AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERS - FEBRUARY 2022 - The Digital Banker
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FEBRUARY 2022 AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERS
FOREWARD
Dear Reader,
It is my pleasure to bring to you RISE – a briefing of the Global Retail Banking
Innovation Awards 2021 (GRB21).
In the backdrop of overwhelming adoption of digital-led initiatives across the
world – where each country offers different opportunities and challenges, the
need to understand how best to meet customers halfway and create value for
the business remains the a pertinent question.
Historically, the focus has been product and service differentiation among most
financial service institutions. However, internet penetration and high mobile
phone usage rates have allowed banks to tap into the previously unbanked.
We at The Digital Banker believe new customer segments, rapid digital
transformation and widespread innovation can dramatically change the way
banks operate in these markets.
With the Global Retail Banking Innovation Awards 2021, the goal was to identify
and benchmark financial institutions that are innovating products and services,
reinventing customer journeys, and implementing technological advancements
all with customer needs and satisfaction at the core of its strategy. The
submissions revealed that in a short span of time, the mandate for financial
institutions witnessed a rapid shift where it became imperative to understand,
acknowledge and deliver exceptional customer service and experiences through
innovative business models.
We hope you enjoy RISE and we look forward to seeing you at many of our
upcoming Awards, Virtual Events and Training Seminars planned for 2022.
CONTENTS
Past and Present Judges Global Retail Banco Santander........................................15 Taishin International Bank.........................27
Banking Innovation Summit & Awards.....3
Standard Chartered Bank Sri Lanka.........16 Scotiabank..................................................28
Standard Chartered......................................4
Hong Leong Bank.......................................17 HSBC Bank Malaysia..................................29
OCBC..............................................................5
Bank One ....................................................18 Metrobank ..................................................30
Affin Bank......................................................6
UOB TMRW.................................................19 Taipei Fubon................................................31
UOB................................................................7
HSBC Bank Singapore................................20 HSBC Bank Indonesia.................................32
Experian.........................................................8
Standard Chartered Bank..........................21 CIMB Thai....................................................33
Bank Of America...........................................9
Siam Commercial Bank..............................22 Honourees Of Global Retail Banking
Standard Chartered China.........................10 Innovation Summit & Awards 2021....34-48
UOB..............................................................23
Kasikornbank..............................................11 A Few Words From Our Honourees..........49
HSBC Amanah............................................24
ABSA Regional Operations........................12
UOB Thailand..............................................25
Standard Chartered Bank..........................13
ABSA Bank..................................................26
RHB Bank.....................................................14
2 RISE - AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERS
PAST AND PRESENT JUDGES
GLOBAL RETAIL BANKING INNOVATION
SUMMIT & AWARDS
TOM MOUHSIAN ALLA GANCZ FREDERIC GIRON JOHN DOVASTON
Principal Analyst, Partner VP, Research Director Asia Pacific Financial
Customer Experience Services Leader
(APAC)
ALLWYN BARRETO JORDAN WINDEBANK GREGOR NEVELING GWENDOLYN LIM
Partner, Financial Managing Director, Principal Advisor Partner
Services Consulting Financial Services
Technology Leader
EDGE ZARRELLA ANDREW TAGGART
Clients and Innovation Partner, Financial
Partner Services Leader
RISE - AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERS 3
STANDARD CHARTERED:
LEVERAGING ON THE POWER
OF DIGITAL
Aalishaan Zaidi, Global Head – Personal Banking, Digital, Standard Chartered Bank (Singapore)
spoke with Nirav Patel, CEO, The Digital Banker about the bank’s award winning initiatives
How does your award-winning initiative According to you, how does your award increase our reach and relevance to serve them
drive product/service innovation and winning initiative create value for the in a meaningful way.
differentiate? retail/digital bank’s business?
The multiple global awards we have won are Digital Onboarding – In addition to delivering With our digital bank Mox in Hong Kong,
testament to the strong digital growth agenda a winning customer experience, the capability the announcement of a new digital bank in
in Standard Chartered. has delivered significant quantitative benefits to partnership with NTUC Enterprise in Singapore,
the organization. Digital onboarding is currently Banking as a Service platform (Nexus) and
Digital Onboarding – Our digital onboarding at >80% with Straight through processing > holistic end to end digital capabilities across the
capability has provided customers a 70%. Our turnaround time has come down entire customer’s banking journey, we are well
seamless, intuitive way to onboard onto our from 4 days to less than 3 minutes. positioned for growth in 2022 and beyond.
platform through responsive and adoptive
digital forms, automated eKYC features, Personalized Investment Ideas (PII) – PII How have your initiative’s digital sales,
machine learning based decision engines and has helped reduce the time our RMs spend digital servicing, omnichannel or digitally-
real-time account creation. to conduct a financial review, prepare an enabled strategies improved in terms of
investment proposal and a final report. With top-line impact?
Personalized Investment Ideas (PII) – Our the new digital tool, all information is in-built Standard Chartered has been investing in
PII tools allow our RMs and Investment and housed in the tool which is readily digital over the last couple of years and the
Advisors to generate tailored investment accessible from the Relationship Manager’s impact has been obvious. As reported in our
ideas with 3 key elements in the view - iPad. Relationship Managers are now able to 1H’21 report, 71% of our retail product sales
client’s profile and risk tolerance, alignment complete the same process in 20 minutes. are now digital (versus 24% in 1H’19). Nexus
with our in-house views and current This translates to a 75% time savings for RMs. is partnering with Bukalapak and Sociolla in
investments. This is an industry first in Asia Indonesia to provide digital banking services to
with Standard Chartered leading the way MyRM – MyRM is live in 3 of our 4 large >100 Mn users. Our new virtual bank Mox in
in personalized investment advisory across markets with more than 100k affluent clients Hong Kong is targeting ~200K client by FY’21,
Singapore, Hong Kong, China and Taiwan. using it. We have seen a large uptick in the # has ~$700Mn of deposits and is the highest
of digitally active clients who have signed up rated financial app in HK on the Apple App
MyRM – A new client/RM engagement and a big reduction in transaction processing Store. Our digital banks in Africa have helped to
app, enables our clients to interact directly time for our RMs. This has increased the reduce cost of acquisition by ~2/3rd and acquire
with their RMs. Through file and screen productivity of our RMs. ~95% of clients digitally.
