The Value in Payments: Forces Driving Commercial Card Adoption

The Value in Payments: Forces Driving Commercial Card Adoption

Eighty years ago a group of major airlines implemented the first commercial cards. Since then, cards have evolved from addressing expenses for travelling employees to eliminating friction across the business-to-business (B2B) financial supply chain. Banks are collaborating with B2B fintech firms to deliver innovative procure-to-pay solutions, bringing consumer digital experiences into traditional procurement, finance, and treasury processes.

Contributing to the adoption of commercial cards are four forces: working capital optimisation, regulatory and compliance, fraud and control, and technology and innovation.

The benefits of commercial cards differ according to business need: enhance expense management, digitise the procure-to-pay process, streamline payables, and improve cash flow. Where companies once used corporate cards exclusively for employee travel expenses, those firms now rely on cards primarily for purchasing goods and services, as evidenced by purchasing card spend growing over 900% since the 1990s. However, purchasing cards only represent a sliver of all global commercial flows and have the potential to become even more of an indispensable tool in the treasury/procurement toolbox.

As corporate treasurers prioritise working capital management during challenging economic times, commercial cards can defer payments while offering early payment to suppliers. Card programmes help to standardise processes and controls, improving safeguards and standards. Cards offer a range of controls, and other protections to increase security and control. Administrative dashboards and analytics technology support detailed transaction data with merchant category codes, unlock opportunities for supplier negotiation, and promote processing cost savings.

As discussed in the new Celent report “The Value in Payments: Forces Driving Commercial Card Adoption," incorporating cards into your overall working capital and payments strategy ensures an integrated approach across payment types and digital channels. Further integration arises from detailed transaction reporting and analytics flowing into treasury, procurement, and other financial management systems. Corporates need tailored, customised card solutions, developed in collaboration with their banking partners. The right bank can deliver a full suite of payment options across a firm’s geographic footprint, adapting and customising the programme in line with your company’s objectives. This report is the seventh in an ongoing series of reports commissioned by HSBC and written by Celent as part of the HSBC Corporate Insights program.

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.

Reflections of Nacha Payments 2017

Reflections of Nacha Payments 2017

Analysts have definite fixed points in our year. For me, one is the spring conference season, and which nearly always includes Nacha Payments, the big US payments conference. I was unable to attend last year, so I was particularly looking forward to returning this year. Indeed, there are groups of people I often only see at the event.

After being away, the first thing was that struck the exhibition floor was now much, much smaller. Not just that the stands were smaller, but there were fewer of them as well. Indeed, no banks had stands (though several had meeting “pods”). I also noticed that, at some point (or perhaps I had never noticed it), Nacha had snuck onto the Payments logo the word Faster. And the floor and conference sessions were abuzz with talk of real-time payments.

This had some interesting side effects.

First, the belle of the ball was The Clearing House, with virtually every conversation I had referencing their real-time solution directly or indirectly. Same Day ACH, by comparison, didn’t come up in a single conversation at all. Even in the few sessions I managed to attend, it was only briefly mentioned.

Second, the number of attendees (by our estimates) was up, though still down on a few years ago (my trip report blog for 2012 reported 2,500 vs. the 1800 this year). The result was a definite buzz, particularly on the exhibition floor, where most vendors reported good activity and good levels of conversation.

Third, the topic of conversation was real-time. If name checks in discussions are a valid, albeit unscientific, measure of which real-time solution will succeed, then The Clearing House is significantly ahead of Zelle, but with no other real-time solution even mentioned. Indeed, there seemed to be surprise that so many solutions were going through the Fed process. Whilst the Fed obviously is respecting confidentiality of those going through the process, the vendors themselves need to be very vocal and visible, or they could find themselves being seen as late to the party. I’m party to a number of the names, but I’ve not seen anything from those organisations at all.

Finally, and most interesting, was the sudden appearance of APIs. In Europe, because of PSD2, for the last couple of years, APIs have been something that banks have to discuss because they will become mandated. Their appearance in the US has quite probably been triggered by some of the international banks, but the types of banks discussing them was much broader. In Europe, APIs and real-time will most likely go hand-in-hand – it’ll be interesting whether that will be the case in the US too.

Next year Nacha Payments is back in San Diego. Given where the real-time adoption will be, it’s likely to be a pivotal moment in the industry. I think that sets up the event to be a must attend event. See you in San Diego!

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!

Celent Model Bank Awards 2017: Banking Products Innovation

Celent Model Bank Awards 2017: Banking Products Innovation

This is the next article in a weekly series highlighting trends and themes from Celent’s Model Bank submission process. For more information on how the Model Bank Awards have evolved, see the first two pieces from my colleagues, Dan Latimore and Zil Bareisis

This week’s article focuses on Model Bank entries in the Products category. Part of the criteria for this category is that the solution needs to be in production and demonstrating business benefits. The Products entries for 2017 fall broadly into four sub-categories:

  • Payments Product — for launching the best consumer or business payments product.
  • Lending Product — for the most impressive consumer or business lending or collections initiative.
  • Open Banking — for the most impressive API strategy and results so far.
  • Product Innovation — for demonstrating the ability to launch multiple innovative products.

