Zilvinas Bareisis

About Zilvinas Bareisis

Zilvinas Bareisis is a senior analyst with Celent's Banking practice. His research focuses on retail payments, including cards, e-commerce, and mobile payments. He has a global perspective with a particular emphasis on market developments in North America, the UK, and Europe.

Paying with Google: An Exciting Prospect, Again

Paying with Google: An Exciting Prospect, Again

Last week in the Google I/O developer conference, Google made a number of interesting payments-related announcements. I would encourage anyone interested in this to look at the full video online, but here are some highlights and my takeaways. Google has discussed:

  • Google Payment API, which enables merchants to let their customers check out via any cards stored with Google. When the customer is ready to check out, they hit a "Pay with Google" button and are presented with the available payment options – any cards they have in their Google account they may have registered to pay for apps and services in Google Play or YouTube. Importantly, it also includes cards registered via Android Pay. Google is piloting this API over the the next few months and is partnering with the leading payment service providers, such as Braintree, Stripe, Vantiv, ACI, Adyen, First Data and Worldpay, to take it to market. This will work in-apps, via the browser, and via Google Assistant.
  • Google Shopping API to integrate into Google Home, and ability to build Purchase Actions with Google Assistant. In the example shared by the executives on stage, customers can talk via the Assistant to Panera, request an item, and pay for it via a card stored on the Google account while authenticating with their fingerprint. They also showed how the Gmail Send Money function can now be triggered via a voice command, bringing P2P payments capability to the Assistant. In the future, there are plans to onboard other P2P providers.
  • Loyalty enrollment, engagement and redemption support for in-store merchants. Participating merchants will allow customers to save their loyalty programs directly to Android Pay, get notifications of available offers via Android Pay, and redeem via Smart Tap, a service for which Google partnered with First Data and its Clover platform.

At the foundational level, Android Pay continues to make international inroads. It is already available in 10 markets, and is launching soon in Brazil, Canada, Russia, Spain, and Taiwan. Also, one of the most important features (in my view) is something that is already available today, yet perhaps didn't get enough acknowledgement in the market when launched – the push provisioning API. Issuers that integrate push provisioning API allow their cardholders to add cards into Android Pay directly from their mobile banking apps. More importantly, the user can get all the benefits of Android Pay without having to download and set up the Android Pay app itself. Certainly, that's one adoption barrier less to worry about. Bank of America, bnz, Discover, mBank, USAA, and Westpac are among the first banks that have integrated push provisioning API.

This is not the first time that Google made interesting announcements around payments – back in 2011, Google Wallet generated a lot of excitment among all of us following mobile payments. It appears that the latest API-driven approach with Android Pay as the foundation makes 'paying with Google' an exciting prospect again.

Internet of Things: Why Banking and Payments Professionals Should Care

Internet of Things: Why Banking and Payments Professionals Should Care

There is little doubt that Internet of Things (IoT) is transforming many industries, from manufacturing to insurance. Celent's Insurance practice has been at the forefront of IoT research since 2014 and has published many insightful reports. At first glance, IoT’s impact on banking is less obvious. And yet, in a new research report published this week, Payments and the Internet of Things: Opportunities and Challengeswe assert our belief that IoT also matters for banking, and especially for the payments industry.

At Celent, we have been writing about “contextual commerce” — taking shopping to customers wherever they are (e.g., ordering something directly from a social media platform rather than a merchant’s site). IoT takes contextual commerce to an entirely new level.

We believe it is helpful to think about the IoT evolution in terms of three large stages of development – see the figure below. Each of these stages represents a qualitative step up in the complexity of how transactions are conducted and what is required of payments.

