The 2017 Financial Innovation Awards, awarded jointly by The London Institute of Banking & Finance (LIBF) and UK Finance, took place last night (December 7). The headline partner was ISACA with the technology awards partner being confirmation.com. Now in their 20th year, the Financial Innovation Awards celebrate those who deliver innovative services, provide excellent customer experiences and put communities at the heart of their approach.
First National Bank South Africa won the award for ‘Innovation in Product Design’ for increasing access to digital banking via smartphones to communities who previously were excluded; while Pure Software Pte won ‘Best Payment Initiative’ for providing a cloud-based platform to enable 180 of Nepal’s cooperative banks to offer digital services to customers.
Other digital developments winning prizes included Confused.com for their car finance comparison website; Barclays Bank for developing business instant lending on mobiles; Lloyds Banking Group’s Digital Service team for increasing customer engagement through digital innovation; and Maximise IT Solutions for their use of intelligent automation for complex complaints – believed to be unique in Robotic Process Automation.
‘Best FinTech Partnership’ went to GFT and Deutsche Bank for their development of a single strategic global platform; and co-creation of products with start-ups won Barclays Bank an award for innovation in supporting business or enterprise. ‘Best Financial Start-up’ went to digital mortgage broker Habito.
Investec won the ‘Innovation in Sustainability or Social Responsibility’ award for their ‘Invest for Success’ programme, empowering people to transform their lives and communities; whilst Lloyds Banking Group won ‘Best Financial Inclusion or Outreach Initiative’ for their partnership with Signly, helping improve financial awareness, capability and understanding among deaf and hearing-impaired customers.
Other winners on the night were: Dorsum Co, Evotor, ezbob, HSBC, Lloyds Islands Community Bank, NatWest, Sberbank of Russia and Ziraat Bank.
Alex Fraser, Chief Executive, The London Institute of Banking & Finance (LIBF), said:
“It has been very encouraging to see the extraordinary levels of ingenuity and creativity being applied by entrants from around the world. They reflect a clear focus on customer service and financial inclusion.
“This year’s winners and finalists include those developing ways to improve access to customers often excluded due to geographic, technological or social-economic challenges; those providing space for starts-ups and staff to develop FinTech ideas; and those developing their services to deliver brilliant digital services to their customers, via phones, apps and even via voice activated assistants.
“While one of the only certainties in our sector is that things will change, and often rapidly, these awards demonstrate that the finance sector is well equipped to drive those changes that benefit us all.”
Stephen Jones, Chief Executive of UK Finance, said:
“The finalists for this year’s Financial Innovation Awards have all displayed an impressive commitment to serving customers through innovation; a commitment we share at UK Finance. The pioneering work by those shortlisted demonstrates the UK’s expertise in FinTech, and will help retain our position as the world leading financial centre.
“As we all know, a new consumer led revolution is well advanced affecting how we access and manage our money, from apps which turn our mobiles into bank branches to text alerts, cheque imaging, biometric identification and contactless payments. We’re proud to support a platform that highlights the future of financial products and promotes financial inclusion, helping improve customer service and support the digital economy.”
The winners in full
INNOVATION IN PRODUCT DESIGN:
- WINNER: First National Bank South Africa – FNB Branded Smartphones: Enabling Digital Banking
INNOVATION IN SERVICE DESIGN:
- WINNER: Confused.com – Car Finance Comparison
- HIGHLY COMMENDED: Banco Itaú Unibanco SA – Itaú as a digital inclusion enabler
BEST PAYMENT INITIATIVE:
- WINNER: Pure Software Pte – Arttha Digital Payments Platform
INNOVATION IN SUPPORTING BUSINESS & ENTERPRISE – PRODUCTS & SERVICES:
INNOVATION IN SUPPORTING BUSINESS OR ENTERPRISE – SUPPORTING/ASSISTING GROWTH AND DEVELOPMENT:
- WINNER: Barclays Bank – Rise
- HIGHLY COMMENDED: Barclays Bank – Barclays Eagle Labs
BEST MOBILE BANKING:
- WINNER: Barclays Bank – Business Instant Lending on Mobile
INNOVATION IN THE DELIVERY OF FINANCIAL PRODUCTS:
- WINNER: Sberbank of Russia – Sberbank Markets – electronic trading platform for corporate customers and financial institutions
INNOVATION IN MARKETING AND COMMUNICATIONS:
- WINNER: NatWest Bank – Women in Business Campaign and Podcasts
- HIGHLY COMMENDED: Lloyds Banking Group – Black Horse Personalised Videos
INNOVATION IN DATA AND ITS APPLICATION:
- WINNER: Ziraat Bank – Using Geographical Information System for Selecting Branch Locations
- HIGHLY COMMENDED: Sberbank – Tips in Sberbank Online
EXCELLENCE IN CUSTOMER EXPERIENCE:
- WINNER: Lloyds Islands Community Bank – Removal of Sales Targets
SERVICE TEAM OF THE YEAR:
- WINNER: Lloyds Banking Group – Delivering Brilliant Digital Service
- HIGHLY COMMENDED: Moody’s Analytics – D.R.I.V.E.-ing Innovation and Initiative
BEST CUSTOMER-FOCUSED CULTURAL TRANSFORMATION OR STAFF PARTICIPATION INITIATIVE:
- WINNER: HSBC – HSBC’s Digital Revolution
- HIGHLY COMMENDED: Albaraka Türk – Keşfet Intrapreneurship Program
INNOVATION IN SUSTAINABILITY OR SOCIAL RESPONSIBILITY:
- WINNER: Investec – Innovation to Arrival Education partnership, Invest for Success, 2016-17
HIGHLY COMMENDED: Barclays Bank – Barclays Eagle Labs
BEST FINANCIAL INCLUSION OR OUTREACH INITIATIVE:
- WINNER: Lloyds Banking Group – Lloyds Bank partnership with Signly
- HIGHLY COMMENDED: FINLIT Nepal – Community Based Financial Education
BEST TECHNOLOGY INITIATIVE:
- WINNER: ezbob – ezbob digital end-to-end lending platform
TECHNOLOGY VENDORS – BEST INSURANCE, INVESTMENTS AND PENSIONS SOLUTION:
- WINNER: Dorsum Co. – Wealth Management Platform
TECHNOLOGY VENDORS – BEST FINANCIAL SERVICES SOLUTION:
- WINNER: Maximise IT Solutions – DARA SmartFlow – Intelligent Automation that transforms complex processes into simple tasks
BEST FINTECH PARTNERSHIP:
- WINNER: GFT and Deutsche Bank – dbPalace
BEST FINANCIAL START UP:
- WINNER: Habito – Launching the UK’s Digital Mortgage Broker
- HIGHLY COMMENDED: Trussle – One year to a billion
For coverage of the night visit the Twitter page and follow #FIAwards