How will it impact the public sector?
After rolling out its Executive Order on the use of AI in October of 2023, the Biden administration announced this week that on December 1, 2024 they are implementing new policy for the US government governing its use of artificial intelligence (AI) to encourage responsible adoption of the AI by the US government. This move is being made in an effort to prevent US government abuse of AI. Vice Pre…
The Insurtech Shift from D2C to Agents in North America
Life insurers were forced to digitize the sales process during the pandemic. Their move to direct-to-consumer sales (D2C) saw its peak (7+% of total premiums) in 2021 with strong sales of term insurance, but by December 2023, only about 6% of life insurance was bought D2C. The effort to attract and sell a limited number of products online proved to be more difficult than selling through agents. T…
Last month once again I had the pleasure of attending FinovateEurope in London. I already shared some of my early observations in a video recorded on location on the second day of the event, but I always meant to come back with a few more thoughts – better late than never! As the event regulars know, the first day is usually dedicated to 7-minute demos by various fintech companies, while the seco…
Winner of the 2024 Celent Model Bank Award for Reimagining Enterprise Lending
The imperative for financial institutions (FIs) to continuously add new technology capabilities drives them to evaluate existing systems to modernize, opportunities to reduce technical debt, and processing costs to reduce. Lending operations are a primary example, where multiple loan origination systems and digital channel solutions support different types of retail loans. Prior attempts to creat…
Winner of the 2024 Celent Model Risk Manager Award for Data and Analytics
Morgan Stanley Wealth Management is bringing access to portfolio risk insights directly to its financial advisors, embedding risk management capabilities into the advisor and client user experience. Morgan Stanley’s Portfolio Risk Platform (PRP) makes risk analytics available to financial advisors, enabling them to see over-risked and under-risked accounts. This self-service approach to risk anal…
Winner of the 2024 Celent Model Bank Award for Reinventing Cash Management
Over the past 40 years, Silicon Valley Bank (SVB) has built a dominant market share in technology and the life sciences through deep client relationships and industry expertise. The future of that legacy was called into question when SVB was put under FDIC receivership and sold to North Carolina-based First Citizens Bank (FCB) in March 2023. In the last year large-cap and digitally native challen…
Winner of the 2024 Celent Model Risk Manager Award for Model Risk Manager for Data Foundations of AI
DBS' self-developed Movement Analyser is an intelligent tool to automate manual operations and bring advanced real time data analytics capabilities to DBS’s asset and liability management process. Using machine learning, it interprets complex and voluminous data sets and accelerate data insights to reduce time to value. The Movement Analyser is embedded into day-to-day liquidity risk reporting op…
A Snapshot Through the Lens of Model Bank
Accelerating to a competitive advantage: Future success in retail and commercial banking rests on achieving greater speed and agility by mastering the new set of transformative technologies, such as cloud, open banking ecosystems, and Generative AI. During our Innovation & Insight Day on March 21st, we welcomed a wide audience and discussed these themes in depth. Taking insights from our Model Ba…
... But With Differing Approaches
In July, 2023 the White House announced that seven leading AI companies committed to put new AI systems through third party testing before they are released to the public and to label AI-generated content. The seven companies, Microsoft, Google, Amazon, Meta, OpenAI, Anthropic and Inflection, made several voluntary commitments in an agreement with the White House with the goal of improving the sa…
Winner of the Model Risk Manager of the Year 2024
NatWest applied a customer journey-led approach to simplify and automate the risk management process for all “change the bank” initiatives. In partnership with Appian, the bank standardized and automated 17 disjointed governance processes and questionnaires into a single seamless approval process with a unified data model across all these areas. The new risk governance process prioritizes and tai…
Winner of the 2024 Celent Model Risk Manager Award for Combatting Financial Crime
Legacy technology can be a significant barrier to efficient operations in anti-money laundering and financial crime compliance. Banco do Brasil modernized their sanctions operations by installing a new, state of the art screening solution to strengthen compliance, risk mitigation, and speed to market. Banco do Brasil’s legacy screening solution generated high volumes of false positives that were…
Winner of the 2024 Celent Model Bank Award for Customer Centered Innovation
