Winners Supplement 2020 - Sponsored by: FinTech Futures
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Winners
Supplement 2020
Sponsored by:
Visit paytechawards.com to start your entry today
ENTRY DEADLINE: 31 March 2021
The categories open for entries are:
Welcome to the Banking Tech Awards The virtual event saw hundreds of
PayTech Project Awards 2020 supplement! people tuning in from across the globe
Best Consumer Cards Initiative Best Contribution to Economic Mobility in Payments Here, we showcase some of the and was a testament that it can be
Best Corporate Cards Initiative Best Benefits/Loyalty Initiative winners of our flagship Banking Tech entertaining, light-hearted and fun
Best Consumer Payments Initiative Best Use of Biometrics in Payments Awards (now in their 22nd year!) even in a digital environment. If you’d
Best Corporate Payments Initiative Best Prepaid Initiative – commending the most impactful, like to see Tom perform his stand-up
Best SME Payments Initiative Best UX/CX in Payments Initiative innovative and successful projects, and unveil the winners and highly
Best E-commerce Initiative PayTech of the Future commended, check out the video (and
products and services in the financial
Best PayTech Partnership Best Green Initiative it’s just 35min long) – the broadcast is
Best Mobile Payments for Consumer Initiative PayTech for Good services technology space in 2020.
free to view on demand here.
Best Mobile Payments for Business Initiative COVID-19 Response Banking Tech Awards also put in
Best Use of Security/Anti-Fraud Solution in Payments the spotlight the individuals and We would like to thank everyone
teams who have demonstrated who tuned in, and you, our readers, as
skills, leadership, vision, inspiration well as the Awards’ judges, sponsors
Excellence in Tech Awards Leadership Awards and partners, and the FinTech Futures
Best Open Banking Solution Woman in PayTech and dedication to the industry’s
betterment. team for their hard work in putting it
Best Real-Time Payments Solution PayTech Leadership
Best Cross-Border Payments Solution Rising PayTech Star all together.
The 2020 awards ceremony was
Best Smart Payments Solution PayTech Team of the Year broadcast digitally and hosted by a We hope to see you at the 2021
(Smart tech = AI/ML/Robotics/Big Data/etc.) Diversity & Inclusion Excellence stand-up comedian Tom Ward, with Banking Tech Awards in December…
Best Cloud Payments Solution
hundreds of attendees joining us to and maybe this time even in a long-
celebrate businesses and individuals awaited physical environment, to
who have shined in a very difficult enjoy the face-to-face networking and
year. celebration!
The FinTech Futures and
Banking Tech Awards team
SPONSORSHIP OPPORTUNITIES: EDITORIAL
Managing Director & Editor-in-Chief
SALES
Head of Sales
Marketing Executive
Kiran Sandhu
ADDRESS
Fintech Futures
kiran.sandhu@fintechfutures.com
Tanya Andreasyan Jon Robson 240 Blackfriars Road
tanya.andreasyan@fintechfutures.com +44 208 052 0423 London SE1 8BF
Jon Robson Sam Hutton jon.robson@fintechfutures.com
Editor
Head of Sales Business Development Executive Sharon Kimathi Business Development Executive
Email: jon.robson@fintechfutures.com Email: sam.hutton@fintechfutures.com sharon.kimathi@fintechfutures.com Sam Hutton
+44 208 052 0434 © Banking Tech Awards Winners
Tel: +44 (0)20 8052 0423 Tel: +44 (0)20 8052 0434 Deputy Editor
Alex Hamilton
sam.hutton@fintechfutures.com Supplement 2021
All rights reserved; Banking Tech
alex.hamilton@fintechfutures.com MARKETING
Awards Winners Supplement material
Reporter Marketing Manager may not be reproduced in any form
Ruby Hinchliffe David Taylor without the written permission of the
ruby.hinchliffe@fintechfutures.com david.taylor@fintechfutures.com publisher.
FINTECH The BankingTech Awards 2020 | 03
paytechawards.com | #paytechawards FUTURES
Strands Best Open Banking
Solution 2020
Open Hub
Winners & Highly Commended
9 41
One Platform, Multiple 1
ACCO U N T S
Data Sources Ex. Chase, Citibank
BankingTech Project Awards
Strands Open Hub offers
banks a single interface from
Best Tech Overhaul
Winner: which to connect to external
Bank of America - Branch Transformation services in an easy and secure
Highly Commended: way.
Absa Group Limited - Technology Separation Programme
DBS Bank - DBS Hong Kong Core Banking Project
Best Use of IT in Retail Banking
Winner: HIGH COVERAGE. Strands plugs into a wide variety DATA ENHANCEMENT. Aggregated data goes
Sberbank - P2P Subscriptions of data providers and constantly expands to more through a complex standardization process. It is then
banks, financial institutions and countries. categorized before it reaches the bank and the
Highly Commended: end-user, for ease of use.
SINGLE INTERFACE. A single interface allowing
Emirates NBD Liv. Digital Bank - Liv. Digital Bank
access to third-party services. Banks benefit from a SECURE. Your application will never store usernames,
Novo Banco - New Digital Onboarding Experience
single API platform which greatly reduces cost and passwords or security details. All data used is
complexity. encrypted for maximum security.
Best Use of IT in Corporate Banking
Winner: READY FOR OPEN BANKING & PSD2. A single MONITORING. The most comprehensive monitoring
Barclays - Trade OCR Solution interface which allows access to any bank through & analytics platform, to ensure clients have a complete
UK Open Banking and PSD2 legislation. understanding of the API’s performance.
Highly Commended:
Bank of the West BNP Paribas - Digital Channels and Enterprise Payments Hub
Best Use of IT in Private Banking/Wealth Management WHY DO BANKS CHOOSE STRANDS?
Winner:
BTB connecting loans in Israel - B-match. Innovation Experience Security
Continuous design and AI, Big Data, Machine ISO 27001 Certification
Highly Commended: creation of new disruptive Learning & UX/UI audited by AENOR
Bambu (Mangosteen BCC Pte Ltd) - Beanstox solutions
Best Use of IT in Treasury and Capital Markets
Winner:
HSBC - MyDeal
4 | The BankingTech Awards 2020 Visit strands.com/request-demo
FINTECH PODCAST
FUTURES
What the
Fintech?
