Gartner, Inc. has announced the winners of the 2020 Gartner Eye on Innovation Award for financial services in EMEA. The award recognizes innovative use of digital technology-enabled capabilities, products or services to highlight “best-in-class” financial industry initiatives launched within the past 12 months and to offer insight about developments in digital innovation.
The finalists presented their case studies during a special virtual event today. Bank ABC was selected as the regional 2020 Gartner Eye on Innovation Award EMEA winner by a poll of industry peers. AXA and Russian Agricultural Bank were also named as winners.
Regional Winner: Bank ABC with "Fatema; ila Bank's Digital Assistant".
Additional Award Recipients: AXA and Russian Agricultural Bank.
Aegon — To demystify pension information and prompt customers to engage and take actions, Aegon created data driven, personalized, real-time video summaries. The summaries combine customers’ data with an illustration style featuring picture frames hanging in a home. Customers can see their information, picture by picture, each conveying personalized content such as their age, their employer, the value of their pension, what funds they were invested in and what they could do next. Among the key results, 42% who viewed the video clicked a call to action and 21.9% checked their goal planner.
FDH BANK PLC — In Malawi, millions of people do not have access to formal financial system. Through its technology and data scoring partner YABX, FDH Bank was able to offer tailored financial products to its customers, while opening new addressable business opportunities at reduced risk to the bank. FDH also used a digitally native loan management system and integration with Airtel to provide access to loans to many Airtel customers in a cost-effective manner. Since its launch in July 2019, the Kutchova loans product has serviced 65 000 loans to 15,000 customers in which 70% of them accessed credit for the first time.
mBank — As part of its redesigned online & mobile banking solutions, mBank created mBox, a distributable digital bank-in-a-box platform offering. mbox is a robust customer proposition with a built-in digital operating model. It combines all software components from core banking, through digital channels, customer analytics & insight, business process orchestration to digital marketing. mBox already had its first commercial success in France, and a second bank in addition to mBank is running on mBox which is bringing mBank a step closer of becoming a technology organization.
Absa Group Limited — Absa’s Africa Regional Operations (ARO) services 10 markets across Africa withover 20 banking systems with no integration and many disparate reporting processes. The bank created a customer 360 analytics platform that places the user at the core of its design, which is the first of its kind in the African market. The platform uses advanced analytics, natural language processing (NLP) and machine learning (ML) to generate actionable insights on product, channel and customer and exploits AI data quality tool to ensure integrity, accuracy and reliability of the bank’s data. The platform has helped Absa Group Limited rise revenue through cross-sell and revenue opportunities estimated at ZAR15m, acquire new customers and increase customer tenure and share of customer wallet.
Deutsche Bank AG — Two innovative new API products emerged at the core of Deutsche Bank API Banking initiative: “API Banking and “Banking-as-a-Service”. API Banking primarily targets Deutsche’s business clients. They can access their bank account directly and in real time via API, and seamlessly integrate, for example, notifications or a payment API into their own IT landscape. Banking-as-a-Service solutions enable partners to integrate and promote “classic” banking products into their offers without requiring a banking license themselves. As of June 2020, the API banking solution had 3,786 developers registered on the portal, 34 partners connected to live data and 57,071 end-customers connected via partner apps. The Banking-as-a-Service product implemented in a large German consumer platform aims to generate over 30,000 new contracts.
Russian Agricultural Bank — The bank launched a brand-new online ecosystem named “Svoe fermerstvo” that gathers farmers and services providers to help farmers get all supportive business services online. Farmers no longer need to go to a supplier’s office or governmental agency to get a service or product as all the services are digitally available on the platform. Launched at the beginning of July 2020, the ecosystem is on pace to host 50 000 goods for agricultural business, 450 producers and suppliers, 100 agricultural services and 50 universities and research institutes.
Bank ABC — To make banking more accessible and embedded in people’s daily routines, the bank implemented a digital-human agent with autonomous movements and facial expressions, named Fatema. Fatema captures the emotions of people speaking with her and reacts with empathy. She speaks English and will soon speak in Arabic and Hindi to reach wider communities. Using a diverse set of technologies such as autonomous 3D, human-like digital assistant, and 3D facial recognition for customer authentication, Fatema has answered 21,000 customers questions since its initial launch in 2019.
Abu Dhabi Islamic Bank — The bank created an employee productivity app, powered by Crayon Data, to capture employees’ activity in real time. The app gathers data from employees’ digital footprints and presents it in collaborative, productive and learning hours form. The app is given to the employee, empowering the individual to objectively look at time-spent and work-done, review it and do self-improvements to increase their own productivity. Around 5,000 employees used the app and the solution improved workforce productivity by 22%.
AXA — To deliver a fast, flexible and personalized digital customer experience, AXA designed an insurance-as-a-service platform. Through a high-level of process automation, the one-click insurance solution offers simple and streamlined distribution and contract and claims management. The new features of the platform include a digital claim declaration, a full on-demand and pay-as-you-go product, as well as an automatic claim risk estimation/payment. As a result, AXA increased the automation of its business processes which reduces operations costs and shortened time to market. AXA can now launch new products in less than 4 weeks and adapt products in 2 weeks due to this extensible, swappable, connectible microservice architecture.
The identification of a Gartner award winner or finalist is not an endorsement by Gartner of any company, vendor, product or service.