Bank of America knew their customers wanted a single mobile experience across product lines to more easily manage their finances and multiple account relationships. At the same time, the bank saw the opportunity to introduce a wider audience of existing customers to its full-bank offering. In the past two years, the firm culminated a multi-year initiative to unify the mobile banking experience an…
Winner of the 2024 Celent Model Insurer Award for Digital and Emerging Technologies
Building a greenfield insurance organisation is an exciting endeavour that requires careful planning, strategic vision, and a commitment to sustainability. By embracing a customer-centric approach, leveraging digital transformation, and fostering innovation, a greenfield company can establish itself as a leader in the insurance industry. This can be achieved by establishing a robust IT infrastruc…
Celent Recognizes the Winners of its 2024 Model Wealth Manager Awards Program
Our wealth management team is delighted to announce the winners of this year’s Model Wealth Manager Awards program! The submissions pool was competitive with entries from global financial institutions. We would like to thank all of the financial institutions and supporting service providers who entered this year’s program, and we hope to see you again in 2025 (the submission window opens June 202…
Winner of the 2024 Celent Model Buy Side Award for NextGen Portfolio Construction and Management
For insurance and institutional clients, efficient portfolio optimization and operational agility from the standpoint of dynamic adaptation and responsiveness to change are paramount from an investment, operational and transaction cost perspective, particularly when facing uncertain and volatile market conditions. Recent years have seen fixed income and credit investing become more complex due to…
Now in its 18th year, the Celent Model Bank Awards Program is globally recognized, highlighting the most innovative initiatives across retail and corporate banking worldwide. Today, at our Innovation & Insight Day, we announced our 2024 Model Banks and published a full set of case studies and pre-recorded interviews with the institution leaders closest to work. We’re excited to award 18 instituti…
Winner of the 2024 Celent Model Bank Award for Small Business Customer Innovation
The small business segment is both large and lucrative for retail banks. However, it is also becoming increasingly competitive as a range of challengers, fintechs, and non-bank players have entered the market with feature-rich digital services for business owners. Open banking has accelerated this trend, by enabling these providers to position themselves a value-adding layer on top of the banking…
Winner of the 2024 Celent Model Bank Award for Turbocharging Embedded Banking
Integrating and embedding financial data into ERP and TMS systems lies at the heart of a modern treasury organization. However, outdated legacy systems, siloed technology teams, integration hurdles, and fragmented operational support have prevented seamless connectivity. By leveraging embedded banking solutions, organizations can seamlessly deliver banking services directly into their ERP ecosyst…
Winner of the 2024 Celent Model Risk Manager Award for Data Foundations of AI
In 2018, Deutsche Bank embarked on CRAFT, a five-year program to overhaul the technology underpinning the bank’s global credit risk function, a department of around 1,000 colleagues who support decision-making across the organization. Now complete, the program has not only transformed the bank’s ability to monitor, manage, and mitigate risk, but it has also generated over €10m in savings by decom…
Winner of the 2024 Celent Model Risk Manager Award for Operational Resilience
MB has enhanced its market risk and counterparty credit risk (CCR) management to meet global standards, including: A near real-time VaR calculation tool to control the risk level of its portfolio and provide timely recommendations to its business units A real-time CCR management system that reduces operational costs and improves efficiency A system to calculate capital requirements for market…
Winner of the 2024 Celent Model Sell Side Award for Digital Transformation
ING was looking to accelerate the digitisation of its offerng in the FX markets - a market which is the largest in the world by traded volume, but also one that is highly fragmented and going through substantial change. The core interaction between liquidity takers and makers is rapidly moving to a “show me the data” mode of interaction, with ever increasing expectations around data and analytics…
Winner of the 2024 Celent Model Bank Award for Cloud Migration
Raiffeisen Bank International, a well-established European bank operating across multiple markets, has been able to rapidly shift from an on-premise to cloud-based platform model thanks to a migration acceleration initiative. This provided migration blueprints, skills training, and support to enable its businesses to shift over 50% of their applications to the cloud within 3 years.