sharing and audio calls, clients can quickly
react to market movements and capture Application Fraud Detection (AFD) Engine What objective did your institution aim to
opportunities quickly, all within a secure – Since inception, AFD Project has significantly accomplish by participating at the Global
environment. Most importantly, MyRM helped bank by identifying fraudulent Retail Banking Innovation Awards 2021?
allows us to approve investment transactions applications thus saving money and reputational Global Retail Banking Innovation Awards give
in a remote and paperless manner with a damage. In 2021 alone, AFD has so far us an excellent opportunity to benchmark
one-click experience. This continues to be a processed approximately >700K onboarding ourselves with the best in the world. The
key differentiator for the bank during COVID applications and has been able to successfully Awards are a way for us to receive feedback
when clients prefer to engage remotely and capture 85% of fraudulent applications. from the industry on our digital strategy. It
digitally to fulfil their complex needs. also allows us to see the best innovations
What are the definite ways in which your from our peers across different areas and
Application Fraud Detection (AFD) Engine – product/service/bank is set to expand in identify areas of opportunity/growth.
Our AFD engine integrates with various fraud 2022?
detection systems and data points to enhance Our digital growth agenda remains unchanged. We would like to thank The Digital Banker for
existing APD capability. AFD fraud check We intend to help our clients prosper and running these Awards with extremely high
engine can detect fraudulent applications deliver everyday banking solutions by standards for the last several years and are
using combination of AI models, rules and integrating our services into their digital lives. honoured to have been recognized with these
negative list to bring about a seamless digital New digital solutions, strategic partnerships and Awards for several consecutive years across
journey and improved client experience. advanced analytics will enable us to significantly multiple categories.
WINNER WINNER WINNER
2021
2021
2021
STANDARD STANDARD STANDARD
CHARTERED CHARTERED BEST FRICTIONLESS CUSTOMER CHARTERED
BEST MACHINE LEARNING INITIATIVE BANK BEST AUTOMATED ADVISORY SERVICE BANK BANK
RELATIONSHIP MANAGEMENT
HIGHLY
2021
ACCLAIMED
STANDARD
CHARTERED
BEST PAYMENTS INNOVATION BANK
4 RISE - AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERS
OCBC:
CREATING AN ECOSYSTEM
THAT GOES BEYOND BANKING
Aditya Gupta, Head of Digital Business and Transformation, OCBC Bank spoke with Nirav Patel,
CEO, The Digital Banker about the bank’s award winning initiatives.
How does your award-winning initiative of our franchise. In this new normal, we The COVID-19 crisis prompted us to
drive product/service innovation and have continued to reimagine banking for our accelerate our digital roadmap as businesses
differentiate? consumers by creating category-defining shifted online to deal with office closures and
Competition is a constant in the consumer solutions and engagement experiences restricted movements. We expect this trend
banking industry and consumers are constantly to meet their banking, as well as ‘beyond to continue post pandemic as we see less
on the lookout for innovative products and banking’, needs. This in turn delivers tech-savvy customers take their first steps
services that work seamlessly in their lives. significant value to our franchise in terms of towards using digital channels. With increased
The rapid advancement and adoption of new revenue growth, operational efficiencies, and digital adoption, we, too, have similarly
technologies and the increasing prevalence of customer satisfaction scores. refocused our efforts to ensure customers
platforms have greatly influenced customer are equally comfortable adopting our digital
expectations. Customers want products and What are the definite ways in which your products and services.
services that are relevant, available anytime product/service/bank is set to expand in
and anywhere, embedded as part of their daily 2022? Overall, we see a huge acceleration in the take
lives and most importantly, instant. Hence, we We are focused on future-proofing our up of our digital services from new account
are constantly striving to reimagine banking consumer banking business as we ride the openings, taking up loans, to day-to-day
for our customers across all touchpoints by ebb and flow of changing consumer needs transactions for investments. Last year, we
creating innovative products and services and desires. At the heart of consumer added more than 100,000 digital debutantes
that integrate digital technology with data and banking is understanding consumers. This is and the usage of digital services continues
design. something we strive to do well – by leveraging to grow exponentially. We’ve also seen 8X
data and insights, coupled with superior growth in digital wealth sales over the last two
We believe that the crux of digital customer service, to offer the highest value to years.
transformation lies in curating seamless, each customer by placing their needs at the
embedded, and personalised products and centre of every product, service, process, and Several financial transactions are now
experiences for customers to perform their policy of the bank. performed via our digital banking platforms,
banking and ‘beyond banking’ transactions. and at our ATMs. Customers perform every
Whether it’s availing a first-in-market We are forging new partnerships and ventures nine out of ten financial transactions digitally.
consumer sustainability loan to customers that will allow us to serve new segments Without the need to come to our branches,
or enabling customers to encash cheques and new markets. At the same time, we customers can easily manage their cash,
directly at our ATMs, or to provide customers have been digitally transforming our entire access wealth management products, apply
with a robust open banking platform with franchise, delivering leading solutions to for credit cards, home loans and personal
which to start comprehensive financial our customers that are simply spot on. We loans.
planning, it is making products inclusive, are designing new banking experiences for
intuitive, and immediate that will ultimately customers at our branches and showcasing What objective did your institution aim to
delight customers. our digital capabilities and ecosystem accomplish by participating at the Global
partners. We are working on delivering and Retail Banking Innovation Awards 2021?