Season 2 Best Use of IT for Lending
Winner:
Bank BRI - BRI Ceria
Highly Commended:
Divido - Powered by Divido
Best Digital Initiative
Tune-in for:
Winner:
DBS Bank - Enabling “invisible banking” through Open APIs on DBS Marketplaces
Trending topics Highly Commended:
In-depth insights Novo Banco - Small Business Finance - Digital Experience
U.S. Bank - Onboarding Tracker
Banished buzzwords Bank of America - Erica AI-Driven Virtual Assistant
Best Mobile Initiative
Winner:
Yolt - Yolt App
Recent episodes cover:
Highly Commended:
Innovation in commercial lending
Bank ABC - ila Bank - Revolutionizing banking across MENA
Back office processing for real-time payments BANCO DE CRÉDITO - YAPE
JPMorgan Chase - Consumer & Community Banking (Chase) - Snapshot
Best Use of AI
Winner:
au Jibun Bank Corporation - AI Japan Market Forecast
Highly Commended:
Bank ABC - ‘Fatema’ - the world’s first AI-powered digital employee with Digital DNA™
Bank of Montreal - BMO AI Cashflow Prediction
Search for ‘FinTech Futures’
Best Use of RegTech
to find us on your favourite podcast streaming service. Winner:
Morgan Stanley - Fundamental Review of the Trading Book (FRTB)
Highly Commended:
Discover Home Loans - Improving efficiency of mortgage regulatory
Listen on compliance through automation
SOUNDCLOUD
The BankingTech Awards 2020 | 7
Best Use of Data
Winner: TCS BaNCS
HSBC - Global Social Networks Analysis (GSNA)
Global Banking
Highly Commended:
Scotiabank - Enhancing the customer digital experience during COVID-19
Volvo Financial Services - Leveraging telematics data for a better customer experience
Platform
Creating Trusted Digital Relationships
Best Use of Fraud Protection Technology
Winner:
Signicat and SurePay - Signicat’s Digital Identity Verification with SurePay Confirmation
of Payee (CoP)
Highly Commended:
CaixaBank S.A. - CaixaBank Sign
Checkprint Limited, A Member of the TALL Group of Companies - UCN Plus® - An Image
Survivable Feature
Best Use of Biometrics
Winner:
Keyless Technologies - Keyless Zero-Knowledge Biometrics
Highly Commended:
Behavox - Behavox Voice Biometrics
Uncertain times beget innovation. Banking is no different. With the right tools and
DBS Bank - DBS Palm Vein Technology Enabled Payments technology, banks the world over are laying the foundation for transforming social
distance into elevated customer management and experiences while bringing in
Best Use of Cloud resilient ways of navigating financial uncertainty.
Winner:
Creating more cohesive and personal digital journeys that engender trust. That’s
UBS - UBS My Hub External
what the TCS BaNCS Global Banking Platform is all about.
Highly Commended: A contemporary digital banking solution with a global footprint, it leverages a rich
Saxo Bank - Saxo’s migration to the Cloud. ecosystem of partners and FinTechs, actionable data insights, cognitive tools and
HSBC - Markets Grid
APIs, to help your bank launch new products and even new business models, acting as
a platform for collaboration. It can help you dynamically define and create digital
Best FinTech Partnership
Winner:
products and services that are contextually right for your customers, while also
ClearBank and Tide - ClearBank Tide Business Banking increasing revenue opportunities for your bank. The solution’s cloud native
architecture and microservices based approach paired with agile methodology, can
Highly Commended: help you scale, innovate and create the experience your customers expect today.
Caixa Geral de Depósitos - Dabox App - an open banking solution
SEB - SEBx/UNQUO & THOUGHT MACHINE
Verrency Talk to us to know more. Write to Visit our website:
tcs.bancs@tcs.com https://www.tcs.com/bancs
8 | The BankingTech Awards 2020
FinTech of the Future
Winner:
FINOS - Open Source Technology
Highly Commended:
Marqeta - Marqeta’s open API issuing and processing platform
Best UX/CX in Finance Initiative
Winner:
United Overseas Bank (UOB) - TMRW by UOB
Highly Commended:
Sberbank
Tinkoff - Tinkoff super-app
Best Green Initiative
Winner:
Mastercard - Mastercard Sustainable Cards Program
Highly Commended:
Enfuce - My Carbon Action
Best Contribution to Economic Mobility in Banking/Finance
Winner:
BPC - Safal Fasal
Highly Commended:
Banque Populaire De Mauritanie (BPM) and Comviva - Bankily
Cebuana Lhuillier Rural Bank - Cebuana Lhuillier Rural Bank: Revolutionizing the Concept
of Saving Money for Every Filipino through Cebuana Lhuillier Micro Savings
FinTech for Good
Winner:
Absa Group Limited - Absa Cybersecurity Academy
Highly Commended:
Affirm - Affrim Cares Employee Foundation
COVID-19 Response by Financial Institutions
Winner:
Starling Bank - Connected card
Highly Commended:
CaixaBank S.A. - Embracing the new normal
Israel Discount Bank - PayBox Payments App: Doing good in days of Corona - “How Social
Payments Can Triumph Social Distance”
10 | The BankingTech Awards 2020
Leadership Awards
Woman in Technology (W.I.T.)
Winner:
Kate Bohn, Accelerator & Incubator Lead, Innovation & Strategy, Lloyds Banking Group
Highly Commended:
Julie Shapiro, Head of Finance, Risk and Analytics Services Technology, UBS
Mitra Roknabadi, Vice President, Global Head of Marketing, OpenFin
Vilve Vene, Co-Founder and CEO of Modularbank, Modularbank
Tech Leadership
Winner:
Jaya Vaidhyanathan, CEO, BCT Digital
Highly Commended:
Gabriele Columbro, Executive Director, FINOS
Nadia Hartman, Vice President, Morgan Stanley
Rising FinTech Star
Winner:
Alexandra Boyle, Director, Head of Strategic Client Group in Europe, OpenFin
Highly Commended:
Sunil Ravva, Portfolio Architect, HSBC India
Tech Team of the Year
Winner:
J.P. Morgan Asset Management, Spectrum Core Team
Highly Commended:
Charles Schwab Investment Management, Investments Technology
Diversity & Inclusion Excellence
Winner:
Sberbank - Online banking for visually impaired entrepreneurs
Highly Commended:
HSBC Technology India - HSBC Technology India: Inclusion and Diversity Workstream
J.P. Morgan Asset & Wealth Management - Societal Tech Matters Hackathon
The BankingTech Awards 2020 | 13
Excellence in Tech Awards
THANK YOU!
