As regular readers of our blogs know, January is one of the most exciting months at Celent. The analyst teams are busy reviewing nominations for Model Bank, Insurer, and Wealth/ Asset Manager Awards, and passionately discussing which initiatives are most worthy of recognition. Every year we are impressed by the sheer scale of efforts to innovate and transform our industries, and are very grateful that so many financial institutions (FIs) take time to share their success stories with us.
2020 was again a fantastic year for Model Bank. Quantitative statistics were very similar to last year: nearly 140 nominations from about 80 FIs from 29 countries. Yet, while quantity matters, it’s the overall quality of submissions that makes our task as judges so thrilling and yet so difficult. This year, we were again blown away with the quality of nominations. In the end, we are excited and confident about our selection of winners, yet inevitably disappointed that we could not award so many others that clearly also deserve recognition.
After long deliberations, the Banking judges decided to recognise 24 initiatives as winners of the following Model Bank 2020 awards:
- Best Digital Bank — for delivering an outstanding digital experience for consumers. The award is open to mobile-first challenger banks and digital-only propositions from established banks.
- AI-driven Customer Insight — for data and analytics-driven efforts to deliver valuable insights to customers.
- Customer Engagement — for data driven customer marketing and relationship management efforts.
- Cooperative Bank Transformation – for deep digital and/or end-to-end transformation efforts by a cooperative or mutual bank or credit union.
- Community Bank Transformation – for deep digital and/or end-to-end transformation efforts by a community bank.
- Commercial Banking Transformation – for deep digital and/or end-to-end transformation efforts in commercial banking.
- Transaction Banking Transformation – for deep digital and/or end-to-end transformation efforts in transaction banking.
- Trade Finance & Supply Chain – for the outstanding efforts in trade finance and supply chain.
- Banking-as-a-Platform — for enabling third parties by enabling them to use the bank’s technology platform.
- Lending-as-a-Platform — for enabling third parties by enabling them to use the bank’s lending technology platform.
- Retail Lending — for the most impressive consumer lending or collections initiative.
- Mortgage Lending — for the most impressive mortgage lending or collections initiative.
- Commercial Lending — for the most impressive commercial lending or collections initiative.
- Digital Payments – for the most interesting or comprehensive consumer payments offering.
- Commercial Payments – for the most interesting or comprehensive commercial payments offering.
- Payments Replatforming — for the most compelling initiative to transform a payments platform.
- Payments Operations — for the most impressive initiative to improve payments operations.
- Operational Excellence — for the most impressive initiative to improve overall banking operations.
- Employee Enablement — for delivering tools empowering employees to be customer centric or more effective.
- Risk Management — for the most impressive initiative to improve risk management.
- Core Technology Replatforming — for the most compelling initiative to transform a core banking platform and adjacent systems.
- Banking in the Cloud — for the most impressive efforts to adopt cloud computing in banking.
- Innovation Frontier — for the most impressive experiments – pilot or proof-of-concept – with emerging technologies.
- Financial Inclusion — for efforts to bring financial services to unbanked and under-banker communities.
Finally, of course, we also have Model Bank of the Year, our crown jewel award, which recognises one financial institution that in any given year simply stands out from the crowd and uniformly impresses Celent judges.
All Model Bank nominees should expect to hear from us over the next couple of weeks, as we communicate the results. For the time being, only the nominees will know if they won any of these awards, as we begin working with them to distill their achievements into a series of case studies. We will be announcing all winners publicly on April 16 at our 2020 Innovation & Insight Day in New York. In addition to presenting the award trophies to the winners, Celent analysts will be discussing broader trends we’ve seen across all nominations and will share our perspectives why we chose those particular initiatives as winners. We will be inviting Celent clients over the next few weeks to sign up. Any remaining places will then be open to the public, so please mark your calendars and keep an eye on our website for further announcements.