Celent Model Bank 2016, Part I: Case Studies in Digital Banking Transformation

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13 April 2016
Stephen Greer

Abstract

The vision for Celent’s Model Bank research, now in its ninth year, is to spotlight effective uses of technology in banking. The approach that Celent takes is to seek examples of best practices in technology usage which, in aggregate, would answer three questions below.

Every year Celent suggests five to eight categories and invite banks to nominate their technology initiatives. Celent reviews all nominations and recognizes a number of them, up to four per category, with a Model Bank award.

In 2016, Celent accepted nominations in seven categories and awarded 18 initiatives. The case studies of winning initiatives are profiled in a seven part report series published today:

  1. Digital Banking Transformation
  2. Omnichannel Banking
  3. Digital Payments and Cards
  4. Corporate Payments and Infrastructure Modernization
  5. Cash Management and Trade Finance
  6. Security, Fraud, and Risk Management
  7. Legacy and Ecosystem Transformation

In Part 1, Celent profiles four award-winning initiatives in digital banking.

  • Citizens Bank Wire by Relay
  • Santander US New Account Opening
  • Garanti Bank: iGaranti & Mobile Interactive Assistant (MIA)
  • DenizBank: IOT and FastPay

Digital banking is a hot topic in the industry, but transformation is not an easy proposition. The cultural and business model changes required for some institutions are daunting, and inertia always has a seat at the table. Without orienting the business towards digital, banks risk losing out to more agile and digitally adept competitors, both from within the industry and from nonbank challengers.

“Banks seem to understand instinctively the importance of digital,” says Stephen Greer, an analyst with Celent’s Banking practice and author of the report. “But in practice they have a long way to go to make the fundamental changes to the institution's culture and operating model.”

Nominations for Model Bank awards were accepted in late 2015. The Celent Banking team selected winners based on business benefits, degree of innovation, and technology or implementation excellence. Each Model Bank winning initiative is presented as a detailed case study within the report, including descriptions of business drivers, solutions, success metrics, and future plans.

This 44-page report contains four Celent Model Bank case studies, six tables, and 16 figures.

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Reports