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Technology Priorities & Spending

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 receive from Celent. It is an annual program celebrating its 17th anniversary in 2023.

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 receive from Celent. It is an annual program celebrating its 17th anniversary in 2024. 

We announced our Model Bank winners at our flagship Innovation & Insight event. Our next event takes place on March 21, 2024. 

Submissions for our 2024 program are now open, and close October 13, 2023.

We are looking for initiatives across all areas of banking, from improving customer experience to transforming legacy, and from new product ideas to innovations in operations. While we welcome nominations based on a diversity of initiatives, we anticipate many to align with these areas across retail and commercial banking:

The nomination must be submitted by a Financial Institution (e.g. bank, credit union, card issuer, etc.). We welcome technology vendors to encourage their FI clients to participate, but vendors themselves are not eligible for an award.

All nominations must be submitted online. A nomination worksheet is linked to the right. Some institutions appreciate a static document for internal collaboration.

The FIs are welcome to submit multiple nominations, but they must be substantively different. Do not submit the same initiative more than once.

There is no fee to submit the nominations and nominating institutions need not be a Celent client.

We plan to recognize one institution as the overall Model Bank of the Year and up to 25 winners of specific awards. We reserve the right to change the number and categories of awards. The FIs do not have to specify which award they are applying for.

We judge the initiatives on three evaluation criteria: demonstrable business benefits, degree of innovation, and technology or implementation excellence.

Celent will work with each winner to publish a case study of their winning initiative, which will be available for Celent Banking research subscription clients. The FI will have the opportunity to review and approve the draft before publication. For an example case study, click on the link to the right.

For more information, please review our extensive FAQ section. If you still have any questions, please contact us at modelbank@celent.com.

Model Bank

The Model Buy Side award recognizes best practices of technology usage in the portfolio management and trade execution life cycle within the management of institutionally held assets.

This is the main award that an institutional investment manager in the industry can receive from Celent.  Please note this category does not include private client, advisory or wealth management services for HNW, mass affluent or retail investors.  If you service this sector please consider applying to be a Model Wealth Manager.

We announce our Model Buy Side winners at our flagship Innovation & Insight event. Our next event takes place March 21, 2024. 

Submissions for our 2024 program opened June 28, 2023 and close October 13, 2023.

This year, we are looking for initiatives across all areas within institutional asset management supporting the portfolio management, trade execution and asset administration functions.  While we welcome nominations based on a diversity of initiatives, we anticipate many to align with these areas:

Operational Alpha and front office enablement 

Strategic sourcing (Outsourcing, Managed Services, Insourcing)

Technology infrastructure modernization (high performance cloud stack, APIs, AI/ML ,etc)

The nomination must be submitted by a Financial Institution (FI) on the “Buy Side” (e.g. institutional asset manager, fund manager, hedge fund, etc.). We welcome technology vendors to encourage their Buy Side clients to participate, but vendors themselves are not eligible for an award. However, vendor partners named in the FI’s submission will receive recognition e.g. named in the awards ceremony and in the related report(s) and blog(s) on the winning submission. 

All nominations must be submitted online. 

We plan to recognize one FI as the overall Model Buy Side of the Year but reserve the right to recognize additional winners in specific categories. 

Celent will work with each winner to publish a case study of their winning initiative, which will be available for Celent Capital Markets research subscription clients. The FI will have the opportunity to review and approve the draft before publication. Celent subscribers can access an example case study here.

For more information, please review our extensive FAQ section. If you still have any questions, please contact us at modelbuyside@celent.com.

Model Buy Side

Celent Model Insurer is the premier award available in the insurance industry globally.  Celent awards this honor to insurers, reinsurers and MGAs who demonstrate extraordinary results for best practices in technology usage across a variety of areas critical to success in insurance.  It is an annual program, celebrating its 18th anniversary in 2024.

We announce our Model Insurer winners at our flagship Innovation & Insight event. Our next event takes place on March 21, 2024. 

Nominations for our 2024 program opened June 28, and close October 13, 2023. 

For 2023, we will be accepting nominations in five categories: Data, Analytics and AI, Digital and Emerging Technologies, Innovation Execution, Customer Experience Transformation, and Legacy and Ecosystem Transformation.