According to you, how does your award- marketing innovative products and services Participating in an award program such as
winning initiative create value for the to our millennial customers to bring them Global Retail Banking Innovation Awards
retail/digital bank’s business? a distinctive OCBC experience, and we are provides us the opportunity to validate within
It is an absolute honour for OCBC to win revamping payments for customers to provide the industry how our strategy has been
The Digital Banker’s Best Retail Bank in services ‘beyond banking’ with best-in-market delivering on its goals. Further, it helps us
Singapore award, alongside three award wins deals and rewards. benchmark ourselves against the industry’s
for Mortgage Product of the Year, Best ATM best. It is also a source of inspiration for our
Innovation and Best Open Banking Initiatives. How have your initiative’s digital sales, employees, helps us drive innovation and push
digital servicing, omnichannel or digitally boundaries to meet our customers’ evolving
These awards are a fantastic testament to enabled strategies improved in terms of needs and aspirations, and enables them to
our digital transformation efforts, the energy top-line impact? bank seamlessly and effortlessly.
and passion of our people and the resilience
WINNER WINNER WINNER
2021
2021
2021
MORTGAGE PRODUCT OF THE YEAR OCBC BANK BEST ATM INNOVATION OCBC BANK BEST RETAIL BANK - SINGAPORE OCBC BANK
HIGHLY
2021
ACCLAIMED
BEST OPEN BANKING INITIATIVE OCBC
BANK
RISE - AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERS 5
AFFIN BANK:
REINVENTING THE VALUE
PROPOSITION IN SME BANKING
Mr Lim Kee Yeong, Executive Director of Enterprise Banking, Affin Bank Berhad spoke with
Nirav Patel, CEO, The Digital Banker about the Bank’s unique SME proposition.
How does your award winning initiative • “Progress” to encourage self-development customers in complementing their journey
drive product/service innovation and to upskill and enhance knowledge; and of growth and sustainability. Our service is
differentiate? • Exclusive business and consumer aimed at indirectly creating strong affinity
First and foremost, we would like to thank “Privileges” on lifestyle and AFFIN BANK/ with the Bank among the employees and
The Digital Banker for organising the Global AFFIN ISLAMIC banking offers. management of these SMEs. Such affinity
Retail Banking Innovation (GRB) Awards 2021 includes better appreciation of other products
where we won “Best New SME Product As this may seem “new” when put together within the Bank as well as offerings made by
of the Year” category for AFFINWRKFZ. as a comprehensive approach, we also Rakaniaga.
This international recognition highlights included the “educational” or “food-for-
the uniqueness and effectiveness of thought” aspects with write-ups, videos and Our overall strategy of creating such a
AFFINWRKFZ in serving the small & medium general communications as part of the Bank’s comprehensive and collective customer,
enterprises (SMEs) segment. efforts to develop a better understanding of market and ecosystem affinity with the
the proposition. Bank has not only increased sign-ups of
AFFINWRKFZ (pronounced as “AFFIN our products and services but also helped
Workforce”) was introduced in December What are the definite ways in which your many Rakaniaga promote their products and
2020 to help SMEs build resilience product/service/bank is set to expand in services digitally via the SME Colony app.
for sustainable long-term growth. Its 2022? The joy and honour of working collectively
development is parallel with the Financial We are constantly appraising our products as an ecosystem while helping SMEs and
Inclusion Framework formulated by the and services from time to time to ensure benefitting their stakeholders positively is the
Central Bank of Malaysia and the SME that AFFINWRKFZ proposition remains satisfaction the Bank is looking for. With the
Development Framework developed by SME relevant and significant in supporting the path positively paved based on the results
Corporation Malaysia to spur the growth of SME ecosystem and addressing the needs thus far, the Bank will continue to make
SMEs with financial inclusion products & of SMEs, including the underserved high AFFINWRKFZ a tool to help SMEs and win
services. potential segments, such as start-ups and over new customers.
women entrepreneurs.
This differentiated worksite proposition drives What objective did your institution aim to
innovation by differentiating itself from the Staying true to our “Always About You” accomplish by participating at the Global
typical banking offerings and focuses on non- tagline, in 2022 we plan to meaningfully Retail Banking Innovation Awards 2021?
financial aspects via a comprehensive suite of enrich the overall proposition and uplift As a forward-thinking financial partner which
long-term business and talent management experiences of SMEs by enhancing existing aims to become the “Bank of Choice” for
solutions that are designed to help future- offerings, expanding business support SMEs, we strive to consistently deliver
proof SMEs as they continue to scale-up. with pertinent AFFINWRKFZ merchants, the best financial inclusion products and
adding industry-specific supporting tools and services to complement the journey of every
According to you, how does your award focusing on simplifying onboarding process SME from the get-go to becoming matured
winning initiative create value for the for both AFFINWRKFZ members (with business entity.
retail/digital bank’s business? almost 2,000 of them now) and Rakaniaga
Available exclusively via our digital flagship (“Business Partners” in Malay language). The GRB Awards 2021 has given us a
the SME Colony mobile app, AFFINWRKFZ platform to demonstrate our capabilities and
is a members-only business support initiative To date, we’ve onboarded hundreds of like- commitments in supporting the business
that focuses on four core propositions to minded Rakaniaga and we are planning to development needs of SMEs through
address the overall needs of SMEs and help substantially increase the number to further AFFINWRKFZ by assisting SMEs to grow in a
positioned them as an attractive long-term strengthen the overall proposition in ensuring sustainable manner.
career prospect for talent retention as they an attractive and meaningful AFFINWRKFZ
continuously grow in a viable manner. experience. Through AFFINWRKFZ, we managed to
create a niche for ourselves and differentiated
The core four propositions are: How have your initiative’s digital sales, us from our peers whose offerings are more
• “Planning” tools for both work and digital servicing, omnichannel, or digitally- traditional. Winning this award is indeed
personal tasks; enabled strategies improved in terms of an affirmation of our collective efforts in
• “Protection” coverage in business top-line impact? producing a progressive and innovative
and personal for the company and its AFFINWRKFZ is available as a value- proposition that goes beyond banking where
employees; added service to the Bank’s existing SME we are able to take lead in serving the SMEs
uniquely and effectively like no other.