Wearables and objects with user interface (e.g. a fridge with a screen or an Amazon Dash button) allow customers to place orders and pay in ways other than a plastic card or a computer screen. But the customers are still in control – they decide what they want to buy, find the goods and services that are right for them, and initiate a purchase transaction. Going forward, we expect connected devices to play an active role in orchestrating a commerce transaction — realising that the user needs something, suggesting where and how those needs can be fulfilled, preparing a transaction, and potentially executing it. Think of a car keeping a parking meter topped up until you finish your meeting. Ultimately, we will see the emergence of semi-autonomous economic agents capable of acting independently, including making and accepting payments, to optimise their own, their owners’, and their clients’ objectives. Think of a self driving car paying other cars to get out of the way if it's passenger is in a hurry.

For the payments industry, IOT poses a number of challenges, but also represents a big opportunity. For Banking more broadly, IOT can also help achieve better customer engagement and improve cross-selling as well risk and collateral management. That is, of course, unless we have a major consumer backlash against technology’s intrusion into their privacy. As always, creating genuine value for customers, rather than doing something just because technology is available, will be what differentiates successful banking IoT propositions from expensive failures.

Celent Banking research clients can download the report here. If you are not a client, but interested in the report, please drop us a line at info@celent.com.

Going to Germany? Don’t Forget Your Cash!

Going to Germany? Don’t Forget Your Cash!

We analysts travel quite a bit to different places around the world. As someone who is always interested in what's going on in the payments world, I have a keener eye on my payments experiences than probably most people. I shared some of my observations about those experience on these pages in the past.

Most of the time these days I don't have to think too much about money – my trusted Visa, MasterCard and American Express cards have been serving me well, to the point that I don't even bother exchanging currency before I get on the plane to many countries in Europe, especially Scandinavia, and increasingly, the US as well. During my last trip to Boston, I left London with just over $30 in my pocket and came back with more of less the same. Cards for meals and coffees, and Uber for taxi rides covered the basics, so the only cash I spent was on a few tips in the hotel.

I just came back from a weekend in Germany, in Wuerzburg, a lovely little town in Bavaria, about half-way between Frankfurt and Nuremberg. And I am very glad I had plenty of cash with me!

Some of it was predictable – the main purpose of my trip was a small music festival, and I expected that once inside, I would need cash for most things, including merchandise (vinyl, cds, t-shirts), snacks, and drinks. Incidentally, buying a drink there was an interesting experience in itself, as each drink included a deposit. So, for example, you would pay EUR 3.30 (in cash) and would get a bottle of beer or a glass of wine and a red plastic token. If you take your empty glassware and the token back to the bar, you get 1 Euro back! I know that in some European countries, you can take your empty bottles and cans back to the store and get some money back, so perhaps that was the reason for the somewhat complicated procedure here. Or perhaps it was a creative way to keep the venue tidy? And, by the way, these prices are not illustrative – a large glass of excellent local white wine was indeed less than 3 EUR once you got back your deposit!

What did surprise me was when I tried to buy something in a proper store in town. I asked if they took cards, and the shopkeeper assured me that yes, they took cards, "as long as they were EC." At first, I thought that perhaps he meant EMV, as in "EC = electronic chip", so I tried first my credit, then my debit cards. Only when both were rejected, I realised that he meant they only accepted "EC = electronic cash or EuroCheque", a German payment instrument that is similar to a debit card, but only works locally. This was a relatively small, "mom-and-pop" store, but I also remember having exactly the same experience on another trip to Germany in a much larger department store. That time I didn't have cash, so had to leave the store empty-handed…

I must also say, before I create any false impressions, that my international cards worked just fine in many places, including the hotel and the restaurants. However, that's a typical T&E sector, which is always the first one to accept international payment cards. I do understand the prevalence of local payment methods and the merchants' preference for those, but by limiting choice, these places do run a risk of losing customers or at least individual transactions.

So, what's my travel advice? Do you homework and understand local payment preferences, but if in doubt, take cash! By the way, that process (getting cash) itself is getting a make-over – there have been quite a few announcements recently from banks enabling customers to withdraw cash from ATMs without a card. However, these announcements also highlight the diversity of approaches being deployed. I am in the midst of writing a report on different ways to implement cardless cash withdrawals, so if you are a Celent research client, stay tuned!

