Celent Model Bank Awards
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 12th anniversary in 2019
The nominations window for 2019 Model Bank awards is now open. We are again looking for nominations across five broad areas: Customer Experience, Products, Operations and Risk, Legacy Transformation, and Emerging Technology (see more examples below).
- 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.
- The FIs are welcome to submit multiple nominations, but they must be substantively different. Do not submit the same initiative more than once (e.g. under multiple categories).
- There is no fee to submit the nominations.
- The deadline for submitting a nomination is 23:00 GMT on Friday, 16th November 2018. You should expect to hear the results from us in early February. The winners will be announced publicly in Spring 2019.
- We plan to recognise 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 types of the 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 more information, please review our extensive FAQ section. If you still have any questions, please contact us at email@example.com.
- Customer Experience
Initiatives aimed at improving customer experience, across all channels (digital and physical), for retail and corporate customers. Example initiatives include:
- Innovative functionality enhancements for consumer digital platforms (e.g. mobile apps, online).
- Online portals and mobile tools for corporate customers.
- Creative use of physical resources (e.g. branch transformation, deployment of live agents, ATM innovations).
- Delivering an integrated customer experience across channels.
- Deploying innovative technologies that enhance customer experience (e.g. biometrics, artificial intelligence, wearables, etc.).
New products for retail and corporate customers, or significant improvements to existing ones. Example initiatives include:
- Payments innovations: C2B, B2C, P2P, B2B.
- Transaction banking product innovations (e.g. liquidity management, trade finance).
- Lending and other products.
- Operations and Risk
Initiatives aimed at improving internal efficiency and risk management. Example initiatives include:
- Process automation (e.g. BPM, STP, RPA, document imaging, etc.).
- Data analytics to support decision-making (e.g. price optimisation, customer insight, asset optimisation).
- Employee productivity enhancements (e.g. collaboration tools, incentive programmes, innovative training approaches, etc.)
- Security, fraud and risk management.
- Legacy Transformation
Large scale transformation of legacy platforms. Example initiatives include:
- Core banking transformation.
- Payments back office replatforming (e.g. payment hubs, cards platform upgrade).
- Deploying new technologies and delivery models (e.g. APIs, cloud, SaaS).
- Emerging Technology
Improving capability to innovate and experimenting with new technologies. Example initiatives include:
- Initiatives aimed at improving the bank’s capability to innovate and bring innovation culture into the organisation – e.g. collaborating with/ investing into Fintech, developer hackathons, etc.
- Interesting pilots and proofs-of-concept with emerging technologies (e.g. blockchain, robotics, artificial intelligence, machine learning, etc.) that demonstrate promise to transform the business.