WINNER
2021
BEST NEW SME PRODUCT OF THE YEAR AFFIN BANK
6 RISE - AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERS
UOB:
CREATING A ROBUST STRATEGY TO
ENHANCE CUSTOMER EXPERIENCE
Nirav Patel, CEO, The Digital Banker spoke with Jacquelyn Tan, Head of Group Personal
Financial Services, UOB about the bank’s award winning card and digital channel strategy
How does your award winning initiative cash rebates of up to 10 per cent when they What are the definite ways in which your
drive product/service innovation and shop online at Shopee’s marketplace. With product/service/bank is set to expand in
differentiate? Shopee onboard, we created Singapore’s 2022?
As a pioneer of card payments in Singapore, largest partnership ecosystem for cashback Amid greater digital adoption by consumers,
UOB has been leading the charge in cards with more than 10 partners. we will continue to be at the forefront of
designing debit and credit cards to suit the driving digital payments in Singapore. We will
lifestyles and life stages of consumers. By According to you, how does your award continue to invest in our digital capabilities
understanding the lifestyle preferences of winning initiative create value for your to increase customer engagement and also
consumers, we can offer more choices customers? to make digital payments simpler, safer and
to them through different credit card The COVID-19 pandemic in 2020 accelerated smarter for our customers.
propositions. our customers’ move towards online
spending. In particular, in the second and To this end, we will tap data-driven insights
For consumers who want to stretch their third quarters of the year, our customers’ to help our customers make wiser financial
dollar, the UOB One Card offers one of the online spend surged 110 per cent compared decisions to manage their finances better.
most generous cashback rates in Singapore with the same period in 2019.
with cardmembers being rewarded for How have your initiative’s digital sales,
everyday spend on categories such as Amid the consumer shift to digital channels, digital servicing, omnichannel or digitally-
dining and groceries. Cardmembers can also we expect our customers to keep to their enabled strategies improved in terms of
maximise their spend by bundling their UOB online spending habits and ensure that online top-line impact?
One Card with the UOB One Account to earn payments are seamless, safe and simple for At UOB, we have invested in an omni-
bonus interest on their savings. them. channel approach which places our
customers at the centre of all that we do and
Amid the COVID-19 pandemic in 2020, we As one of Singapore’s largest merchant to ensure that their every banking need and
saw our customers increase their spending acquirers, We will also continue to broaden preference is met.
in several categories such as groceries, food our merchant network to provide our
delivery and online shopping as they stayed cardmembers with more exclusive shopping We know that our customers use a mix of
home given social restrictions. We also saw deals and offers, and also help our merchant service channels to conduct their banking.
a 30 per cent year-on-year increase in UOB with payment acceptance through the use of For example, before purchasing a financial
One Card billings and transactions in the first unified point-of-sale terminals. product, they prefer to go online to read up
10 months of 2021. on and to compare similar solutions that
With the increase in digital payment adoption, are available to them. However, before
With this in mind, we deepened our we also introduced different digital services committing to a new investment, deposit or
collaborations and drew on the capabilities through UOB TMRW, our all-in-one digital loan product, our customers typically prefer
of our partners across different industries banking app. to seek advice from a financial adviser.
to enhance the UOB One Card’s rebate
programme last year. To bring greater value In November 2019, UOB was also the With this strong understanding of our
to consumers, we tied up with Dairy Farm first bank in Singapore to launch artificial customers’ preferences, we offer our
Singapore (DFSG), where cardmembers can Intelligence-driven personalised insights, customers choice in how they engage
earn up to 10 per cent in cash rebates for all which helps our customers make better with us. Our customers are now more
purchases made at any of DFSG’s physical or financial decisions. With these insights accustomed to the ease and convenience of
online stores. served through UOB TMRW, our customers applying for their credit cards online. Close to
can track their savings and expenses seven in 10 UOB One Card applications were
In the same year, we also partnered with effortlessly as they will receive relevant and submitted digitally in the first 10 months of
e-commerce marketplace Shopee to offer the personalised alerts on their finances such as 2021, up from close to five in 10 in the same
UOB One Cardmembers exclusive deals and spending patterns and refunds. period a year ago.
WINNER WINNER
2021
2021
UNITED UNITED
OVERSEAS OVERSEAS
CREDIT CARD OF THE YEAR BANK BANK
LIMITED BEST RPA INITIATIVE LIMITED
RISE - AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERS 7
EXPERIAN:
UNLOCKING THE POWER OF DATA TO
ACCELERATE DECISION MAKING
Joe Jacob, General Manager, Experian Decision Analytics Southeast Asia spoke with Nirav
Patel, CEO, The Digital Banker about pushing boundaries with the help of data and analytics
How does your award winning initiative At Experian, we are continually innovating to
drive product/service innovation and help our clients to overcome a wide range of
differentiate? challenges, including adapting to changing
Standard Chartered needed to manage consumer expectations and behaviours,
risk more effectively with more robust and addressing the growing threat from fraud,
automated data-driven credit decisioning and opening-up credit to underserved
and ultimately enable their customers to communities to provide greater financial
gain faster access to financial services opportunities for everyone.
through digital onboarding journeys. We
are proud to be the trusted partner of We believe the future of credit decisioning is
Standard Chartered, especially in this time of about winning with data and information at
unprecedented volatility due to COVID-19, scale. It’s working with insights and delivering
many underbanked communities are personalised solutions to customers through
facing difficulties securing access to loans, centralised, automated, flexible and scalable
without sufficient credit bureau data for decision-making. Experian’s Decisioning
financial institutions to determine their credit solutions helps clients to future-proof their
worthiness for this thin-file segment. data and analytics capabilities while adapting
to new decisioning strategies to minimise
Both Experian and Standard Chartered risk, preserve valuable relationships and
have constantly pushed the boundaries to remain fair and compliant.