Best Core Banking Solution Provider
Winner:
INFOPRO - INFOPRO Digital Core Banking
Highly Commended:
DPR Group - Core banking platform – Servicing and origination for mortgages,
INVESTORS
savings and loans
MANTL - Midwest BankCentre (Rising Bank)
BUSINESSES
Best Digital Banking Solution Provider
Winner:
Moxtra - Moxtra’s Digital Branch Solution
BANKING
Highly Commended:
FintechOS Technology UK Ltd - Retail&SME digital banking TECH AWARDS
Galileo Financial Technologies - Galileo Instant Issuing
Best Smart Banking Tech Solution
Winner:
Mosaic Smart Data - MSX and MSX360
Highly Commended:
ABAKA - Predictive Next Best Actions
Bank of America - Erica AI-Driven Virtual Financial Assistant
NEC X and VACO - A cognitive application, using AI and ML technology to meet compliance
and regulatory requirements for personal identifiable information (PII) Data Redaction
Best Open Banking Solution
Winner:
Strands - SAU, Open Hub
Thanks to the BANKING TECH AWARDS judges who chose
BTB technology in first place in the category of Best Use of
Highly Commended: IT in Private Banking / Wealth Management
Finicity - Finicity Lend: Open Banking Platform for Credit Decisioning
Infosys Finacle - Finacle Digital Banking Suite
COVID-19 Response by Fintechs
Winner:
Automated Financial Systems, Inc. (AFS) - Mass Update Tool for PPP Loans
Our technology is proving itself in protecting our
investors' money every day - and it is gratifying to see
Highly Commended: that our hard work has also gained international
BillGO - BillGO’s Bill Pay Relief Hub
Pollinate - Pollinate Orders launched for hard hit dining sector
14 | The BankingTech Awards 2020
Winner | Best Digital Banking Solution Provider
Winner | Best Digital Banking Solution Provider
Moxtra: Enabling digital
customer experience in
financial services and beyond
Moxtra, a Cupertino-based technology company, has
grown rapidly in financial services and subsequently says. The company describes
in other vertical sectors with its platform for delivering the resultant offering as a
customer service via secure digital channels. platform powering one-stop
customer portals, with a UI/
UX and Workflow layer that
supports conversational
Cupertino, CA-based Moxtra Branding Officer, Leena Iyar, user experiences, tailored to
has grown rapidly by helping says that as a result of the business roles and workflows.
businesses to deliver secure, pandemic, existing business It supports secure
high-touch digital channels to conversations have tended messaging; digital signatures;
their customers. It started with to accelerate and projects transaction processing; video
large enterprises and financial that might have had a two-to- meetings; virtual data rooms;
services and has an extensive three year timeline have been the ability to make visual,
global customer base in the brought forward. vocal, and video annotations
latter sector. The platform’s Moxtra was set up in 2012. on shared files; task
core capabilities of translation Co-founder and CEO, Subrah management; screen-sharing; with its existing enterprise managers in an immersive
of business over digital proved Iyar, was co-founder and CEO cloud storage; and support for systems. environment, maintaining a
to be transferable and it now of WebEx Communications social connectors including A Management Portal continuous overview of the
has users across a wide range until its 2007 acquisition by WhatsApp and WeChat. provides a comprehensive health of their portfolios.
of verticals, including retail, Cisco Systems. Fellow Moxtra Users maintain visibility on overview of all client- There’s now plenty of
real estate, law, education, co-founder and CTO, Stanley all communications and relationship manager additional demand, not least
creative, and event planning Huang, was a senior director it supports cross-border interactions and ensures as banks seek to react to
firms. of engineering at both WebEx regulatory requirements and quality responsiveness fintechs and challenger banks
After early success at and Cisco. The company has geo-specific standards such from internal teams and by increasingly seeking to
Citibank for private banking, been largely self-funded and as MiFID II, GDPR and PSD2. performance to business embed their services into
the company gained good now has around 220 staff There is a white-label goals. It stores a complete their customers’ lifestyles.
traction in this sector, initially across offices in London, New version, says Leena Iyar, that client profile and history “We are seeing a lot of
particularly in Asia Pacific. York, Amsterdam, Sydney, can be rapidly deployed on of conversations, ensuring interest in providing seamless,
Since then, it has broadened Bengaluru, Shanghai and an app store. An example of a persistent relationships and convenient digital journeys
into other areas of financial Singapore. bank that took this approach a smooth transition to any for the customer, banks are
services, including corporate Moxtra started with a free is Bank of Queensland for its relationship manager. paying a lot of attention to it,”
banking, lending, mortgages app but then went “back to Pocket Banker by BOQ app, Among high-profile financial says Leena Iyar.
and insurance, as well as a build out our platform”, says which allows users to connect services clients in the Moxtra was founded around
number of other verticals. In Leena Iyar. It was clear the and chat securely with their public domain are Bank of delivering a new generation
total, it claims almost 500 need for businesses to own BOQ banker at a time and Singapore, OCBC, Raiffeisen of collaboration experiences
customers. the customer experience by place of their choosing. Other Bank International, Standard built for the mobile-first digital
The events of the last year providing their customers with deployments might take Chartered and Van Lanschot. age – a topical area that has
or so have further pushed their own secure, managed longer, she says, depending At Citibank, Moxtra powers Citi only become more pressing
companies to examine their and branded portal that on the extent to which a bank Hello, through which clients within many institutions as this
digital strategy. Moxtra’s Chief ensured data privacy, she wants to integrate workflows can interact with relationship sector evolves so rapidly.