Congratulations to All Celent Model Bank 2017 Award Winners!

Congratulations to All Celent Model Bank 2017 Award Winners!

Many of us at Celent just came back from a busy and exciting week in Boston. Undoubtedly, the highlight was attending Celent's Innovation and Insight Day on April 4th, where we celebrated achievements of the Model Bank and Model Insurer award winners.

The rain and clouds couldn't obscure spectacular views from the State Room overlooking the Boston harbour. And they certainly didn't dampen the mood of nearly 300 attendees representing banks, insurers and technology vendors from at least 15 countries around the world.

Craig Weber, Celent CEO, opened the day by presenting compelling evidence that financial services are more important than many celebrities. He was followed by an insightful presentation from Andy Rear, chief executive of Munich Re Digital Partners. The programme then split into parallel Banking, Insurance and Wealth and Asset Management tracks before reconvening again to close with a series of debates between Celent analysts on three topics: Internet of Things, artificial intelligence and blockchain.

During the Banking track we presented Model Bank awards, and discussed the winning initiatives and why they stood out from all others. As regular readers of this blog know, this year we introduced specific named awards with only a single winner for each award. I would like to offer my personal congratulations to all of our Model Bank 2017 winners:

Winner

Award

Alior Bank S.A., Poland

Emerging Technology for Consumers

Banco Original, Brazil

Consumer Digital Platform

Bank of America, USA

Risk Management

BMO Bank of Montreal, Canada

Process Automation

Capital One, USA

Emerging Technology for Businesses

CBW Bank, USA

Banking as a Platform

Citi, USA

Open Banking

Credit Suisse AG, Switzerland

Payments Replatforming

DenizBank, Turkey

Lending Product

Emirates NBD and ICICI Bank, India and UAE

Most Promising Proof-of-Concept

FGB, UAE

Corporate Banking Digital Platform

Idea Bank S.A., Poland

Small Business Digital Platform

India Post, India

Financial Inclusion

IndusInd Bank, India

Fraud Management and Cybersecurity

Millennium BCP, Portugal

Branch Transformation

Mizuho Financial Group, Japan

Consumer Banking Channel Innovation

National Australia Bank, Australia

Core Banking Transformation

OakNorth Bank, UK

Banking in the Cloud

Radius Bank, USA

Product Innovation

The Royal Bank of Scotland, UK

Employee Productivity

YES BANK, India

Payments Product

And of course, congratulations to Caixa Bank, our Model Bank of the Year 2017! The keynote presentation by Àngels Valls on how Caixa Bank has embraced digital was the highlight of the I&I Day for many of us in Banking – thank you! Finally, congratulations to Celent Model Insurer award recipients.

Each of the award winning initiatives is published as a case study and available to Celent research clients by following the links above. In addition, we also published an overall Model Bank 2017 report, which discusses how the Model Bank programme has changed over 10 years and reviews the content themes across all nominations in 2017.

We intend to run the Model Bank programme again later this year, so keep an eye on the announcements when the new submissions window opens. We have no doubt that you are all working on exciting things and hope that you will consider submitting your initiatives for 2018 awards. In the meantime, enjoy the case studies and let's celebrate the Model Bank winners of 2017!

Emerging Innovation in Banking

Emerging Innovation in Banking

Over the past few weeks we have been previewing various content themes we will be discussing at our Insight and Innovation Day in Boston on April 4th. I would like to finish this series of posts by looking at the new Model Bank category we introduced this year – Emerging Innovation.

When we added this category, we weren’t quite sure what to expect, but we certainly hoped to see the banks’ efforts at the “bleeding edge” of innovation. We were very pleased with the number and quality of such nominations, which spanned the gamut of the hottest topics today. Many of these truly outstanding stories are still in relatively early stages, but all are very interesting and pointing to the future of banking.