achieve innovation in credit decisioning:
an innovative blend that brought together Through advanced analytics, artificial
Machine Learning (ML), focus on outstanding intelligence & machine learning, we
customer experience with rapid lending accelerated the process of getting high- o A complete ML Ops solution suite on
decisions together with invaluable insights quality predictions and actionable insights. cloud, to develop, operationalise, monitor
– ultimately translated into effective, Supported thousands of data attributes and fine tune machine learning models
personalised and immediate customer derived from alternative data, we are able to called Ascend Intelligence Services™
actions to drive measurable business results. bridge the gap of data availability and build o An alternative data score to underwrite
credit risk models to generate credit risk credit invisible segments to drive financial
According to you, how does your award score for the unbanked and new-to-credit inclusion called Experian PowerScore.
winning initiative create value for consumers.
the retail/digital bank’s business our What objective did your institution aim to
customers? As customers are demanding faster for accomplish by participating at the Global
The next generation of credit decisioning instant digital interactions. Having a flexible Retail Banking Innovation Awards 2021?
by the bank was launched in India, Malaysia and scalable engine respond to changes We wanted to illustrate that sustainable
and UAE. Standard Chartered observed in a nimble manner is vital. In such times financial inclusion can be achieved with the
favourable outcomes of increased acceptance of accelerated digitisation, financial firms right combination of innovative technology
rates of more clients who previously would need to future proof their data and analytics such as artificial intelligence/ machine
have been underbanked, empowering them capabilities while adapting to new decisioning learning, alternative data and partners’
with access to crucial credit and financial strategies to minimise risk, preserve valuable commitment to improve the underserved
services in their time of need and improved relationships and remain fair and compliant. communities.
customer experience through real-time As such, we have launched several cloud-first
decision. and ready-to-use solutions to help our clients Further, we wanted to receive industry
to respond to changes: recognition from one of the world’s leading
What are the definite ways in which your o An acquisition solution on cloud to enable and most definitive FSI award program,
product/service/bank is set to expand in rapid automated decisions driven by validated by the expert panel of judges on
2022? data and analytics called PowerCurve® the excellence of our solutions, dedication &
Customer Acquisition achievement of the teams.
WINNER
2021
BEST DATA ANALYTICS OFFERING
EXPERIAN
8 RISE - AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERS
BANK OF AMERICA:
LEVERAGING ON TECHNOLOGY
TO BECOME FUTURE PROOF
David Tyrie, Chief Digital Officer and Head of Global Marketing, Bank of America spoke with
Nirav Patel, CEO, The Digital Banker, on how the bank is harnessing technology to continuously
reinvent banking
How does your award winning initiative
drive product/service innovation and
differentiate?
At Bank of America, we continue to
reinvent the way clients engage for all their
financial needs, and the way associates use
technology to better serve clients. Doing
so means having a positive impact on each
client’s financial life, and our Bank of America
mobile app is essential to this mission and to
sustaining growth. It puts the full breadth and
power of our company at clients’ fingertips
– and seamlessly integrates with high-
touch experiences. Our focus to continually
enhance and expand digital capabilities – and
our overall work to drive digitization across
the bank – is core to the advancements we’re What are the definite ways in which your channels, our 66 million clients are making
making in technology and operations, and it’s product/service/bank is set to expand in online and mobile their primary channels for
our future. 2022? their banking, lending and investing needs.
At Bank of America, we are going beyond As of Q3 2021, a record more than 70% of
According to you, how does your award personalization to focus on individualization client households are actively using our digital
winning initiative create value for the through data, AI and business intelligence, channels. 85% of deposits are now made
retail/digital bank’s business? paired with our industry-leading digital through automated channels, with growth
Digitization enables data consolidation, capabilities to provide clients with the ability driven by 45 million digital check deposits in
allowing us to help clients reach their financial to bank however and wherever they choose. Q3. Overall digital sales volume reached 1.4
goals with personalized service and solutions. million in Q3, an increase of 27% year-over-
Leveraging our technology, we are able to For instance, since launching in the fall of year. By providing a truly digital experience,
create digital experiences that keep the client 2020, Bank of America Life Plan, our digital we can scale and deliver more solutions for
at the forefront without growing business experience that allows clients to set and track our clients without growing expenses, while
expenses while allowing our teammates their financial goals and act on steps toward creating capacity for client-facing teammates
to focus more on cultivating relationships. achieving them, has reached more than five to focus on deepening relationships.
Our investments in automation and AI are million users – one million of whom have
helping to fuel enhancements in service and made follow-up appointments with specialists What objective did your institution aim to
solutions. in our financial centers. The future of banking accomplish by participating at the Global
is delivering experiences that are uniquely Retail Banking Innovation Awards 2021?
For instance, Erica®, our AI-driven virtual relevant to every client at every life stage. Client reliance on digital capabilities – in
assistant, has become the central gateway We do this through a singular app where our banking and in their everyday lives – has
for search, help and guided servicing in the clients can bank, borrow and invest through continued to increase and evolve. After
Bank of America mobile app. Through Erica’s individualized content and solutions across all beginning our journey more than a decade
proactive insights, clients are requesting platforms, spanning and supporting the full ago to transform our technology and
information about account numbers, breadth of each client’s relationship. business, we’ve been dedicated to not only
activating a card, bill pay, transferring money, meeting but exceeding digital demand and
searching transactions, setting up alerts, and How have your initiative’s digital sales, client expectations. Participating at the Global
more. Client engagement and interactions digital servicing, omnichannel or digitally- Retail Banking Innovation Awards helps to
keep growing, which helps us increase enabled strategies improved in terms of reinforce our commitment to innovation
capabilities and also decreases use of our top-line impact? and providing a seamless, individualized
contact centers. With Erica, 99% of clients With more than 9 billion out of 10 billion experience for each client that spans and
can find the information that they need client interactions coming through digital supports their entire relationship with us.
without a service call.
