service, completed and launched no earlier than July 2012, that is radical in nature and has made a global impact in terms of redefining business-as-usual in retail banking. Finalists listed in alphabetical order include: CaixaBank (Spain): "Alta Cliente's" Mobile App Idea Bank S.A. (Poland): Idea Cloud - Secure Banking Cloud PostFinance Ltd. (Switzerland): Bank as a Retailer for Digital Goods
"The innovation and accomplishments of this very esteemed group of organizations is truly inspiring," says Debbie Bianucci, president and chief executive officer, BAI. "With more than 200 nominations from over 30 countries across the world, the BAI-Finacle Global Banking Innovation Awards recognize the impactful, valuable solutions and processes organizations have created in their quest to better serve their customers and grow through innovation."
"These winning banks are redefining banking. They are delivering innovative products and services that create new and improved experiences for customers that increase profitability and efficiency," says Haragopal M., senior vice president and global head of Infosys Finacle. "We are pleased to recognize these pioneers who share our view that innovation underpins success in banking." BAI's Innovation Circle Judging Panel, a hand-picked panel of distinguished thought leaders and retail banking professionals will select winners in each of the five categories as well as honor one institution as Most Innovative Bank of the Year.
Keywords for this news article include: BAI, Investment and Finance.
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