Data is now a key source of competitive advantage for identifying profitable niches, managing risk, and improving service. External data sources, data derived from devices, and new techniques for interpreting data are pushing the competitive boundaries for insurers at an accelerated rate. This theme recognizes projects such as:

Predictive analytics (claims fraud, underwriting, pricing, climate analysis)

Prescriptive analytics (triage, sales automation, “next best action”)

Virtualization (dashboards and heat maps, catastrophe management, network analysis, geopolitical risk analysis)

Innovative functionality enhancements for consumer digital platforms (e.g. mobile apps, online)

Artificial intelligence techniques used to achieve the next level of benefits (in underwriting, claims processing, fraud identification, propensity modeling)

Digital transformation is moving from person-to-person interaction toward person-to-machine or machine-to-machine. Emerging technologies are those whose development, practical applications, or both are still largely unrealized and that are often perceived as capable of changing the status quo. Often, emerging technologies are the basis for achieving groundbreaking digital transformations. This theme recognizes projects such as:

Emerging technology PoCs, pilots and MVPs 

Celent defines innovation as fundamental changes to products, services, or business models that break existing tradeoffs and provide value to the customer. New hardware, software, and network technologies feed insurance innovation. This theme focuses on how insurers implement innovation and recognizes projects such as:

Programs aiming at innovation idea generation and prioritization

Partnerships or investment in innovation accelerators or incubators

Development of an innovation culture within an IT organization

Change management program to foster innovation

Transforming the customer experience is increasingly important to insurers who are looking to differentiate themselves and drive sustainable growth. This category looks at the work insurers are doing to improve the experience for prospects, policyholders, distributors, vendors and other constituents. This theme recognizes initiatives such as:

Simplification of the new business application process – e,g. data prefill, new UI, computer vision etc.

Implementation of new technologies to improve the customer experience – e.g. video communication, augmented reality for claims natural language processing, etc.

Implementation of new tools or services to provide new capabilities for customers e.g. connected home solutions, advice engines, social pay, etc.

Other initiatives that transform the customer experience.

Legacy technology can hinder innovation, since insurers must typically offer backward compatibility. Insurers must not only modernize, but also transform their internal systems and how they interact with customers, counterparties, and regulators. This theme recognizes projects related to core system replacement or transformation that leverages new technology and methods (i.e. cloud, APIs, Agile, DevOps). This theme includes all aspects of the application architecture such as:

Core systems - policy admin, billing, claims, rating, reinsurance, illustrations, new business etc.  

Enterprise level systems – CCM, Document management, financial systems, ERP, reporting

Customer facing systems – agent, policyholder or vendor portals, customer relationship management, integration with agency management systems 

Other point solutions – loss control, premium audit, medical bill review, litigation management

Model Insurer

The Model Risk Manager Awards recognize best practices use of technology in different areas critical to success in financial risk management, operational risk management, cross risk, and financial crime.

The Model Risk Manager Awards recognize best practices use of technology in different areas critical to success in financial risk management, operational risk management, cross risk, and financial crime.

There are three Model Risk Manager Nomination Categories, as below. Submissions to these categories may focus on any function or functions within financial and operational risk management and multiple winners are possible for each category. 

We announce our Model Risk Manager winners at our annual Innovation & Insight event.  Our next event takes place on March 21, 2024. 

Data is now a critical source for managing risk. Previously unused internal data as well as external data sources, data derived from devices, and new techniques for interpreting data are pushing the boundaries of risk management at an accelerated rate. This theme recognizes projects such as:

New or alternative sources of data for risk management

Data analytical techniques such as artificial intelligence, machine learning, natural language processing (NLP), and natural language generation (NLG)

Big data analysis tools, processes, and infrastructure

Digital transformation is moving from person-to-person interaction toward person-to-machine or machine-to-machine. Integrating and coordinating among disparate and siloed business lines and operational processes will be critical in managing risk efficiently. This theme recognizes projects such as:

Automation and robotic process automation (RPA)

Blockchain and distributed ledger technology (DLT)

Legacy technology can hinder innovation, since risk managers must typically offer backward compatibility. They must not only modernize, but also transform their internal systems and how they interact with internal users and stakeholders, customers and counterparties, and regulators. This theme recognizes projects related to system replacement or transformation including:

Financial crime – fraud, AML, trade surveillance

Examples of risk management functions are indicated below; this is not an exhaustive list.

Anti-money laundering (AML) and Know Your Customer (KYC)

Model risk manager

The Model Sell Side award recognizes best practices of technology usage in areas critical to success across sell side institutions including Investment Banks (Investment Banking, Treasury Capital Markets and Global Markets divisions) and other Institutional Brokers (Broker-dealers, Prime Brokers etc)

The Model Sell Side award recognizes best practices of technology usage in areas critical to success across sell side institutions including Investment Banks (Investment Banking, Treasury Capital Markets and Global Markets divisions) and other Institutional Brokers (Broker-dealers, Prime Brokers etc)

This is an annual program in its fourth year.