Model Bank nominations in 2017 showcased the banks’ efforts in the areas at the forefront of innovation in banking:

  • Innovative customer engagement: the most innovative banks go where their customers are; for example, banks are experimenting with ways to engage their customers directly from social media platforms via chatbots and other tools. They are also looking to introduce new channels, such as wearables.
  • Artificial intelligence (AI): Model Bank submissions demonstrated the diversity of AI technologies and their applications:
    • Driving a virtual agent capable to have a written exchange with the customer via a chatbot, or to even hold a verbal conversation on the phone.
    • Powering a robot to support customer engagement in physical branches.
    • Deployed behind the scenes as a tool to help the customer service agents.
    • Helping determine the best marketing offer for the customer.
  • Biometrics: banks are stepping up their efforts to deploy biometric authentication in their bid to provide customers more convenience while ensuring security. They are expanding beyond fingerprints and are experimenting with other modalities such as facial and voice biometrics. And it’s also not just for consumers – banks are beginning to use biometrics in the corporate banking context as well.
  • APIs: we already spoke about APIs when describing Open Banking, but want to highlight this again, given the importance of APIs. While banks in Europe must open up because of regulation, leading banks around the world are not waiting for the regulators and are starting to provide API-based access to their services to others. And some banks are pursuing a “marketplace banking” strategy seeking to position themselves as a banking platform in the centre on which third parties can build a myriad of discrete services. 
  • Blockchain: given how many banks have started exploring blockchain and other distributed ledger technologies, we were hoping to see some nominations describing their efforts in this space. We were not disappointed and received initiatives ranging from collaborative efforts around cross-border payments and trade finance to “solo” efforts of a single bank using blockchain to manage employee incentives.

We will be discussing all these topics and more at our Insight and Innovation Day next week. It is also the time when we announce and award all the Model Bank winners, including our Model Bank of the Year. We are in the final stages of preparation and are very excited! The event has been sold out for weeks, so if you haven't yet registered you might be too late… If you have registered, we are looking forward to welcoming you there, although if your plans have changed, please let us know so that we could invite those on the waiting list. See you in Boston!

European Payments: Breathing a Sigh of Relief (For Now)

European Payments: Breathing a Sigh of Relief (For Now)

In our recently published report on Top Trends in Retail Payments we quoted a European payments professional:

“If the publication of PSD2 gave the industry a headache, then the publication of draft RTS gave it a heart attack.”

Of course, he was talking about the draft regulatory technical standards (RTS) that the European Banking Authority (EBA) has been tasked to develop for how the industry should implement Payment Serivces Directive's (PSD2) requirements for strong customer authentication and secure communicationThe draft RTS published in a consultation paper last August was indeed rather draconian. One of the key proposals was "not to propose exemptions based on a transaction risk analysis performed by the PSP” and to keep “the authentication procedure […] fully in the sphere of competence of the ASPSP [Account Servicing Payment Service Providers, i.e. banks].” The draft RTS has united the industry to an extent rarely seen before – representatives from payments, cards, e-commerce, small merchants, digital technology, telecoms, travel and industries have expressed concerns that the EBA’s standards implemented in their current form would “make online shopping much more onerous than it is today and have a wider and chilling effect on the Digital Single Market.”

Thankfully, it appears that the EBA has been listening. The final standards have not yet been published, but yesterday, Andrea Enria, Chairperson of the EBA gave a speech at the Westminster Forum, and has given the clearest indication yet that the EBA is open to changing the RTS. Specifically, according to the speech, the RTS when published will:

  • Introduce two new exemptions, one based on "transaction risk analysis" and the other for payments at so-called "unattended terminals" for transport or parking fares. Transaction risk analysis exemption will be linked to maintaining predefined fraud levels and will be reviewed after 18 months.
  • Contain some changes to the existing exemptions, such as increasing from EUR 10 to EUR 30 the threshold for remote payment transactions. However, there will be no further exemptions for e.g. corporate payments.
  • Outlaw the current practice of third party access without identification (e.g. ‘screen scraping’) once the transition period under the PSD2 has elapsed and the RTS applies.
  • Maintain the obligation for the ASPSPs to offer at least one interface for AISPs and PISPs to access payment account information. A requirement has been added requiring banks to provide the same level of availability and performance as the interface offered to, and used by, their own customers, as well as to provide the same level of contingency measures in case of unplanned unavailability.
  • Remove references to ISO 27001 and other specific, technological characteristics, to ensure technology-neutrality and allow for future innovations.

It will be important to review the details when the final RTS is published, and of course, much work will still have to be done by the industry to ensure compliance. Yet, it seems that the payments professionals in Europe may breathe a sign of relief – the heart attack may have just been averted, at least for now.

Introducing Celent Model Bank 2017 Awards

Introducing Celent Model Bank 2017 Awards
As my colleague Dan Latimore wrote in the article that began this series, 2017 was the best ever year so far for Celent Model Bank programme in terms of quantity, quality and diversity of nominations. As we went through the judging process, we felt a range of emotions – grateful and privileged to receive so many amazing stories, and daunted by the prospect of having to pick the most worthy award recipients. In the end, we are excited and confident about our selection of winners, yet we are sorry that we could not recognize so many others that clearly also deserve recognition.

Over its ten years of existence, Celent’s Model Bank programme has always changed and evolved. In the last few years we have been awarding multiple initiatives in a small number of categories – for example, last year we had four winners in Digital Banking Transformation, the busiest of seven categories. While all the awards within the category were equal, we knew that some institutions craved for more exclusive recognition. This year, we decided to take it a step further and to introduce specific named awards with only a single winner for each award.

After long deliberations, the judging panel decided to recognise 21 initiatives as winners of the following Model Bank 2017 awards:
  • Consumer Digital Platform – for delivering an outstanding digital experience for consumers. The award is open for traditional financial institutions, digital-first, and challenger banks.
  • Small Business Digital Platform – for delivering an outstanding digital experience for small businesses.
  • Corporate Banking Digital Platform – for delivering an outstanding digital experience for corporate clients.
  • Consumer Banking Channel Innovation – for the most creative use of consumer channels, or the most effective channel integration.
  • Branch Transformation – for the most compelling branch transformation initiative, including branch format innovations and creative use of live agents.
  • Product Innovation – for demonstrating the ability to launch multiple innovative products.
  • Open Banking – for the most impressive API strategy and results so far.
  • Payments Product – for launching the best consumer or business payments product.
  • Lending Product – for the most impressive consumer or business lending or collections initiative.
  • Fraud Management and Cybersecurity – for the most creative and effective approach to fraud management or cybersecurity.
  • Risk Management – for the most impressive initiative to improve enterprise risk management.
  • Process Automation – for the most effective deployment of technology to automate business processes or decision-making.
  • Employee Productivity – for improving employee training or collaboration, incentivising employees, or enabling mobile agents.
  • Payments Replatforming – for the most impressive project to improve payments back office, e.g. payment services hub implementation or cards replatforming.
  • Core Banking Transformation – for the most compelling initiative to transform a traditional core banking platform.
  • Banking in the Cloud – for innovative approaches to implement a banking platform, e.g. deploying in the cloud.
  • Banking as a Platform – for creating an ecosystem of partners via a banking platform that connects and enables third parties.
  • Emerging Technology for Consumers – for creative deployment of emerging technologies for consumers (e.g. AI, ML, API, biometrics, wearables, voice, blockchain, etc.)
  • Emerging Technology for Businesses – for creative deployment of emerging technologies for small business or corporate clients (e.g. AI, ML, API, biometrics, wearables, voice, blockchain, etc.)
  • Most Promising Proof-of-Concept – for the most promising experiment – pilot or proof-of-concept – with emerging technologies.
  • Financial Inclusion – for efforts to bring financial services to unbanked and under-banker communities.
And of course, we also kept our Model Bank of the Year award, first introduced in 2012, which recognises one financial institution that in any given year simply stands out from the crowd and uniformly impresses Celent judges.