The BankingTech Awards 2020 | 17
Winner | Rising FinTech Star Winner | Rising FinTech Star
Rising FinTech Star:
Alexandra Boyle, OpenFin
Alexandra Boyle, director, head of strategic client group in
Europe at OpenFin and winner of the Fintech Rising Star
award, talks digital transformation in financial trading,
being the youngest person in the room at meetings and the
importance of open technology standards.
You were one of the first ten My formal education was in We grow initial projects into
employees to join OpenFin in finance, not computer science. enterprise-wide strategies, hard? Is the financial services transformation in financial
2014. How has the financial I approached the industry which has made OpenFin industry’s senior management services. Remote work has
desktop technology changed from a business perspective, a foundational layer across becoming more diverse and been a major driver. Apps
since then? starting as an analyst before financial markets OpenfFin is reflective of society? must be able to interoperate
moving into a sales/business now used to deploy over 1,200 It can be difficult. Providing to streamline workflows and
There has also been an
development role at NYSE applications across 275,000 value, as a subject matter compensate for the physical
incredible amount of progress
Euronext. Now I head strategic desktops at 1,500 institutions. expert or making sure the limitations of this new normal.
around digital transformation
as the industry becomes client relationships for Europe. I’m also passionate about right resources are in the What trends do you think will
more educated and coalesces I’ve made it a priority to smaller fintech providers. I room, is key. I’ve definitely dominate 2021 in financial
around ideas such as common invest in myself in becoming dedicate a lot of time to helping made a mental note of some desktop technology?
standards and open source. a subject matter expert in these new players break into of the more diverse senior There will be a sustained push
The needs of our clients web technology. Having deep the industry by helping to management teams I’ve worked for functionalities that help
have changed. We still work knowledge of web, trading coordinate working groups with with over the years. There end users navigate a remote
with many firms that are just architectures and market heads of technology from global is a high positive correlation work environment, such as
getting started on their digital structure has always been banks and facilitating cross- between the most innovative interoperable applications and
transformation journey. Others crucial to my work in interfacing bank collaboration on shared players and diversity. robust notification centers.
are farther along in the process. with clients, and that has technical challenges. One result OpenFin is strongly committed We’ll see a continued focus on
Ultimately, though, our mission continued at OpenFin. from these efforts has been to diverstiy and inclusion employee productivity. That will
has remained the same. The What do you do at OpenFin? FDC3, an OpenFin-founded and we collaborate to this mean an increased emphasis
financial services industry is What do you most enjoy organisation that promotes end where we can. I believe on building more intelligent,
sacrificing efficiency and user about your job? open standards for the financial that the financial services contextual workflows to
experience due to outmoded desktop. industry’s senior management empower the end user with the
I head OpenFin’s strategic
approaches to technology, and The best thing about my job is becoming more diverse, and right tools to quickly access
client group in Europe. Much
we want to help them prepare is meeting talented, diverse that it will continue to do so. information in times of high
of my role is engaging with the
for the digital future. global banks, asset managers individuals from all corners Has the Covid-19 pandemic stress.
You started working in fintech and technology vendors of the industry and helping accelerated digital Growth in industry standards
without any formal education on their digital journeys, to solve complex problems transformation among and open-source technology
in computer science or understanding their needs and through technology. financial services, including will continue. Outmoded
technology. Has it been hard leading industry initiatives. Our You’re often the youngest desktop technologies and approaches to technology are
to get a deep understanding customers include Barclays, person in the room with remote working? a collective problem, not just
of the technology and BNP, Standard Chartered, C-suite executives and the The pandemic has an individual one, and firms will
industry trends? HSBC, BidFX, Liquidnet. only woman? Has that been greatly accelerated digital take steps to combat it.
18 | The BankingTech Awards 2020 The BankingTech Awards 2020 | 19Winner | Best Use of IT for Lending
BANKING
Revamping customer lending TRANSFORMATION
through partnerships and STORIES FROM
ACROSS THE
back-office change GLOBE
As the acceleration brought about by the
COVID-19 pandemic continues, banks across
the industry are undergoing a revamp of the
way they deal with customers, particularly Featuring
when it comes to lending. Leaders from
Rajashekara V. Maiya, vice layers of the technology ANZ Bank, Bancolombia,
president and global head landscape through which Infosys Bank of America, Bank of the West,
of business consulting at assists clients like BRI. These big thing, says Maiya. Barclays, BDO, Discover, HSBC,
Infosys Finacle, says banks are are the back-office business “They cannot just depend on Emirates NBD, Fifth Third Bank,
undertaking a great rematching engine and the system of record; a traditional lending, borrowing
of the journeys their customers a middle layer focused on digital Goldman Sachs, HDFC, ICICI, ING,
and payments business and
must take. engagement; and a final layer expect to be a leader in the Jio Payments Bank, Kotak Bank,
“You can no longer expect based on digital experience. industry. Everybody has gone Llyods Bank, Santander,
your customers to come into the Each of these layers is into a platform business, Standard Chartered, Swedbank,
branch and stand in a queue,” independent of one another, and that brings with it the
says Maiya. “They don’t see enabling the vendor to target Westpac, Wells Fargo
marketplace opportunity for
that as the basic level of service the specific needs of a client. banks to become an ideas and more
anymore.” “Say a bank has already export business.”
So, what can banks do? implemented a new core That platform marketplace
Maiya says they must look banking system,” says Maiya, model is what Maiya calls
at partnerships to provide a “but they now want to go digital “the pinnacle of digital
reinvention of their lending for customer experience. engagement” and something
systems in the short term, “We can offer that layer, but that Infosys brings to the
while working on technological further, we can separate out table. The importance of open Starting January 27th
change in the interim. That their needs on that layer. Do banking ecosystems cannot be
change must occur eventually, they want a mobile app, online overstated, he adds. Join from anywhere.
he says, which is where a good banking, or WhatsApp banking? Infosys Finacle has created its
technology partner can help. We can enable any combination own marketplace, available via
Join from any device.