WINNER
2021
BANK OF
BEST DIGITAL BANK - USA AMERICA
RISE - AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERS 9
STANDARD CHARTERED CHINA:
SCALING THROUGH A DIGITAL
FIRST APPROACH
Jessie Li, Deputy CEO & Head of Consumer, Private and Business Banking,
Standard Chartered China spoke with Nirav Patel, CEO, The Digital Banker about the
Bank’s award-winning initiative.
How does your award-winning initiative By launching this project, we create tangible Specifically on the digital service front, we
drive product/service innovation and value for clients, staff, and the bank in the are accelerating the transformation of the
differentiate? form of: acquisition model from offline to online,
We are a foreign bank with the longest • Client convenience - clients can get AIP providing a client-centric digital solution which
history in China. We have a disruptive result instantly anytime, anywhere by is 24x7, real-time, straight-through capabilities
challenger mindset to ride on the rapid performing the ID and facial recognition with minimum steps not only on our own
development of FinTech and digital happening and the bureau check authorisation online digital platforms but also part of the digital
here every day. We aim to double the size of or on their mobile device. eco-system in the market.
our Consumer, Private and Business Banking • Sales productivity - this increased by 19%
business globally by year 2025. Specifically, thus saving tremendous efforts in calling How have your initiative’s digital sales,
we want to grow from 8 mil to 20 mil mass 95% unqualified applicants; only the digital servicing, omnichannel or digitally
market retail clients, and from 2 mil to 4 mil information of those qualified applicants enabled strategies improved in terms of
affluent clients across our markets. will be assigned to sales on the company top-line impact?
iPad for timely follow-up. We’re scaling through a digital-first model
We are scaling through a digital-first wealth • Contribute to digital PL share and that enables us to build new capabilities to
management model coupled with face- revenue – as of Sep 2021, the project has acquire and serve clients efficiently.
to-face advice from our experts for more achieved 165% YTD draw-down target,
complex decisions and planning. We are also and the bank’s Personal Loan digital share The launch of this Personal Loan AIP
scaling through partnerships and ecosystems increased from 5% in 2020 to 36% in Sep initiative, in combination with many other
for mass market retail. 2021. purposeful digital transformations, such as
online mutual fund, online foreign exchange,
To that end, we are the 1st foreign bank that What are the definite ways in which your online term deposit etc, have significantly
has launched the instant online Personal Loan product/service/bank is set to expand in encouraged our clients to perform online and
AIP (Approval in Principal) service in China in 2022? mobile banking transactions.
March 2021, to address pain points including: We made a strategic decision to disrupt
• Turnaround time - after submitting an ourselves than be disrupted. We wanted to By the end of September 2021, the revenue
enquiry form online, a client needs to wait transform faster and march ahead. In 2022, from the digital usage has increased by 62%
for a sales call and meeting to complete we will be focusing on three transformational YoY, and the digital share has reached 90%.
the AIP F2F and get the result. enablers.
• Productivity - previously, a sales staff spent • People and Culture - We aim to be a future What objective did your institution aim to
hours to call and meet a client to complete ready workforce where inclusion helps us accomplish by participating at the Global
the AIP F2F. best innovate for our clients, where we all Retail Banking Innovation Awards 2021?
re-skill/upskill by learning the digital, data We see a real opportunity to be a force
With these pain points addressed, we look and agile skills, and where we can perform for good in our clients’ life by being a well
forward to improving client experience and at our best and attract new talent. trusted, fearlessly innovative, and borderless
increasing our share of digital Personal Loan • New ways of working – making it easier for digitally led bank. Participating in GRB21
acquisition. our people to get work done and meet the validates that this has been a good journey so
needs of our clients quickly and safely. far, and we are Doing the Right Thing for our
According to you, how does your award- • Innovation and Technology - putting clients.
winning initiative create value for the innovation at the heart of what we do,
retail/digital bank’s business? and enabling us to make bold, new moves
in our markets and catalyse leaps in our
growth.
WINNER
2021
STANDARD
CHARTERED
BEST DIGITAL BANK - CHINA BANK (CHINA)
10 RISE - AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERSKASIKORNBANK:
UNLOCKING CUSTOMER EXPERIENCE
WITH OMNICHANNEL INTEGRATION
Usa Coasol, First Senior Vice President, Integrated Channels and Business Solutions Division,
KASIKORNBANK PCL, spoke with Nirav Patel about the bank’s award winning initiative
How does your award winning initiative One strategy is worth mentioning here is How have your initiative’s digital sales,
drive product/service innovation and K check ID service. We put an enormous digital servicing, Omni channel or
differentiate? effort to carefully develop this service digitally-enabled strategies improved in
since customer data is highly sensitive. terms of top-line impact?
