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Winners
Supplement
2022
Brought to you by
Brou
Welcome to the Banking Tech Awards USA Winners
Supplement!
The 1st Banking Tech Awards USA ceremony took place
earlier this year in San Francisco. The evening was a great
success with 150 guests joining us for a wonderful night of
celebration and entertainment, hosted by comedian Tyler
Fowler (right). 26 winners and 33 highly commended entries
were announced this year across categories.
Here, we showcase some of the winners, highlighting the
projects, products and services that demonstrated stellar
results, showcased genuine innovation and had a tangible
impact in 2022.
The Awards also lauded the individuals and teams who
have demonstrated skills, leadership, vision, inspiration and
dedication to the industry’s betterment.
You can view the full list of winners and highly commended
as well as the video highlights from the gala here.
It was wonderful to see people reconnecting face-to-face
after the difficult years of the pandemic. We would like to
thank everyone who attended and celebrated with us!
A big thank you goes to the Awards’ judges, sponsors and
partners, and the FinTech Futures team for their hard work in
putting it all together.
We hope to see you at the 2nd Banking Tech Awards
USA in 2023!
EDITORIAL SALES MARKETING © Banking Tech Awards USA
Managing Director & Editor-in-Chief Business Development Manager Marketing Manager Winners Supplement 2022
Tanya.Andreasyan@fintechfutures.com Sam.Hutton@fintechfutures.com Rebecca.Nolan@fintechfutures.com
+44 (0)20 8052 0434 All rights reserved.
Editor Marketing & Design Executive
The Banking Tech Awards USA Winners
Paul.Hindle@fintechfutures.com Business Development Executive Tinu.Osin@fintechfutures.com
Supplement 2022 is produced by FinTech
Reporters Kate.Stevenson@fintechfutures.com Futures, an Informa Connect business. The
Alex.Pugh@fintechfutures.com +44 (0)782 593 0099 Design & production
material may not be reproduced in any form
Shruti.Khairnar@fintechfutures.com simon@west-hill.co.uk
without the written permission of the publisher.
Banking Tech Awards USA 2022 | 3
Banking Tech Project Awards
Winners & Highly Commended
Best Use of IT for Lending Best Use of Data
Winner: JPMorgan Chase for Chase Winner: Goldman Sachs for Goldman Sachs
MyHome Financial Cloud for Data
Highly Commended: Best FinTech Partnership
Member Student Lending, LLC & LendKey Winner: Uber Freight, Branch, and Marqeta
For Member Student Lending, LLC and for Uber Freight Partners with Branch and
LendKey’s Banking-as-a-Service Partnership Marqeta to Offer Faster Payments and Fuel
Rewards for Carriers
Best Digital Initiative
Winner: Goldman Sachs for All Marcus by Highly Commended:
Goldman Sachs® products and the Marcus ZEscrow Development Group: Bank of
app New Hampshire, Haven Savings Bank,
Kearny Bank, Leader Bank and Patriot Bank
Highly Commended: for ZEscrow and TAB Bank for TAB Bank
QuickFi by Innovation Finance USA LLC Partnership with Bumped
for QuickFi® and PeoplesBank for Zynlo
(PeoplesBank’s digital-only bank division) Best UX/CX in Finance Initiative
Supportive culture.
Winner: Freddie Mac for Clarity 2.0
Best Mobile Initiative
Winner: JPMorgan Chase for Snapshot Highly Commended:
Collaborative success.
JPMorgan Chase for Praesto
Highly Commended:
Bank of America for CashPro App: ACH Best Contribution to Economic
Positive Pay Mobility in Banking/Finance
That’s empowered Best Use of Risk, Compliance &
Fraud Protection Technology
Winner: Nova Credit for Credit Passport
Highly Commended:
engineering.
Winner: Hamilton Reserve Bank for Verified Branch for Branch: Empowering Independent
by authID Contractors and Emerging Entrepreneurs
and Greendot Corporation for GO2bank
Highly Commended:
Morgan Stanley for Wealth Management COVID-19 Response (Banks &
As a leading global bank, we rely on the Technology Change Risk Assessment Financial Institutions Only)
wide range of perspectives from an inclusive, Winner: TD Bank for TD Virtual Assistant
worldwide community to bring sustained value Best Innovation
to our customers. Technology is at the core Winner: Citizens Financial Group for Best Embedded Finance Initiative
Citizens Pay
of our business model. So as a Credit Suisse Winner: Bond Financial Technologies, Inc for
Squire Card Implementation
engineer, the contribution you make will keep Highly Commended:
empowering others to thrive. QuickFi by Innovation Finance USA LLC for Highly Commended:
QuickFi®
Intuit, Inc. for QuickBooks Get Paid Upfront
Best Use of AI Best Community Bank/Credit
Winner: Q.ai for Q.ai Union Award
Winner: Pinal County Federal Credit Union
Opportunities for PCFCU Connect
Jobs in Technology
Copyright © 2022 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.