Today, Celent honors 18 insurance companies with Model Insurer awards for 2024. Model Insurer is the premier award available in the insurance industry globally. Celent bestows these awards annually to insurers, reinsurers, and MGAs who produce outstanding business results from technology innovation initiatives. This program was launched 18 years ago to recognize the effective use of technology in…
Model Wealth Manager 2024 Award for Essential and Emerging Technologies
Morgan Stanley Wealth Management has won the 2024 Model Wealth Manager award for Essential and Emerging Technologies for its AI @ Morgan Stanley Assistant initiative. Morgan Stanley was the first wealth manager to adopt and deploy OpenAI’s technology, which has helped drive efficiency and scale across its financial advisor base. The AI @ Morgan Stanley Assistant is a large language model-powered…
Winner of the 2024 Celent Model Insurer Award for Digital and Emerging Technologies
Insurance companies are facing the need to seek innovative ways to leverage technology to expand their offerings beyond insurance products, diversify their portfolios, and explore new revenue streams. One example is through encouraging the interconnection of services and business domains to solve customers’ problems through integrated ecosystems. UnipolMove, an initiative by Unipol Group, represe…
Winner of the 2024 Celent Model Insurer Award for Digital and Emerging Technologies
The insurance industry is undergoing a significant transformation driven by digital and emerging technologies. Insurers are embracing innovative solutions to meet evolving customer expectations and stay competitive in a rapidly changing landscape. Digital channels now play a crucial role in delivering personalized and consistent experiences, and advancements in artificial intelligence (AI) techno…
Winner of the 2024 Celent Model Insurer Award for Digital and Emerging Technologies
In today’s fast-paced world, organisations must adapt and evolve to unlock their full potential, stay ahead of the competition, and navigate disruptive forces. Business leaders recognise the importance of transformation and consider it a top priority. However, they are also aware of the challenges of embarking on ambitious transformation programs. These initiatives require significant investments…
Winner of Model Insurer 2024 Award for Innovation Execution
PZU's strategic approach to innovation includes cross-firm partnerships, collaboration with startups, and continuous reinvention to maintain its competitive edge. The company has successfully implemented more than 40 initiatives over six years in partnership with start-ups and accelerators. As a Model Insurer winner in the category for Innovation, this case study explores the approach create and…
Winner of the 2024 Celent Model Insurer Award for Innovation Execution
Maintaining acceptable levels of persistency in employee benefit programs presents multiple challenges. Unum’s Project Trident provided solutions to these challenges in five ways: Using advanced analytic methods (AI and Machine Learning) to obtain early identification of clients with a higher probability of leaving Creating new and cost-effective methods of outreach and communication to persua…
Winner of the 2024 Celent Model Insurer Award for Customer Experience
Third-party distribution is still a critical component of the insurance ecosystem. Rather than look for ways to disintermediate their broker partners with rapidly evolving tech, Brazilian insurance company Akad Seguros leveraged the emerging Generative AI space to assist their brokers in closing business faster. The company was able to develop a suite of tools powered by large language models (LL…
Winner of the 2024 Celent Model Insurer of the Year
Taiwan Life Insurance’s AI Platform for Claims provides multiple convenient claims delivery channels that address the many issues Taiwanese policyholders experienced when submitting insurance claims. The platform can settle claims for all Taiwan Life’s commercial medical insurance offerings, which includes life insurance, disability/long-term care insurance, accident insurance, medical insurance,…
Winner of the 2024 Model Insurer Award for Data, Analytics and AI
Cathay Life Insurance's Claims Smart Platform is winner of Celent's 2024 Model Insurer award for Data, Analytics, and AI. The platform, launched in October 2022, integrates a large volume of case review decision trees to improve the efficiency and quality of claims review. By leveraging human-machine collaboration, the platform enables timely and appropriate services for customers, enhances risk…
Winner of the 2024 Celent Model Insurer Award for Legacy and Ecosystem Transformation
Technology facilitates relationship building, allowing agents to spend less time on mundane tasks like manual data entry and more time providing advice and support. We think there are specific domains where insurers need to invest to improve agent productivity. To help agents sell and serve their customers, they need tools to improve the selling process. These include data integrations to verify…
Winner of the 2024 Celent Model Insurer Award for Legacy and Ecosystem Transformation
Most life insurers still rely on obsolete systems and technology. As they think about digitizing their processes, they need to challenge their existing technology environment from various angles. As part of our regular discussions with insurance architects and technology strategists, we have identified some of their top concerns when embarking on a digital transformation project. There are variou…
Winner of the 2024 Celent Model Bank Award for Empowering the Customer, Part II
For PKO Bank Polski, additional services are an important element of enriching and making the main banking proposition more attractive. The new Value-Added Services Platform offers universal technology for suppliers (API) and a unified purchasing and service process for customers. Banking customers these days are increasingly more demanding: they don’t just want a good standard product; they want…
Winner of the 2024 Celent Model Bank Award for Empowering the Customer, Part I
PKO Bank Polski was the first bank in Poland and one of the few in the world to independently provide its customers with a Buy Now Pay Later (BNPL) service, PKO Pay Later. By developing its offer in the e-commerce market, the bank has become more competitive with fintechs and carved out a niche in the banking sector. Banking customers these days are increasingly more demanding: they don’t just wa…
Model Wealth Manager 2024 Award for Personalization
Morgan Stanley is the first major global wealth management firm to incorporate fractional share allocation as an integral component of its UMA advisory platform and Morgan Stanley at Work employee stock purchase plans. This is no small feat as the firm’s UMA assets represent $500 billion. Providing greater personalization to retail investors is the core benefit behind Morgan Stanley’s fractional…
Winner of the 2024 Celent Model Bank Award for Core Transformation
OP Financial Group transformed its unsecured lending servicing, successfully adopting a next-generation cloud-native core platform while re-thinking its end-to-end lending business processes from origination to servicing. This has significantly enhanced its ability to innovate, be more competitive in market, manage compliance, and provide a strong customer experience.
