The Efma–Accenture Distribution & Marketing Innovation Awards were held this Wednesday, 26 October. More than 200 financial institutions from 61 countries submitted over 460 case studies of innovations within 10 categories.
The winners were selected by a combination of votes from a panel of judges, comprised of senior retail bankers from around the world, and online votes from Efma members and non-members. Three criteria were taken into account when assessing entrants: the originality of the innovation, the impact it is having on the industry and how adaptable it is for use in other markets and countries.
Efma Awards were given in the following 10 categories:
Global InnovatorCaixaBank, Spain, won the Global Innovator award for bringing a number of innovative services to market in the last year, including imaginBank, the first mobile bank in Spain; mi imaginBank in Facebook, which allows customers to manage their bank accounts within the social networking site; a service that allows customers to apply for a card and get a result immediately based on an online real-time credit score limit; plus much more.
Most Disruptive InnovationBanco Original won the award for Most Disruptive Innovation for its Open Banking, which was chosen from a shortlist of five other finalists by attendees who were given an opportunity to vote in this category live during the ceremony.
Customer ExperienceWidiba, Italy, won the Customer Experience award for Widiba2020, a smart and intelligent banking search engine, which can be used by employees and customers alike to search for a page, a function or information, or even manage transactions. The engine was built in house and takes advantage of big data and behavioral algorithms to help users find what they’re looking for.
Physical DistributionNBG, Greece, won the Physical Distribution award for its online service that enables customers to book an appointment with the most convenient branch based on real-time information and current waiting times. They are then remotely issued an electronic priority number for the cashier’s desk and are notified when to head to the branch. The i-bank pass service was first launched as a smartphone application.
Digital DistributionDBS, India, won the Digital Distribution award for Digibank, an end-to-end digital bank that can be accessed from a smartphone. Built from the ground up for the digital world, the app has been designed to integrate seamlessly into customers’ digital lives. Using cutting-edge customer analytics technology, Digibank is built to virtually remove the need for operational support intervention and can meet the toughest banking security standards in the world.
Salesforce Change ManagementSberbank, Russia, won the Salesforce Change Management award for its Smart Management System, an innovative self-learning technology that automatically monitors all employees, assigns tasks, identifies strengths and weaknesses in the business, and generates the best managerial solutions.
Best New Service or ProductKBC, Belgium, won the Best New Service or Product award for Digital Trade Chain, a blockchain solution that facilitates secure international trade, focused on small- and medium-sized enterprises. This digital platform manages, tracks and protects domestic and international trade transactions, providing follow up for the entire trade process from order to payment, displaying it in an at-a-glance flowchart and guaranteeing payment when all contractual agreements have been met.
Digital MarketingBank of Ayudhya, Thailand, won the Digital Marketing award for its PAPA Form, an entertaining loan application form designed to improve customer engagement. This interactive form turns every inputted field, such as “Vehicle Type” and “Price,” into a tailor-made music video.
Payments and WalletsSantander, United Kingdom, won the Payments and Wallets award for its International Payments app, which uses blockchain technology to enable customers to make faster and cheaper international payments. The service is currently available to UK-based staff through an internal iOS app pilot. Users can transfer between £10 and £10,000, and payments can be made from British pounds to Euros and US dollars.
Big Data, Analytics and AIAlior, Poland, won the Big Data, Analytics and AI award for Dronn, an intelligent virtual agent designed to respond quickly and consistently to customers and interactively guide them through personalized conversations about their accounts.