We announce our Model Sell Side winners at our flagship Innovation & Insight event. Our next event takes place March 21, 2024. 

This year, we are again looking for innovative capital markets-related technology initiatives across the primary and secondary market activities by investment banks and brokers.  While we welcome nominations based on a diversity of initiatives, we anticipate many to align with these areas:

Application/infrastructure rationalization

Ecosystem (consortium, utilities) and business model innovation

Emerging Technology in capital markets (AI, blockchain etc)

Front to back office operations/systems/platforms

Monetization initiatives (data, applications)

Market/credit and counterparty risk management

Trading technology and systems/secondary markets activities

The nomination must be submitted by a Financial Institution (FI) on the “Sell Side” (e.g. investment Bank, institutional Broker/Dealer).  We welcome technology vendors to encourage their Sell Side clients to participate, but vendors themselves are not eligible for an award. However, vendor partners named in the FI’s submission will receive recognition e.g. named in the awards ceremony and in related report(s) and blog(s) on the winning submission.

We plan to recognize one FI as the overall Model Sell Side of the Year but reserve the right to recognize additional winners in specific categories. 

Celent will work with each winner to publish a case study of their winning initiative, which will be available for Celent Capital Markets research subscription clients. The FI will have the opportunity to review and approve the draft before publication. For an example case study, see here.

For more information, please review our extensive FAQ section. If you still have any questions, please contact us at modelsellside@celent.com.

Model Sell Side

The Model Wealth Manager awards recognize best practices of technology usage in different areas critical to success in wealth management, and is the main award that a financial firm in the industry can receive from Celent.

The Model Wealth Manager awards recognize best practices of technology usage in different areas critical to success in wealth management and is the main award that a financial firm in the industry can receive from Celent. We will be accepting nominations in six categories outlined below.  

We announce our Model Wealth Manager winners at our flagship Innovation & Insight event.  Our next event takes place on March 21, 2024. 

Technology tools to reach new markets and client segments

Technologies that enable the democratization of wealth management continue to emerge across the industry.  Wealth-as-a-Service platforms, digital tools and mobile applications are examples of technologies used to deliver financial solutions to underinvested communities and new markets such as gig workers.  This is a growing area of interest to wealth management firms looking for new sources of revenue.

Wealth management firms are looking to personalize the client journey.  This category includes innovative technologies that are used to deliver more meaningful advisor/client engagement, communications, and portfolio solutions.  

Digitizing and streamlining operations across the advisor workflow continues to be an area of focus for financial institutions.  Innovative point solutions, front, middle and back-office technologies that improve advisor efficiency and productivity are essential to the creation of best-in-class platforms. 

This theme includes technologies that deliver more holistic solutions to clients. Retail clients are demanding that wealth managers seamlessly integrate non-traditional products and services, such as alternative investments, insurance, and lending into comprehensive solutions.  Technologies and tools that enable these solutions are increasingly leveraged by financial institutions. 

Data is a differentiator for wealth managers.  This theme recognizes the use of data in driving competitive advantage.  Some examples include using data management tools and technologies to deliver:

Data management capabilities that enable the flow of information across systems 

This category looks at new technologies that are just beginning to emerge within wealth management.  The Metaverse is a good example of a technology that financial institutions are exploring.  

Model Wealth Manager

Every year, we recognize excellence in the usage of technology through our Model Insurer, Model Bank, Model Risk Manager, Model Wealth Manager, Model Sell Side, and Model Buy Side Awards. 

The awards recognize a financial institution’s effective use of technology in different areas, often representing a best practice, and are designed to answer the deceptively simple question: What would it look like for a firm to do everything right with today’s technology?

Of course, no firm is a “Model” firm across the board. Therefore, we focus on specific real-world examples of individual technology initiatives. Case studies for the winning initiatives will be presented through our annual reports detailing how and what they did to succeed.

Submissions for our 2024 program are now open and close October 13, 2023. For information on participating in any of the six award programs, simply click on the appropriate logo below or contact us at pr@celent.com. 

Every year, we recognize excellence in the usage of technology through our Model Insurer, Model Bank, Model Wealth Manager Awards, and Model Risk Manager.