Infosys Finacle worked with of those.” its platform, which offers access
Bank Rakyat Indonesia (BRI) to The use of multiple channels to more than 50 fintech services.
launch Ceria, a new digital credit across for lending has become On top of that, it enables
card designed to appeal to the new standard, says Maiya, banking clients to link into non-
millennials. The project followed and is something that banks up financial gateways, like booking
100+ 45+ 5 2
existing work with the bank and down the tier system are flights or ordering tickets at the
on its development of micro- looking at. cinema.
lending service Pinang. “Slowly banks have moved Maiya uses India as another
Ceria allows Indonesian towards offering the same example of the changing SPEAKERS SESSIONS DAYS TIME ZONES
users to build their credit service across multiple channels. dynamic of the marketplace.
history through the card, and The new challenge is offering More than 80% of banking
has integrations with local that same service not just transactions in the country
e-marketplaces Tokopedia across existing channels, but are anchored by non-banking
Dinomarket, and Panorama. BRI emerging ones as well.” entities. In that scenario, Maiya
claims that most new customers Banks must continually assess adds, “you cannot stay isolated
are approved within ten minutes. their business models to ensure and try to come out on top in Register today
Maiya says there are three they are prepared for the next banking”.
Scan the QR code
or write to
20 | The BankingTech Awards 2020 finacle.conclave@infosys.comWinner | Best Mobile Initiative Winner | Best Mobile Initiative
Nudge techniques, open
banking and smarter
personal finance:
Yolt’s new mobile app
Interview with Pauline van Brakel,
chief product officer at Yolt.
Congratulations on winning the search and switch to more
Best Mobile Initiative. Tell us competitive household bills. API and platform available
about your mobile app, what are In October last year, to leading financial
some of its main features? Yolt launched an updated institutions and ambitious better solutions to manage
Yolt is a money platform that version of the app. The app tech businesses as an open these pressures.
empowers people to be smart uses behavioral science banking technical service One of the new features
with their money. Since Yolt techniques to help users provider. This tied in well with in the new version of the
launched in 2017, it has harnessed spend smarter and save. the requirement from UK mobile app is a Yolt card,
the power of Open Banking to New features include an regulations for all European which is a contactless debit
deliver a better banking solution option to round up purchases banks to make an API Mastercard. It’s powered by
to customers by giving them a to the nearest pound, for available for open banking the Yolt app. It gets users into
totally transparent view of their example, and automatically connections from September the habit of saving, through
finances, in one central place. put the “extra” money into 2019. easy everyday steps with
Our app users can see balances a “money jar”. The money The market you’re in − round ups and cashback on
and transactions across multiple jar feature also offers handy money management, selected brands.
accounts, keep track of what tips and reminders for users app-based, is becoming The Yolt Card works
they’re really spending and watch to increase their savings. It’s increasingly competitive. alongside the virtual Money
out for upcoming bills. They can trained to recognise and save What features/technology Jar to help users get into the
set budgets and savings goals, refunds, salary raises and of your mobile app help it habit of saving.
pay friends and family, and even even bonuses. stand out? Yolt is a venture of ING
How important is the mobile The UK fintech sector bank. Has being owned
app to your business? is thriving. According to by a big bank helped Yolt
Yolt’s mobile app is hugely research last year by KPMG, grow its mobile app and
important to the business. the UK fintech sector business? Do you try to
We now have 1.6 million received $48 billion of combine the nimbleness of
registered users across the investment in 2019, over 80% a start-up with the stability
UK, France and Italy. Yolt is of Europe’s overall fintech of a corporate?
powered by our company’s funding. As a venture of ING, we
business-to-business (B2B) Yolt recognises that the have benefitted greatly from
arm – Yolt Technology pandemic crisis has created the business’ market know-
Services (YTS), an open many additional financial how, expertise and continued
banking provider in Europe. pressures for consumers and support. ING’s support has
In 2019, YTS made its therefore consumers need been integral to helping
22 || The
16 The BankingTech
BankingTech Awards
Awards 2020
2020 The BankingTech Awards 2020 | 23Winner | Best Mobile Initiative
grow the Yolt business to such as Amazon and Apple on the sharp increase in
what it is today, serving 1.6 offer has trickled into the consumers using online
million registered users in financial services sector. services.
just under four years. We can The post-Covid economy It’s not just money
balance this with the agility may also bring greater management tools
of a start-up as a relatively adoption of open banking consumers are turning to in
small organisation, with big services. Demand will come lockdown. UK consumers
ambitions across Europe. not only from consumers may feel more comfortable
What are the most looking for digital tools to help with online processes, such
important trends in mobile them manage their finance as mortgage applications,
apps in your market for in but also from businesses sharing account information,
2021 and beyond? who will be looking at how and executing transactions
Covid-19 has hugely to reduce business costs, digitally.
accelerated the expectation offer a seamless customer This could pave the way for
for financial services to be experience and a safe and a truly open financial system
completely digitalised, so the secure method of handling in the next few years, with
adoption of personal finance payment data. While any consumers and businesses
apps and online banking are investment during a period able to access their entire
likely to increase. Likewise, of economic uncertainty may financial footprint, from
the consumer expectation seem risky, those adopting mortgage applications to bills
for the same seamless open banking during this and smart meter readings, in
experience that tech giants time will be able to capitalise one place.
24 | The BankingTech Awards 2020Winner | Best Use of Cloud Winner | Best Use of Cloud
All together now
How UBS’s innovative hub helped
60,000 work remotely with virtually
no downtime during the pandemic experienced very little IT is secure and compliant with aspect of private and business
– interview with Nej Adamian, head downtime during remote working, regulations. lives was impacted – shopping,
of digital engineering, UBS Group meaning colleagues could spend Alongside the hub, we also chatting, banking. According to
Technology. more time on clients during the provided support and training for several surveys, the pandemic
pandemic. our employees to help them work has accelerated digitalisation by
The hub’s technology from home, including an app for three to four years. We expect
leverages several services mental health. this trend to continue and see a
Last year, 95% of your from home, it was during a time of
within Microsoft’s Azure Cloud What have been the main boost especially for automation
organisation started working high volumes and volatility in our
including: Azure Functions, Key benefits of My Hub External? and technological capability
from home, almost overnight, financial markets. Thanks to the
due to the Covid-19 pandemic. stability of our IT, we successfully Vault, SQL Database, WebApps (stability, cloud, remote working),
My Hub External is built for
What were the challenges of managed March’s high volumes and application insights. The hub digitalisation on the client side
remote working. The hub’s
doing this? and activity across our trading also uses proprietary technology and working from home after the
benefits include, being a
and client platforms enabling us developed in house by our UBS pandemic as more employees
Remote work was already an single page that gives users an
to gain market share and share of Digital Engineering team. will want to work partially and
integral part of UBS’s way of overview of their remote working
wallet with our clients in the first How did you adapt the My capabilities and health of their more flexible from home.