For the time being, only the nominees will know if they won any of these awards, as we begin working with them to distill their achievements into a series of case studies. We will be announcing all winners publicly on April 4 at our 2017 Innovation & Insight Day in Boston. In addition to presenting the award trophies to the winners, Celent analysts will be discussing broader trends we’ve seen across all nominations and will share our perspectives why we chose those particular initiatives as winners. Make sure you reserve your slot here while there are still spaces available!

Where Will We See You Again?

Where Will We See You Again?

When the leaves start falling, it usually means one thing for Celent analysts – the conference season is getting into full swing and it’s time for us to hit the road big time.

The team is already busy at SIBOS this week, with BAI and AFP coming in a few weeks. Personally, I am looking forward to speaking on customer authentication at Mobey Day in Barcelona on October 5-6, as well as attending Money20/20 in Las Vegas on October 23-27.

Such high profile events are always great places for catching up with our clients and other industry experts. They are also perfect for getting up to speed with the latest developments in the industry, or, as my colleague Dan Latimore says, “soaking up the zeitgeist”. Dan will also be joining me at Money 20/20.

This year, we will be keeping an eye on (amongst many other things):

  • Which of the latest initiatives look most promising to (re-)invigorate mobile payments? Will it be Apple Pay and Android Pay on a browser, the networks’ partnerships with PayPal, 'Merchant' Pay, or something new that will get announced at the events?
  • Adoption of and developments in payments security technologies, from EMV to biometrics, and from 3DS to tokenization.
  • Innovations that drive commerce and help merchants, from bots to APIs that enable deep integration of payments into the merchant’s proposition. Also, creative application of analytics, whether to help merchants increase conversation rates, extend a loan, or deliver the most relevant and timely offer to the customer.
  • Where will blockchain fit into payments world? Ripple continues to gather momentum with cross-border payments, the UK is exploring the use of distributed ledger technologies as backbone for a domestic payments system, while IBM is partnering with China's Union Pay around loyalty. What other payments-related innovations can we expect from the blockchain community?

What will you be looking for? If you’ll be in Barcelona, Orlando, Chicago or Vegas, we look forward to seeing you. If you haven't registered, now's the time. And because of your relationship with Celent, you are entitled to an additional $250 discount off the Money20/20 registration fee. Combined with the Fall Final special you save a total of $725. Simply enter promocode Celen250 when you register here.

US EMV Migration: Looking for the Silver Lining in the Clouds

US EMV Migration: Looking for the Silver Lining in the Clouds

It would be easy to assume that the migration to EMV in the US has gone terribly. The press is full of stories about slow transactions, inconsistent customer experiences and slow merchant adoption. Whilst not living this day-to-day, I also experienced this frustration first-hand on my trips to the US earlier this year; I wrote about it in a previous blog.

And yet, while the end customer experience clearly must improve, real progress has been made. Back in June, Visa reported "over 300 million chip cards in market and 1.2 million merchant locations." In August, MasterCard announced that "80 percent of its U.S. consumer credit cards have chips" and reported seeing "1.7 million chip-active merchant locations on its network, representing nearly 30 percent of the U.S. merchant population and a 374 percent increase in chip terminal adoption since October 1, 2015." Of course, these numbers would be far more impressive if the liability shift was happening in October of this year rather than last. However, EMV migration does not happen overnight, and in the market as complex and diverse as the US, it was always expected to take many years, especially considering the early reluctance and skepticism of the industry, and the additional complications in debit.