The majority of submissions in the Products category came from banks in developing markets, with only a handful from large global banks. The Model Bank award submissions came from Argentina, Germany, India, Korea, the Philippines, Poland, Russia, Singapore, South Africa, Spain, Taiwan, Turkey, UAE, and USA.

The Products category submissions were impressive indeed:

Payments: The submissions in this area focused on modernizing existing banking and payments infrastructure. With consumer expectations growing for real-time transactions and unified information across channels, banks are layering new capabilities onto legacy frameworks. Capabilities include accelerated check clearing, enhanced mobile wallets, simplified fraud controls, and streamlined charitable donations.

Lending:  Possibly threatened by alternative lenders, banks in this sub-category are improving the speed and convenience of loans for micro and small businesses. Some entries focused on expanding application channels, both digital and physical. New digital channels include SMS/text, ATM and Facebook. Physical channels include the local coffee shop. All of the submissions featured faster loan decisions through advanced analytics and paperless (or almost paperless) loan closings.  

Open Banking: Open Banking APIs have moved beyond hackathons and proofs of concept to production implementations. While some banks are rolling out Open API development portals in response to regulations like PSD2, the Model Bank candidates in this category are using APIs to improve the customer experience. The submissions represented two approaches to Open Banking. The first is the use of open APIs to connect directly with customers and developers, enabling transactions including B2B payments, personal remittances, loan disbursements, and e-Commerce refunds. The second is the use of open APIs as the core foundation for digital-only banking models. Third-party developers then create value-added client-facing applications using the bank’s exposed API services.

Product Innovation: This sub-category features partnerships with both traditional financial technology and start-up Fintech firms to make banking more convenient, create new offerings, improve customer service, expand a bank’s digital footprint, and personalize marketing offers.  

Want to hear more about the Celent Model Bank winners for payments product, lending product, open banking, and product innovation? Join us for the 10th annual Innovation and Insight Day on April 4th in Boston. In addition to revealing the winners of all the awards, Celent analysts examine the trends that are driving innovation in Banking. I look forward to seeing you there.

Model Bank 2017: Small Business and Corporate Digital Innovation Themes

Model Bank 2017: Small Business and Corporate Digital Innovation Themes

This is the fifth article in a weekly series highlighting trends and themes from Celent’s Model Bank submission process. For more information on how the Model Bank Awards have evolved, see the first two pieces from Dan Latimore and Zil Bareisis. This particular article is focused on innovations in small business and corporate banking:  two critical market segments for financial institutions as they seek revenue growth and relevance in the evolving digital B2B marketplace. 

When evaluating this year’s Model Bank submissions that are targeted at small business and corporate clients, we identified a number of excellent initiatives in each of the five overall categories:

    Customer Experience

    Products

    Operations and Risk

    Legacy Transformation / IT Platform Innovations

    Emerging Innovation

For these two segments, the Model Bank award candidates come from Europe, North America, the Caribbean, Asia Pacific and the Middle East. Despite the wide geographic spread of the submissions we received, certain common themes became evident that are important to highlight, 

Enhancing client experience is paramount: Banks are intensely focused on how to deliver solutions to clients in ways that are convenient and easy to use in order to meet the emerging expectations of business users based on their consumer experiences with technology. Creating a consolidated point of access for all corporate banking services using portal technology that eliminates the need for multiple logins and security procedures was just one of the types of initiatives that were submitted.  Mobile and tablet access are becoming mainstream channels for employees of business and corporate clients to effectively manage their daily workload no matter where they might be located.

Improving digital channels is not enough to succeed: The initiatives that demonstrate significant quantifiable benefits to banks and clients are those that address the inefficiencies in the way that bank employees interact with their clients but also involve the elimination of paper-intense, manual workflows both for the client and the bank. From the use of videoconferencing technology to access experts in trade finance for advisory services to the replacement of faxed instructions with digitally signed transactions initiated on mobile phones, banks are finding innovative ways to contribute to their own efficiency while also improving client productivity. Another critical element of the digitization of these processes is speed. Automation enables faster decisions (for example for credit approval) and this provides business with a superior service and the ability to manage their businesses rather than managing their banking relationships. These initiatives drive revenue growth and loyalty because the bank’s services provide quantifiable benefits to clients that are seeking to leverage technology advances in order to more effective manage their working capital.

Reinvention in Small Business Banking: I was struck by several of the initiatives that represent an entirely new way of thinking about how to enable entrepreneurs and small business owners to succeed. Rather than tweaking traditional banking solutions that are designed for consumers or larger businesses, several of the banks submitted initiatives that reflect an entirely different way of meeting the needs of small business clients. Recognizing that the needs of entrepreneurs and start-ups fall well beyond the services that a bank traditionally offers (i.e. credit, payments, cash management), a few innovative banks have attempted to reinvent business banking by offering a complete, integrated package that combines traditional banking activities with non-banking services that extend beyond even the adjacent types of solutions that banks typically make available through partnerships (e.g. payroll services). The goal of these packages is to offer a business owner every piece of business functionality and technology they would need to grow their business. What makes these solutions especially impactful is that they are designed from a business owner’s perspective and don’t reflect a bank-centric view of how the client should manage their business. 

I hope this brief description whets your appetite for more discussion on our award winners in small business and corporate banking at the 10th annual Innovation and Insight Day on April 4th in Boston. I look forward to seeing you there.

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!