working before Covid-19 so we
had all processes and systems quarter of 2020. External Hub to support the personal devices based on UBS Do you plan to develop the hub
in place. When the pandemic What is UBS’s My Hub External. surge in remote working? standards and enabling users to over the coming year?
struck, past investments paid What tech does it use? Pre-Covid, the site was a self-service their IT and other As with any digital product,
off as we were on the last mile My Hub External is a website concept under development as needs. the tool is constantly being
to implement what we call we developed for our 70,000+ part of a suite of services. When Has the Covid-19 pandemic improved for performance
“A3” – anytime, anywhere, with employees who work all over it became clear that most of UBS accelerated digital transformation and design and is having new
any device. We accelerated the the world. Its purpose is to allow had to start working remotely, among financial services, features and capabilities added.
closure of implementation of A3 employees to access the tools we immediately accelerated the including desktop technologies As remote working appears
and provided a secure and fast they need while they are all development of the tool. and remote working? to be part of the “new normal”
infrastructure for remote working working remotely. For example, The speed of deployment was The pandemic has increased around the world, the tool will be
for over 95% of our staff via our if an employee is locked out of the biggest challenge. We were digital savviness in general. Every here to support our employees.
“My Hub External” website. their account because they’ve able to roll it out quickly by using
Working from home as a mass forgotten their password, the cloud technologies.
experience had of course a My Hub helps them reset their We worked to make sure that “The cloud is an essential part
substantial impact on our systems. account securely. They can do the tool was as simple to use of our strategy. Our work on My
For example, we have about this without having to call an IT as possible. We had to consider Hub is a perfect example – our
60,000 people working remotely helpdesk or needing access to the design of the service to meet
at the same time, making about bank’s secure network. massive spikes in demand during
ability to seamlessly pivot to
three million calls globally each The site also has diagnostic peak times – which the cloud is remote working helped UBS
week. Our systems remained tools which can detect whether perfect compared against on- colleagues focus on delivering
stable and resilient. We even saw an employee is having technical premise alternatives. As we built throughout the pandemic.”
record stability in some of those issues with their computer, such the product natively in the cloud,
months. as if software needs updating. we adopted our testing strategy Mike Dargan, group chief information
When we shifted to working The tools meant that we have accordingly – to ensure that it officer, UBS
26 | The BankingTech Awards 2020 The BankingTech Awards 2020 | 27Winner | Best Open Banking Solution Winner | Best Open Banking Solution
Strands: Opening up
banking and account
aggregation services managing third-party APIs and
offers a unique API that makes
have to open up and allow
the sharing of a customer’s
generate new opportunities
to accelerate the bank’s
dealing with each of them financial data, such as innovation efforts, enabling
Strands’ Open Hub was launched seamless spending habits and payments, its complete digital
Why did you build the hub? with authorised third-party transformation and using
in 2017. It’s used in more than ten providers. artificial intelligence to create
financial insti-tutions in the UK, Strands’ money
personalised and contextual
management solutions try Open Hub is a simple
Europe, Asia and Latin America. interface that leverages third- offering for their customers
to provide banks with a full
We talk with Claudio Cungi, head overview of their customers’ party connections, i.e. Open and bring new products and
of product at Strands. financial situation. For this Banking, to connect multiple business models to market,
reason, it is essential to external services securely such as a cloud version of its
connect the information of in one place. It helps banks personal finance software
Strands’ Open Hub was get additional information about information, such as financial the user that is held outside create new revenue streams or an integrated platform of
launched in 2017. It’s used invoices and bills through the transactions the customer has the bank. Maintaining external from the distribution of digital cash management
in more than ten financial business financial management in other bank accounts and connections is always a services over third parties. and commercial payment
institutions in the UK, Europe, (BFM) solution. This way, banks other financial information held challenge and an extra effort We partner with third tools specifically designed
Asia and Latin America. We talk get a more realistic picture of in accounting software used by that depends on a third party’s parties such as invoicing to benefit banks’ small-to-
with Claudio Cungi, head of the finances of their customers’ the customer, for example in roadmap more than your own. providers (Xero, Quickbooks), medium enterprise (SME)
product at Strands. businesses. Quickbooks or Xero. Oracle or Mastercard to customer base.
This is why we built an
Strand’s Open Hub platform We also provide bank feeds Open Hub can put customer interface that allows banks
“provides banks with a single services. Open Hub connects to transactions into different to connect their online
interface from which to connect the same invoice aggregation spending categories, such banking applications with
to external services in an easy services to facilitate the as groceries, home apparel, third parties but that remains
and secure way”. information about the bank restaurants etc, using Strand’s fully independent. This
What kind of services does accounts into these tools. AI-driven software. Each bank way, a change in the third
this include? In the UK, Strands’ AI- has its own categorisation party’s software or API
Connecting external services based BFM platform has been systems. Open Hub lets a bank’s won’t compromise in any
to their financial management authorised by HM Revenue customer with accounts in way its connection to the
platform allows banks to enrich & Customs to manage and more than one bank can see all banking platform. This makes
their 360-degree view of their submit digital tax returns in the their transactions categorised maintenance so much easier.
customers. UK on behalf of organisations. following a common style in a How does the technology
Open Hub acts as a meta- Banks can use our white-label single platform. These could use “open banking”
aggregator, by connecting to fintech software help UK small be recurring payments in a technology standards?
