About
The Global Transaction Banking Innovation Awards is a program designed to recognise outstanding players that have launched the most innovative products, best-in-class solutions, cutting-edge technologies, and digital capabilities across the transaction finance landscape. Co-judged by PWC, KPMG, EY and other instrumental subject matter experts, validation for successful participants is globally acclaimed and unrivalled.
The program demonstrates the epitome of excellence and recognizes and honours the world’s leading banks in their endeavour to serve customers better. Taking note that the industry has modernised its systems to help treasurers monitor cash positions, reduce friction in cross-border payments, and utilise application programming interfaces to simplify the on-boarding of new processes, the importance of trade itself has come to the fore as banks have helped their clients in the fight against coronavirus. Businesses have become ever more globalised and the importance of being able to pull together their cash pools has significantly increased. The pace of innovation shows no signs of slowing, as the use-cases of artificial intelligence, blockchain and machine learning are actively deployed across various transaction banking functions.
Why Now
In a period of ongoing macroeconomic and geopolitical upheaval, the global payments ecosystem is demonstrating resilience. The changes in the global landscape are creating new opportunities for incumbents and disruptors alike to win customers, develop new solutions, and claim market share.
While sustainable global transaction banking remains in its early stages, its potential for growth is estimated at 15 to 20% annually for sustainable trade finance and cash management products. Research indicates that demand for such products far exceeds supply, with only 10% of demand currently being met.
Choosing the correct provider of transaction services has therefore never been more important. being met.
The Global Transaction Banking Innovation Awards 2023 will celebrate the world’s preeminent transaction banks that are putting their customers at the forefront of their business and developing innovative solutions.
2022 Awards Highlights
Why Nominate
Being a honouree of The Digital Banker sets organisations and individuals apart, are the players that raise the bar in service excellence, offer superior products and embrace technology with the power of their people to re-invent the industry.
How some of our Awardees Leverage their Awards:
- Internal Team/ Project Recognition
- Customer Communications
- Stand out from their competitors
- Social Media & Marketing Campaigns
- Press Releases
- Email Signatures
- Promotional materials / New Product Launches
- Recruitment
- Annual Reports & Investor Relations Information
Who can apply?
The Digital Banker’s Global Transaction Banking Innovation Awards is the most up to date recognition program, reflective of the latest Transaction, SME and Risk Management transformation in the landscape.
With numerous new digital entrants, the Global Transaction Banking Innovation Awards includes categories to also assess the region’s best banks.
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
Apply to be a Judge
Past Judges
Participating Institutions
Judging Criteria
The Digital Banker - Global Transaction 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.
- Depth of omni-channel integration
- API connectedness within broader digital ecosystem
- Degree of automation within client facing processes
- Time-to-market of new initiatives & agility of IT infrastructure
- Digital safety and security frameworks
- Active user growth (YoY) and incremental impact of digitally active customers
- Realised market share of targeted customer segment(s)
- Application of emerging technologies to service customers across platforms
- Real-time and ongoing communication with customer on digital usage, support and guidance through various media
- Collaboration with strategic partners, ecosystems and platforms
- Level of customisation and embedded optionality features
- Value-added wealth-management, personal financial management tools
- Synchronisation with customer life-cycle and profile
- DIY and self-service functionalities
- Customer Satisfaction Score with digital banking services
- Net Promoter Score of digital banking channels
- Apple IOS/Google Play Store Rating of bank application
- Market awareness and business intelligence capabilities
- Intuitive and contextualised user-centred UI design
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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.