Winner of the 2024 Celent Model Bank Award for Embedded Finance
Embedded finance is one of the hottest topics in the industry today, and with good reason. It can enable a bank to access new markets and customer segments far more easily, and at a lower cost, than through organic growth. However, delivering this at any kind of scale typically requires new capabilities and new technology. Standard Chartered saw an opportunity to build an embedded finance proposi…
Model Wealth Manager 2024 Award for Streamlining Advisory Workflows
Wealth management firms point to advisor workflow automation as one of the biggest opportunities for boosting productivity and freeing up advisors to spend more time on client-facing, revenue-generating activities. But workflow automation is no easy feat as it requires deep integrations across the tech stack allowing for the bidirectional flow of information. Most wealth managers lack this connec…
Winner of the 2024 Celent Model Bank Award for Payments Innovation
In a payments market dominated by a few large players, it would be excusable to sound a defeatist note and focus elsewhere. However, HDFC Bank was not prepared to sit back and watch its customers leave for competitors. Instead, it successfully took them head-on by launching PayZapp, a bank version of an innovative payments superapp built on a modern, cloud-native stack. It aims to provide custome…
Winner of the 2024 Celent Model Bank Award for Digital Customer Onboarding
Everyone knows the importance of making a good first impression. Doing so at scale through digital-first customer engagement is today's clarion call for retail financial institutions - particularly for new-to-bank customer acquisition. To maximize growth in new-to-bank client relationships, RBC built an omnichannel client acquisition ecosystem using a modern technology stack with reusable applic…
Winner of Celent Model Bank 2024 Award for Architecting for Innovation
Achieving greater speed and agility perenially rank as top drivers of technology investments for banks of all sizes. Yet many struggle to modernize both their technology and its delivery because of cost, risk, and complexity, to name but just a few factors. Consequently, they miss out on opportunities to improve cost and risk metrics as well as business opportunities. This award goes to CBW Bank,…
Winner of the 2024 Celent Model Insurer Award for Data, Analytics, and AI
In 2022, Celent recognized FWD as a Model Insurer for the Data, Analytics, and AI category for their initiative, FWD Insurance: Smart Insurance Framework – AI Everywhere. The ability to orchestrate an overarching data strategy with the FWD Smart Insurance Framework provided data-centric guidance for developing analytics and AI/ML initiatives. As an extension of the FWD digital transformation road…
Winner of the 2024 Celent Model Insurer Award for Data, Analytics, and AI
A new data and analytics strategy was established in 2023 to align and unite the organization, with the inclusion of ethical and responsible AI based on the Fairness, Ethics, Accountability, Transparency (FEAT) principles as stipulated by the local regulator, Monetary Authority of Singapore (MAS), as well as Generative AI for risk management policy development. Income Insurance modernized their A…
Winner of the 2024 Celent Model Insurer Award for Legacy Modernization
An insurer at the start of a modernization journey has to make a series of choices: which systems, or which features and functions within systems, or what types of improvements in user experience. Then another level of questions arises: build or buy; if build how to access the right skill sets and staff with those skills; and if buy which vendors and which solutions. And since nearly all of the c…
Winner of Celent Model Bank 2024 Award for Generative AI Application
Superior customer engagement and smooth customer journeys have become paramount in winning retail banking market share. Prior to Gen AI, banks were experiencing diminishing returns leveraging current technology. Gen AI has changed the game, opening up opportunity to realize step change and increasing returns. Fibank has seized the opportunity Gen AI presents to differentiate itself through more e…
Winner of the 2024 Celent Model Bank Award for Digital Asset Innovation
Treasury departments are under increasing pressure to improve operational efficiency, make smarter and faster decisions, and mitigate risks. Within current settlement systems, they continue to face pain points with impacts to liquidity optimization and payment speeds. For example, payment systems have not kept up with the pace of growth in the global B2B and direct-to-consumer economy. Additional…
Winner of the 2024 Celent Model Bank Award for Industrializing AI
DBS Bank, one of the largest banks in the Asia-Pacific region, has a long-standing reputation for innovation. With AI becoming a more pervasive part of banking, the bank determined it would apply AI at scale across the organization to become an “AI-fueled” bank. Banks around the world are beginning to see AI and machine learning–enabled solutions come to fruition. Increasingly, banks see the next…