third-party account aggregation and medium-sized businesses separate business account or The continued effort behind
providers such as CRIF’s (SMBs) keep on top of their expenses on a shared account. Open Banking reform means
Account aggregation service, finances. Finally, Open Hub can that banks and financial
which act as Strands’ partners in How does Open Hub help integrate with all IT systems institutions, using APIs, will
different geographies. banks and their customers? and apps used by banks. It
We also provide account It gives banks and enhanced does this by using Application
invoice aggregation services. view of their customers Program Interfaces (APIs that
Open Hub connects to by taking into account meet international standards,
most widely used invoice both internal, such as their such as such as the OpenAPI
management tools, including customer’s bank account Specification (OAS). Open
Quickbooks, Xero and Sage, to transaction data, and external Hub eliminates the hassle of
28 | The BankingTech Awards 2020 The BankingTech Awards 2020 | 29Winner | Best UX/CX in Finance Initiative Winner | Best UX/CX in Finance Initiative
Tailor made: TMRW
– the digital bank
for ASEAN’s young
all banks’ ATMs in Thailand good savings behaviour the technologies in-house,
and Indonesia to withdraw and real-time expense leveraging UOB’s existing
cash for free. tracking – which just exited technology assets. We also
Our app includes a feed Beta and was designed partnered with fintechs,
professionals
of financial updates, advice to help customers curb including Personetics and
and information, in a = impulse spending. Meniga, to lower the cost
similar format to Facebook How long did the service of producing innovative
or Instagram. The feed is take to develop and when technologies and services.
a series of “cards” that was it launched? TMRW has been built on
Interview with Kevin Lam, head of TMRW Digital Group. give personalised financial We began working a modern microservices
updates to the customer, on the idea in 2017. We architecture which provides
Why did you design lifetime of a young ASEAN catered to their needs was such as a reminder to launched TMRW Thailand us the flexibility to adapt
a digital banking professional. the next logical next step. pay a credit card bill, the in March 2019 and in quickly and to scale the
service aimed at young customer’s spending in Indonesia in August platform. We integrate
Our target segment is What are some of the most
professionals? a month or an unusual 2020. Our learnings in rapidly using APIs with best-
young professionals and important and innovative
charge in the banking Thailand meant we were of-breed fintechs as well
The market for millennials young professional families features for the new
transactions. TMRW uses able to launch quicker in as our own in-house core
in Southeast Asia is in ASEAN. Based on our banking app?
technologies including Indonesia. In the long term, banking systems. TMRW
particularly important research, we found that TMRW is a digital, mobile- artificial intelligence (AI) we aim to expand across has leveraged the wider
for TMRW [pronounced they are digitally advanced, only proposition with no and data analytics to South East Asia. UOB investments in data
“tomorrow”], whose dislike complex, universal bank branches. However, analyse customers’ financial and analytics infrastructure.
parent company is United and opaque banking and customers still need to What technologies does
data to provide them with This has enabled us to build
Overseas Bank (UOB). We’ve would prefer a friend who withdraw cash from time the banking app runs on?
personalised content. out advanced data and
estimated that it could be understands them, rather to time. As such, we have Did you develop them
Other innovative features data science solutions very
worth SGD 10 billion ($7.5 than a traditional bank. leveraged our partnerships in-house?
of the app include gamified rapidly.
billion) in revenue over the Building a digital bank that to allow customers to access We developed most of
savings which encourages What were the main
30 | The BankingTech Awards 2020 The BankingTech Awards 2020 | 31Winner | Best UX/CX in Finance Initiative
BY UOB.
Meet ASEAN’s best digital bank for the
digital generation. A full suite of banking
solutions through a smart, mobile-only app.
In just a under two years
of operations in Thailand, a
market with one of the highest Best UX/CX in Finance Initiative Best Digital Bank ASEAN 2020 Best Initiative in Innovation
digital banking standards in Banking Technology Awards Best Bank for Millennials 2020 The Asset ESG
ASEAN, our engagement- Global Retail Banking Innovation Corporate Awards 2020
focused business model is Awards by the Digital Banker
bearing fruit. In the most
recent survey conducted by
Bain & Co in January 2021,
TMRW is now second in the
market with an NPS of 40
Kevin Lam, head of TMRW Digital Group.
and is ranked number one for
credit cards and for current
challenges when developing offer both forms of biometrics account/savings account.
the banking app? How did to enhance the account Based on our monthly
you overcome them? opening experience. customer assessments
Given the diversity of the Local regulations require conducted internally, we have
different ASEAN markets, we face-to-face video calls in achieved a high NPS of more
had to consider the regulatory Indonesia. After studying than 60 since our launch in
differences in both countries the customer experience we Indonesia. Our Indonesian tmrwbyuob.com
we launched the app in. realised that connectivity customers are also highly
We needed to comply with and bandwidth was an issue. engaged. A recent TikTok
regulations while meeting our We moved from full two- campaign to encourage better
aim of simple and intutitive way video conferencing spending and saving habits
customer experiences, to a text-and-video mix to among millennials received
including the onboarding of minimise the drop-calls and about 1.2 billion impressions
customers. data usage for our customers. in less than a month and more
When onboarding a new This onboarding method was than 7,000 submissions from
bank customer, it’s important timely as customers are able consumers who pledged
that we are able to validate to onboard from their homes to spend and to save more
the customer’s identity in less than seven minutes wisely.
without having the customer during the Covid pandemic. TMRW has received 26
take time out to visit a bank What have been the industry awards, including
branch. benefits of the new banking Best UX / CX in Finance
In Thailand, we used app for customers? How Initiative from the Banking
the country’s national ID have you measured its Technology Awards, Best
database , facial recognition success? Digital Bank (ASEAN) and
and fingerprint matching Net Promoter Score Best Bank for Millennials
technologies to verify (NPS) is a key KPI we from the 2020 Global Retail
customers’ indentites. TMRW track to measure customer Banking Innovations Awards
is the first bank in Thailand to satisfaction. by the Digital Banker.
