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The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

COVID-19
Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

Why Nominate

In the midst of yet another Covid-19 wave, global economies are no longer halting to a stop. This sense of calm, stability and efficient crisis management has generated renewed interest in wealth creation. Having embarked on digital transformation journeys prior to and during the COVID-19 pandemic, the private banking industry vastly improved the usability of digital experiences in line with customer expectations. In addition to this, ESG compliance and integration norms are set to become key components of client expectations.

Wealth managers who have identified the above signs and expectations will vastly benefit, and those who have adopted them are already reaping rewards. At Global Private Banker, we aim to recognise private banks, wealth managers and family offices who raise the bar in service excellence, offer superior products, embrace technology and empower their people to re-invent the industry.

Our awards and recognition programs are substantiated by a legacy of editorial accuracy and integrity. Worldwide readers of The Digital Banker and Global Private Banker magazines depend on them as the authoritative standards of excellence and innovation for the financial industry.

Now, more than ever, it is imperative that these firms deliver exceptional experiences through innovative business models and customer experiences.

Who can apply?

The Global Private Banking Innovation Awards, organised by Global Private Banker and The Digital Banker, exist to identify, honour and celebrate the world’s preeminent Private Banks, Family Offices and Wealth Managers that demonstrate elite levels of advisory, unbiased research, bespoke solutions and their distinguished individuals’ contribution to the industry.

Global Private Banker and The Digital Banker Awards are accolades of excellence and distinction, attributed to outstanding players; they provide unbiased and objective benchmarks for the global banking industry. These awards are the world’s most authoritative and transparently judged private wealth awards.

Building on last year’s unsurpassed success, the Global Private Banking Innovation Awards 2023, will celebrate the world’s most innovative products and services, cutting-edge technological and digital capabilities, scalable customisations and rapid integration of ESG across the business.

The private wealth landscape is undergoing significant transformation and is also an environment which is currently facing tough competition from new entrants, family offices and independent wealth managers. We also invite these financial service providers that are pioneering unrivalled standards and capabilities- those that are transforming the industry by setting new milestones and by reimagining private banking services to deliver a consistent client experience.

If you identify your organisation and/or professionals as industry leaders and trailblazers that are pushing boundaries and pioneering unsurpassed innovation in the private wealth landscape – we invite you to send in your nominations. The submission deadline for all entries is; 18:00 GMT, 31st March 2023.

Key Findings

Technology powering the next wave of growth

Intuitively, banks are also looking to expand their digital footprint at their physical branches to complement and ensure consistency of service across channels while optimising their channel strategy. A case in point is Scotiabank’s e-Teller initiative launched in 14 key markets in South America including the Caribbean. The e-Teller system is effectively a screen next to a human teller, where the customer can access his/her account using a biometrics scan and begin to avail in-branch services. In Chile in particular e-Teller was the first to leverage facial recognition enabling customers to avoid having to resort to their physical debit cards or PIN pads in order to gain access.

Streamlining account opening processes by leveraging digital identification

On the account opening and customer onboarding front “Kept” by Krungsri Bank (Thailand) stood ahead of its peers by introducing a simple, speedy, and paperless onboarding experience that is self-service driven. Launched in July, 2020 new-to-bank customers are in a position to open their first digital savings accounts on-the-go within 5 minutes without the requirement of a wet signature as identity verification is completed by leveraging Thailand’s blockchain based National Digital ID infrastructure (NDID).

Reimagining the mobile banking experience to drive customer engagement

Financial institutions realise the importance and value of maintaining customer-focus on a superior digital CX to drive client advocacy. A case in point is Canada’s CIBC that has assiduously incorporated user feedback so that internal project teams overseeing new product launches or service enhancements can finetune as needed. The bank extensively utilises market research, business intelligence and customer reviews & UX research data points and ideation workshops to address challenges in realising successful customer journeys around acquisition, onboarding, servicing, communication and money management .

Developing pandemic- ready solutions

Another critical priority for financial institutions across all markets has been the ability to digitally support customers during the challenging Covid-19 period particularly as businesses and consumers alike struggled with the lockdowns and ensuing waves of the novel coronavirus. A standout is U.S. Bank in the United States that saw an opportunity to service customers effectively through its COVID DIY assistant program platform that handled more than 51 thousand requests via the bank’s online banking and mobile app facilities for its Consumer Loan, Line and Lease customers.

Past Winners

Judges

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To nominate your institution and/or people, please email: [email protected] to request your nomination pack

Past Judges

Participating Institutions

Submission Guidelines

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Judging Criteria

The Digital Banker - Global Private Banking Innovation Awards 2023 - Judging Criteria

Belief Statement

With co-judges from KPMG, EY, PWC, Deloitte, Forrester and other instrumental subject matter experts– endorsement for winners is globally acclaimed. They are also the world’s most authoritative and transparently judged private wealth awards.

Our judging process follows a numerical and quantitative methodology with specific weighting given to; digital innovation, digital ecosystems, customer experience, financial performance and leadership strategy.

Innovation
Weights 25%
Engagement
Weights 25%
Personalisation
Weights 25%
User Experience
Weights 25%

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    FAQs

    Do I Have to Submit a Nomination?

    All awards participants are required to submit nominations through The Digital Banker’s online submission portal. The portal is where you will find the questions that need to be answered in order to be considered in the current year’s program. Institutions will be unable to participate in our awards programs without a fully complete submission(s)

    Can One Project/Initiative Be Considered for Multiple Awards?

    You may nominate one project or initiative across numerous awards. Please note however, these submissions are likely to compete with one and other. You must submit separate entries for each award.

    Are There Any Costs Involved in Making A Submission?

    There are no costs involved in making a submission.

    May I Submit More Than One Nomination?

    The Digital Banker does not place a limit on the number of awards you can nominate for. Please note,

    If I cannot Access The Judging Portal, May I submit My Entries Via Email?

    If your institution has firewall restrictions and you are unable to submit entries via our portal, you may request for the PDF questionnaire.

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                      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                      The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                      COVID-19
                      Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                      Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                      The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

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