At this point I would say Omni-channel Technologies, like artificial intelligence,
integration is the key we drive to empower UX/ UI design and data intelligence are I would say Omni-channel synchronisation
our customer journeys, to the extent that the overwhelmingly demanded to seamlessly should play a key role in banking industry.
varieties of service or service experience. create better customer experiences and In order to catch the substantial change
Its latest and most up-to- date banking app accessibilities. We gradually transformed from traditional banking paradigm to semi-
developed aims to be a one-stop solution the old picture of banking transaction at digital platform, a shift in our mindset is
for all its customers’ financial and banking branches into customising each services at crucial to move the needle in a meaningful
requirements. ATMs or banking agents nearby anytime and way. Also, strong channel harmonisation
anywhere. is second to none to mutually build the
In 2021, there are more than 8,500 ATMs to innovation including digital onboarding.
serve KBank customer nationwide 24/7 as In the future, banks will continuously We all have known the situation abruptly
well. With the business innovative mindset, integrate more of digital channel services change especially in pandemic. Having fully
K check ID service is an additional function with the financial and non-financial partners to digitalised onboarding will make customer
on ATMs including self-identification, service provide customers a holistic financial services journey fast, secured and seamlessly
applications and etc, reinforced the bank’s journey. frictionless. Non face- to-face transaction or
technology leadership with the 1st ranked service will overcome the physical distance or
bank with the most identity verification What are the definite ways in which your traditional banking business.
services in Thailand. Furthermore, it also product/service/bank is set to expand in
reduces the workload of branch employees 2022? Along with digital onboarding strategy, we are
as well as the number of growing queues Our strategies are to make a conscious effort also embedding our services in all meaningful
at branches. Simultaneously, this is in to drive digital transformation, continuously and selected ecosystems; collaborating
parallel with the current situation of reducing improve digital platforms, deliver data with global partners in 7 key industries, to
branch congestion; while increasing financial driven decisions, and scenarios through sustainably build value co-creation and service
inclusion. mechanisms such as product innovation and expansion. All in all, whole contributions are
customer behaviour pattern. ultimately to provide products and services
According to you, how does your award directly to serve customers’ needs.
winning initiative create value for the One key focus of contextualizing the digital
retail/digital bank’s business? strategy is to drive it from the inside out. What objective did your institution aim to
Undoubtedly, technology advancement With customer experience as the first priority, accomplish by participating at the Global
nowadays is emerging faster that it should. we will utilise data to study behaviour and Retail Banking Innovation Awards 2021?
Banking institution’s responsibility is to develop a comprehensive suite of products In particular when facing pandemic situation,
embark on a meaningful digital transformation and services. To respond a growing custom- we would like to show our passionate
for its customers by chasing the emerging made or personalised banking trend, data commitment to consistently improving our
technology swiftness. I, personally, suppose intelligence further helps us to move in the products and services. Global Retail Banking
that every banking institution is demanding right direction and serve beyond customers’ Innovation Awards 2021 is a testament to
its own leading-edge innovation to develop expectation. these endeavours and we are honoured to be
its own competitive advantages to capture recognised.
the market. When the competition is
outrageously high, customers, undeniably,
receive the benefits.
WINNER WINNER WINNER
2021
2021
2021
KASIKORN OUTSTANDING MARKETING INITIATIVE KASIKORN OUTSTANDING OMNI-CHANNEL KASIKORNBANK
BEST PURE-PLAY DIGITAL ACCOUNT LINE CO. LTD LINE CO. LTD
FOR A NEW PRODUCT INTEGRATION BY A RETAIL BANK PCL
WINNER WINNER
2021
2021
KASIKORNBANK KASIKORNBANK
BEST RETAIL BANK - THAILAND PCL BEST DIGITAL BANK - THAILAND PCL
RISE - AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERS 11ABSA REGIONAL OPERATIONS:
INNOVATING FOR THE NEW AGE AFRICAN
CUSTOMERS
Manoj Puri, Chief Information Officer, ABSA Regional Operations spoke to Nirav Patel, CEO,
The Digital Banker about the Bank’s innovation and technology roadmap.
How does your award-winning initiative at present. With the implementation of the advantage of our agent network, pay various
drive product/service innovation and wallet solution, Absa ARO aims to become a billers are just some of the 137 different
differentiate? leader in the digital banking space, attracting features we have delivered through this
We aim to deliver a customer centric a new customer base and providing a new platform for our customers in a secure and
wallet that is easy to use, scalable and channel for our current customers especially easy to use platform.
wows with its capabilities. Underneath the the upcoming tech savvy generation.
hood we have deployed the best of breed What objective did your institution aim to
technologies using our API investments and What are the definite ways in which your accomplish by participating at the Global
containerisation architecture along with our product/service/bank is set to expand in Retail Banking Innovation Awards 2021?
best in class security architecture and tooling. 2022? This award helps showcase to our customers
The stability and security of the wallet is We have introduced this wallet to 4 countries that we are looking to deliver a world class
paramount to us and we believe this is a and we envisage rolling it out to all 9 service in Africa through our innovation and
demand from the new age customers in our countries we operate in. We are also looking technology roadmap. Our philosophy of
African continent. to enhance our agency model using this Customer First is really critical for us and this
platform and enabling our merchants to take award helps us realize we are moving in the
According to you, how does your award- advantage of the wallet channel to service right direction to do the best we can for our
winning initiative create value for the their customers and grow their payment rails customers.
retail/digital bank’s business? at the same time. We have also introduced
The digital wallet was built to provide an QR code technology in this channel which
innovative and cost efficient virtual banking helps in avoiding physical contact as much
model for everyone in a country not just for as possible for our customers in this difficult
ABSA bank customers. This will enable us to time of Covid we live in. Being able to pay
serve a segment not fully serviced by Absa merchants, use ATMs via QR and take
WINNER
2021
ABSA
REGIONAL
BEST DIGITAL WALLET OF THE YEAR OPERATIONS
12 RISE - AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERSSTANDARD CHARTERED BANK:
BUILDING A SCALABLE WEALTH
MANAGEMENT PROPOSITION
Damon Chong Wai Keung, Executive Director, Wealth Management, Standard Chartered Bank,
spoke with Nirav Patel about the bank’s award winning proposition
How does your award winning initiative According to you, how does your award What are the definite ways in which your
drive product/service innovation and winning initiative create value for the product/service/bank is set to expand in
differentiate? retail/digital bank’s business? 2022?
