Celent Model Bank Awards 2011
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23 June 2011Bob Meara
The capstone of Celent’s Innovation and Insight Day held in Atlanta, GA last week was the recognition of Celent Model Bank award recipients for 2011. For the most part, it’s not much fun to be a banker these days. The news media, consumer advocates, regulators and politicians alike seem to make bank bashing their full-time job. In sharp contrast, Celent sought to celebrate financial institutions doing things well. The picture below shows this year’s Model Bank winners that were able to accept the awards in person. [caption id="attachment_2285" align="aligncenter" width="448" caption="Celent Model Bank 2011 Award Winners"][/caption] Pictured in the back row, left to right: • Rick Robel, EVP, Operations & Technology, American Savings Bank • Andrew Lederer, VP, Business Process Manager, Kenebunk Savings Bank • Paul Garofallou, VP , JPMorgan Chase • Basil Lyden, Sr. Business Dev. Exec., Temenos (on behalf of Metro Bank) • Joshua Guttau, President & CFO, TS Bank • Jun Seong Han, Head of New Business, Hana Bank • John Finley, SVP Digital Channels, Bank of the West Pictured in the front row, left to right: • Karl Lamar, VP & Product Manager, Receivables, JPMC • Pete Ingles, SVP, UMB Bank • Stephen Irish, EVP & COO, Enterprise Bank • Alicia Moore, VP & Head of ATM Banking, Wells Fargo • Rachael Diamond, Sr Client Rel. Mgr., Citibank • Bill McNamara, EVP & CIO, Union Savings Bank • Sandy Dixon, EVP & Group Exec., Extraco Banks Here’s a very brief sampling of some of the celebrated initiatives: Bank of the West began its Future Bank initiative in 2007. The purpose of the project was to create a new retail operating model by reengineering systems and processes that would allow reallocation of local resources. The new retail operating model was facilitated by a significant technology change which it implemented alongside comprehensive business process redesign over a period of three years. Results included impressive improvements in teller and platform operational efficiency as well as sales effectiveness. Citi Prepaid Services has a number of success stories to its credit. All are examples of listening to customer needs and responding with innovative and effective payment solutions that reduce cost and improve user experience. Celent recognizes two initiatives Citi Flu Care and Citi Plasma Donation Solution. Over a span of six years, Extraco Banks implemented multiple projects designed to significantly improve its multichannel delivery effectiveness. Its online banking channel now offers online account opening, online lending, live chat, and a life event assistance tool. The majority of its ATMs have been replaced with deposit automation units. Its branch channel has been transformed through technology, organizational redesign, and rigorous workflow improvements. The result was significant efficiency gains, happy, well-served customers, and, as the bank says, a “boringly profitable” business. Hana Bank has gained attention by launching the first smartphone banking service in South Korea. The bank distinguished itself with an array of novel and innovative features including GPS service, Coupon service and mobile PFM. Hana Bank now enjoys nearly a quarter of a million smartphone banking users. JPMorgan’s US Dollar Clearing—Asia Direct, offered by the firm's Treasury Services business, is the first payment solution to provide direct access to multiple regional and in-country US dollar clearing systems in China, Hong Kong, Japan and Taiwan from a single US dollar account. Clients are not required to establish separate accounts in each country of clearing, resulting in better cash concentration, lower fees, simplified funding arrangements, and less time spent on reconciliation activities. The product has been a win for customers and the bank as well, contributing to a 20% increase in JPMorgan’s Asia revenue from 2008 to 2010. Our hats are off to these banks and their vendor partners for the vision, innovation and hard work that brought so many quality initiatives to market. Celent is accepting nominations for the 2012 Celent Model Bank awards and will be actively soliciting nominations beginning this fall. Nominations can be made online at: http://www.celentmodelbank.com/.