One of the challenges for merchants is getting their new EMV terminals certified, which can take a long time, especially when there is a backlog of demand. To alleviate the problem, in June both Visa and MasterCard have relaxed terminal certification requirements by reducing the number of tests, giving acquirers more freedom and responsibility in the certification process, allowing standard configurations and providing more resources to value-added resellers (VARs).

Also, recognising that it's not always the merchants' fault that they are behind with EMV implementation, both networks introduced measures to minimize chargeback costs to merchants who have not yet transitioned to EMV. For example, MasterCard has "checks and blocks to ensure that chargebacks follow the liability shift guidelines", such as not allowing chargebacks on fraudulent ATM and fuel transactions, where the liability shift has not yet taken place. Visa has taken a step further and announced that from July 22, Visa would "block all U.S. counterfeit fraud chargebacks under $25", while from October 2016  "issuers will also be limited to charging back 10 fraudulent counterfeit transactions per account."

Of course, there is a risk that rather than incentivising merchants to speed up EMV adoption, these changes to the network chargeback policies will reduce the pressure on merchants to migrate. Verifone, one of the largest POS companies, has reported lower revenues for Q316, partly as a result of "lingering EMV adoption issues", and has stated that their "outlook for Q4 now assumes a significantly slower EMV rollout." Not surprisingly, Paul Galant, CEO of Verifone, has emphasised the company's "relentless execution" on "the long-term vision for Verifone to transform from a box shipper to a services provider."

Nobody is under illusion that EMV migration in the US will be over any time soon. However, we must recognise that real progress is being made. Changes introduced by the networks, as well as new liability shift dates, such as for MasterCard ATM transactions coming into effect in October this year, should help keep the momentum going. And while the consumer adoption of various contactless pays, such as Apple Pay and others, has yet to "set the world on fire", perhaps they will end up giving another reason for merchants to invest into chip terminals? After all, for the optimists amongst us, every cloud has a silver lining.

Accepting Nominations for Model Bank 2017

Accepting Nominations for Model Bank 2017

It is my pleasure to announce that we are now accepting nominations for Model Bank 2017. The nominations window will be open until November 30.

Our regular readers should be familiar with Model Bank. We began the program in 2007 and are celebrating its 10th anniversary this year. Celent Model Bank is awarded for best practices of technology usage in different areas critical to success in banking, and is the main award that a financial institution (FI) can win from Celent. The award is only available to the FIs, although we are aware of and appreciate the critical role the technology vendors play in the success of those initiatives, as well as our program.

The essence of Model Bank program hasn't changed throughout the years – FIs themselves select and submit their various technology initiatives to us. We judge those initiatives on three core criteria – business benefits, degree of innovation, and technology or implementation excellence. The winners receive their awards during Innovation and Insight Day, Celent's flagship event, and the case studies of winning initiatives are featured in Celent reports.

Yet, every year we continue to make subtle changes, as we seek to improve the Model Bank program and ensure it stays relevant in the fast-changing world of banking. This year, we revised the categories in which we will be judging and awarding the initiatives.

For 2017, we are accepting nominations in five categories:

  • Customer Experience
  • Products
  • Operations and Risk
  • Legacy Transformation
  • Emerging Innovation

This year, we also created a page on our website dedicated to Model Bank. On that page, you will find more detailed descriptions of this year's award categories, and links to the nomination form as well as various PDF documents, containing the list of previous Model Bank winners, an example case study, and the PR guidelines for winners. You will also find answers to an extensive list of Frequently Asked Questions about the program, how to apply, how we judge the initiatives, what happens if you win, etc. We strongly encourage you to spend some time going through various FAQ pages. Of course, if you still have any questions that are unanswered, please contact us at modelbank@celent.com.

Last year we received well over a hundred nominations and awarded 19 initiatives. Yet, we know that the pace of innovation and change in the industry hasn't slowed down, so we hope and expect to see lots of exciting initiatives this year again. We look forward to hearing from you. Just don't forget, the deadline is November 30, 2016.

Good luck!