We differentiate our structured deposit Over 99.9% of our SD transactions have SCB looks to launch sustainable structured
proposition in offering unbiased advice and been executed by clients online. This frees up deposit and also partial principal protected
adopted an open source approach to access our relationship manager from doing onerous structured deposit on the platform in 2022.
the best ideas and products with no bias and paper work and performing suitability checks This will offer the clients a more diversified
high transparency. to comply with regulatory requirements. This product set to meet their growing financial
enabled the RM to focus on client advisory demand.
We have significantly built our Equities and wealth planning.
structured deposit capabilities with a leading How have your initiative’s digital sales,
digital platform China Mobile Structured Equities SD has long been regarded as a digital servicing, omnichannel or digitally-
Deposit (SD), to deliver the best solutions complicated business domain. Standard enabled strategies improved in terms of
at the most competitive price in the market, Chartered has taken that business to a top-line impact?
while cutting response times by more than whole different level by introducing Best China Mobile SD platform completes
95% to less than 2 minutes. We are the 1st Execution and Open Architecture through this our suite of digital Wealth Management
bank in Asia to launch open architecture SD platform. With the breadth of product offering capabilities in Standard Chartered Bank’s
platform and this positions us as a leading enhanced electronically, and client-centred Consumer, Personal and Business Banking
structured product house in China retail visually-inspiring scenario analysis delivered unit, on top of existing offering of FX, Fund
market. We enhanced our solution by: on all major digital channels, we are able to and Bancassurance in our major markets.
make our mark with our clients in the new After launching this platform, our clients
• O ffering clients better pricing options: digital era. in China can invest in all major wealth
Our ‘Open Architecture’ approach means management products online with us. In
that we source for the best liquidity for This leading digital platform has also made automating pricing and execution for all asset
our clients from a panel of market-leading Standard Chartered a leading innovative classes, we are also able to focus more on
counterparties that are hosted on our business partner for our interbank hedging client advisory and wealth planning.
China Mobile SD platform. Also, we counterparties. They identify Standard
offer real-time scenario analysis covers Chartered as the leading wealth management This digital structured deposit capability has in
4 circumstances to help clients better house with scalable business model that increased our SD AUM by 750% y-o-y basis.
understand the potential risk and return in could in turn also enable the interbank It also provides the critical infrastructure
visually inspiring dynamic image. counterparties to grow into the China for us to launch partial principal protected
• Enhancing accessibility for clients to our retail market by connecting to our open SD products in China. In addition, this also
SD offering: We are the first bank in Asia architecture platform as swap hedging enabled Standard Chartered to be ready to
to offer open-architecture digital DIY trading counterparties. offer these products under the Greater Bay
capabilities in structured deposit space. Area Wealth Connect scheme, when SD
The platform has gone live in China in Q4 Overall, successful launch of this initiative has products are included under the scheme in
2020 covering all the popular payoffs plus enabled Standard Chartered to achieve the future.
a unique averaging auto-call payoff. Client objective of servicing our clients in an easy
can access the platform to subscribe to pre- manner to fulfil their wealth management
defined SD products 24x7 need. At the same time, this business model
• Fully automating suitability checks: has attracted significant growth in AUM and
There are stringent and complicated remarkable revenue for the shareholders of
suitability requirements in offering clients the bank.
online structured deposit products in
China. With the cutting-edge API and
Micro Service-based technology, there are
25 different suitability checks automated
in platform including complex foreign hot
money checks.
WINNER
2021
67$1'$5'
%(67'Ζ*Ζ7$/:($/7+3/$7)250 &+$57(5('
%$1.
RISE - AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERS 13RHB BANK:
TRANSFORMING SME BANKING
Yip How Nang, Head, SME Banking, RHB Bank Berhad spoke with Nirav Patel, CEO, The
Digital Banker about augmenting SME banking experience for customers.
How does your award-winning initiative What are the definite ways in which your
drive product/service innovation and product/service/bank is set to expand in
differentiate? 2022?
Our initiative automates the customer • We expect to increase SME loan market
onboarding process by allowing contactless share from 7.8% to 8.5% in 2022.
and remote loan application quick and • We will introduce more automations and
easy. Customers are able to keep safe by digital solutions to further scale up the
submitting their applications for working business
capital financing directly through their mobile • We will also digitalized more financing
phones, and also enjoy convenient access to products
their application status in real time. • Continuous enhancements to provide
better customer experience and improve
It empowers business owners with more operations efficiency
control over their finances instead of relying
heavily on banking personnel and phone How have your initiative’s digital sales,
calls. It is powered by artificial intelligence, digital servicing, omnichannel or digitally
machine learning and big data capabilities to enabled strategies improved in terms of
better fit customers’ needs and wants. top-line impact?
We are expected to more than double our
According to you, how does your award- digital financing portfolio to about RM1 billion
winning initiative create value for the by end of 2021.
retail/digital bank’s business?
Our award winning initiative creates value by What objective did your institution aim to
• Helping sales/ Relationship Managers accomplish by participating at the Global
onboard customer effortlessly Retail Banking Innovation Awards 2021?
• offering secure and safe loan submissions GRB21 helps us to benchmark our
during pandemic (no visits to bank branch achievements against other industry players
required when applying, plus with facial as well as to be aware of the initiatives of
recognition and smart interview features, other industry players that need catching up
minimal physical meeting is required) with.
• allowing customer and bank staff to
interact in a safe environment and
overcome challenges due to movement
controls
• Improving processing efficiency by reduced
physical site inspection and manual
processing
• Reducing loan approval turnaround time
and helps in cost savings
WINNER WINNER
2021
2021
OUTSTANDING RESPONSE TO RHB BANK RHB BANK
BERHAD BEST SME BANK - MALAYSIA BERHAD
COVID-19, SME LOANS
14 RISE - AN EXCLUSIVE BRIEFING OF THE 2021 GLOBAL RETAIL BANKING INNOVATION SUMMIT & AWARDS WINNERSYou can also read