32 | The BankingTech Awards 2020Winner | Best Use of IT in Private Banking/Wealth Management Winner | Best Use of IT in Private Banking/Wealth Management
Spreading the risk
for P2P investors
Israel-based peer-to-peer (P2P) lending specialist,
BTB, has a business model that has brought
annual average returns of seven per cent in the
last seven years with low defaults. Part of its
success is a technology platform called B-Match
that rebalances and recalculates the investors’
portfolios on a daily basis across all of its loans. result, sometimes a single decreases every day when “fifth line of defence” after
loan could form a relatively the B-match system scans all the others including
large proportion of an the entire pool of existing having a guarantor for
BTB stands for “Be The defaults from the investor Investments can be investor’s portfolio. Despite loans and reshuffles all each loan, means BTB can
Bank”, reflecting its intention perspective. for any amount; usually the very low default rates portfolios to have the boast a 100% rate of loan
at launch in 2014 to directly The company was a loans are up to ILS1 million and the mutual guarantee smallest portion possible repayment. Despite the
link investors to borrowers pioneer in the Israeli market (€250,000). BTB’s platform fund that effectively in each of the loans. many challenges of 2020,
on P2P basis, cutting out the with its P2P offering. “We spans all aspects of P2P, cancels out the defaults, In this way, it achieves BTB’s default rates at the
banks. It has an interesting, had to teach the market, it including tax and fees, with that situation brought a the biggest possible end of the year were lower
risk-averse model whereby was very challenging, there graphical displays of an perceived element of risk. diversification for each than at the end of 2019.
investor funds are spread were a lot of strange and investor’s portfolio by sector, “We wanted everyone to portfolio and means every BTB’s team of 30 staff
across all BTB borrowers sometimes hard questions amount invested (with the be as safe as possible,” investor, regardless of comprises specialists in
(currently each investor to answer, we were – and ability to have sub-users, says Katz. size, has the same level of risk assessment, legal and
holds more than 800 still are – changing the way such as children), interest, Its technical solution to return. regulatory compliance,
different loans in their people and businesses accumulated net interest this issue is called B-Match. “The use of the B-Match government relations, IT,
portfolios). perceive economics,” and investment forecasts This divides all investors’ technology has made marketing and other areas.
In addition, 1% of all says co-founder and of up to 60 years. “From the money dynamically and the investment in the There are around 600,000
deposits and returns reside co-CEO, Alon Katz. BTB first day, the investors love automatically across all platform safer for every SMEs in Israel and this
in a mutual guarantee fund was established with the what they can see,” says existing loans. The first investor, large and small,” number is increasing very
which is used to reimburse aim of, on the one hand, Katz. “As well as excellent version of B-Match did this says Katz. It is part of fast, says Katz, so there is
the investors for the original resolving the credit crunch customer service that using calculations created the success story that plenty of scope for further
investment and interest if of small business owners provides investors with by BTB’s staff. The current has seen BTB double its growth in its domestic
any borrower defaults. BTB and, on the other, offering the information they seek, version, launched in 2020, business each year since market. However, “what we
only accepts around nine investors a profitable and we provide lots of data does it automatically, using launch and provide its did here in Israel, we could
per cent of its SME borrow stable investment with to investors in the digital an in-built smart algorithm, investors with average do anywhere” with what he
applicants as a result of social value. It now has personal area to be as on a daily basis. annual returns of seven feels is a unique business
technology alongside a thousands of investors transparent as possible.” This model means that per cent. The platform model. So international
team of analysts to verify including private individuals, Initially, an investor’s currently an average has gained almost ILS800 expansion is planned. “A
their suitability. Therefore, companies, municipalities, funds would only be of less than 0.1% of million (€200 million) in few countries are in our
defaults are rare. Add in the investment houses, family allocated to news loans each investor’s money investments. That default sights now, it won’t be
mutual guarantee fund and offices and even some from the day that investor is allocated to a single protection model, which tomorrow, but it is not so
this effectively means zero Kibbutz funds. arrived as a client. As a business loan. This amount Katz describes as the far ahead.”
34 | The BankingTech Awards 2020 The BankingTech Awards 2020 | 35Winner | Best Core Banking Solution Provider Winner | Best Core Banking Solution Provider
Innovation to drive
positive change
Chuah Wan Pin, CEO at Infopro Digital Banking, says
that leveraging technology and processes has brought
about tangible benefits for banks.
Infopro artificial intelligence challenger banks. To date,
(AI) driven digital banking there have been over 100 enabled solutions powered This makes for a more where we have applied AI and
platform is a banking system implementations in 32 by AI and machine learning granular breakdown of credit ML – we’ve made processes
that has customer centricity countries that include banks to transform the banking worthiness factors and better frictionless and quicker for our
via digital transformation that might have just one processes. accuracy. customers and theirs too.”
at its heart, explains CEO, branch right up to those with The anti-money laundering Customer analytics and Innovation, says Chuah,
Chuah Wan Pin. “The solution branch networks numbering (AML) function has been intelligent segmentation is a is at the heart of the firm’s
moves core banking into the the hundreds. The biggest one beneficiary of this with third area. The AI allows banks efforts and it is very process-
next generation. It is built for customer has 1,000 branches. AI-powered AML solutions to segment and develop orientated, having been
modularity allowing an API “The past two years have having a significant impact better customer acquisition appraised at CMMI level 5
[application programming seen a particular focus on on reducing false positives. and retention strategies such (Capability Maturity Model
interface] enabled ecosystem, digitisation and everything Intelligent customer profiling as cross-selling/up-selling Integration) as well as being
has reduced processing that comes with that in has also served to effectively products and services using ISO 9001 certified.
times and is also in the
terms of improved processes identify high-risk individuals hyper-personalised marketing
cloud, providing in demand Partnership
automation, sleeker systems and reduce false negatives. communications.
scalability.
and overall better customer AI credit decisioning, Many other banking Being able to pivot and
“We aim to free our banking experience in terms of the respond to opportunity and
meanwhile, now uses solutions and processes have
customers up to focus on their design and function at the change within the market –
automated financial also been embedded with
own business growth and front end,” says Chuah. evolving with it rather than
document upload and AI. Chuah comments: “The
with the knowledge that the lagging behind, is supported
AI information extraction via intention is to have AI woven
underlying banking system is by a partnership approach.
AI-based optical character through the platform and
a capable partner,” he says. A key facet to this has been recognition (OCR) and has extending to each and every “We see our customers
The solution is aimed bringing efficiency and power an AI Scorecard Builder module feeding back into the as partners and the ethos is
at existing banks looking via the use of AI and machine that automatically builds a core. We’ve been happy to one of working together for
for digital transformation, learning (ML) with a mission credit scorecard customised see significant improvements a common aim – to prioritise
as well as new digital of bringing cognitive digitally to a bank’s customer data. to our offering in the spaces customer centricity and
36 | The BankingTech Awards 2020 The BankingTech Awards 2020 | 37You can also read
