Gartner, Inc. has announced the winners of the Gartner Financial Services Eye on Innovation Awards. The awards recognize innovative use of technology-enabled capabilities to highlight "best-in-class" financial industry initiatives launched within the past 12 months and to offer insight as to developments in digital innovation.
The finalists presented their case studies during the sold-out Gartner Symposium/ITxpo, and winners were selected by the audience.
Most Innovative Digital Business Model:
Winner: Northwestern Mutual — The insurer launched a digital innovation program that included hackathons to rapidly develop digital solutions, tiger teams with field offices to identify needs and quickly create digital solutions, a new-business incubator; and an internal venture-capital fund to support experimental ideas. The combination of hard-dollar savings and reduced staff costs has reached approximately $4 million so far, and is expected to total $10 million to $12 million by year-end 2016.
Finalist: MetLife — The company developed interactive kiosk prototypes that can be placed at group customer worksites to increase the reach, awareness and enhance the lead-generation capabilities of their voluntary employer-sponsored auto benefit program. The Kwik Kiosks allow employees to simply scan their license at the kiosk to receive a questionless, bindable price in less than two minutes.
Finalist: Pershing — The Albridge Data Quality Benchmark provides data quality metrics at the broker-dealer, data source and product company levels. Pershing incorporated data from more than 90 custodians and 650 product companies — representing 48 million client accounts — into scorecards, giving financial institutions a clearer picture of their data.
Most Innovative Digital Customer Service or Product:
Winner: MasterCard — MasterCard Identity Check is a tool that simplifies online identity verification across multiple channels through the use of multilayered biometric technologies. Online shoppers don't need to remember passwords to verify their identity. They can either scan their fingerprint or look into the camera of their smartphone or tablet — like taking a selfie photo — to verify themselves to secure the payments.
Finalist: E*Trade — Adaptive Portfolio is an innovative interface offering a combination of actively and passively managed funds, with access to both robo advisors and financial consultants. The company manages more than $100 million of assets under management (AUM) with this hybrid solution.
Finalist: Bank of New York Mellon — The Nexen API Store provides firms and third-party providers with self-service access to the entire BNY Mellon enterprisewide library of APIs. More than 2.3 million API transaction requests have been generated since the store’s inception, with API transaction requests to the API Store increasing by approximately 30 percent per month.
Award submissions were assessed using a robust and dynamic framework to ensure that the assessment process is pertinent and objective. The Gartner Awards Framework (GAF) is utilized as a structured model of assessment that enables the participating organizations to be benchmarked against world-class performance standards. The GAF consists of specialized assessment modules pertaining to the evaluation criteria for each of the award categories. The criteria and subcriteria provide a robust set of requirements that are used as the methodology for benchmarking and learning among the participating organizations.
The identification of a Gartner award winner or finalist is not an endorsement by Gartner of any vendor, product or service.
About Gartner Symposium/ITxpo
Gartner Symposium/ITxpo is the world's most important gathering of CIOs and senior IT leaders, uniting a global community of CIOs with the tools and strategies to help them lead the next generation of IT and achieve business outcomes. More than 23,000 CIOs, senior business and IT leaders worldwide will gather for the insights they need to ensure that their IT initiatives are key contributors to, and drivers of, their enterprise's success.
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