Banking Tech Awards USA 2022 | 5
While legacy systems
look for a needle in
a haystack...
Excellence in Tech Awards
Winners & Highly Commended
Best Core Banking Solution Provider Tech of the Future – Data, AI,
Winner: Temenos for Temenos ML & RPA
Sponsored by
...Sensa finds
TM Banking Cloud Winner: Symphony AyasdiAI for SensaAML
Highly Commended: Highly Commended:
a needle in a FIS for Modern Banking Platform FIS for FIS PREBOT and Facteus for Mimic
Synthetic Data Engine
stack of needles.
Best Business Digital Banking
Solutions Provider COVID-19 Response (Technology
Winner: Apiture for Apiture Digital Banking Services & Software Providers Only)
Platform Winner: Abrigo for Abrigo’s All-Hands PPP
Response Results in $34 Billion in PPP Loans
Highly Commended: and 2.7 Million Jobs Saved
Sensa is our enterprise financial crime detection ONEUP for Business Assistant and MANTL
for Business Account Opening Highly Commended:
platform powered by AI and scalable technology. Best Consumer Digital Banking
Biz2Credit for Biz2X
Solutions Provider Best Payments Solution Provider
Winner: 1Kosmos for 1Kosmos BlockID Winner: Stellar Development Foundation for
Stellar
77% 263% 500%
Highly Commended:
FinLocker LLC for FinLocker Mortgage Highly Commended:
Readiness Product and Moxo for Moxo’s ACI Worldwide & SHERPA for Enterprise
Reduction in SAR Increase vs Increase in OneStop Client Interaction Hub Payments Platform, Very Good Security
False Positive Legacy TMS Operational (VGS) for VGS Payment Optimization
Risk (SAR) Tech of the Future and Volante Technologies for Volante
Alerts Efficiency Winner: Arkose Labs for Arkose Labs Fraud Technologies
Alerts Deterrence Platform
Best Payments Solution Provider -
Highly Commended: Start-up
Learn more at www.ayasdi.com, or contact us at sales@ayasdi.com. Socure for Socure ID+ Platform, DeepTarget, Winner: Astra for Astra Automated Bank
Inc. for Digital Experience Platform and 3D Transfer API
StoryTeller and LiquidX for LiquidX Digital
Trade Finance Solutions Highly Commended:
Thank you, FinTech Futures, for our “Tech of the Future” win at the 2022 Banking Dropp for Micropayment Platform for Small
Technology Awards USA. Your recognition is a huge boost and confirmation of our Value Transactions in FIAT and Digital
work to fill the void and eliminate the inefficiencies caused by outdated systems. Currencies
Many thanks from the entire Ayasdi team.
Banking Tech Awards USA 2022 | 7
Congratulations to the
Freddie Mac Single-Family
Leadership Awards
Clarity 2.0 project team
for being named FinTech Winners & Highly Commended
Futures Best UX/CX in
Woman in Technology (W.I.T.) Tech Leadership
Winner: Marinela Tudoran from Credit Winner: Gabriele Columbro from FINOS
Suisse
Highly Commended:
Finance Initiative Highly Commended:
Funmilayo Oludaiye from Goldman Sachs,
Margaret J. Hartigan from Marstone Inc.,
Andy R. Shah from Mercury Financial
LLC (Mercury Financial) and Carrie
Blankenship from Fiserv
and Rania Succar from Intuit
The success and measurable impact of Clarity 2.0 is a testament to Tech Team of the Year
Winner: BNY Mellon for BNY Mellon
Freddie Mac’s commitment to providing the Credit Risk Transfer Enterprise Innovation Team
community with data transparency through an intelligent platform
built on the needs of users.
www.clarity.freddiemac.com
Rising FinTech Star
Winner: Aaron Shapiro from Carver Edison
Highly Commended: Editor’s choice
Michelle Prohaska from Nymbus Winner: Nymbus
Banking Tech Awards USA 2022 | 9
Woman in Technology winner: Marinela Tudoran, Credit Suisse
The visionary breaking down
walls on Wall Street and beyond
‘Dedicated’, ‘inspirational’ and ‘passionate’: just three words used to describe Marinela Tudoran
We are delighted to have the the potential technology could recognised by the National
opportunity to feature Marinela realise in financial services, Organisation for Women (NOW),
Tudoran, winner of the Woman in especially within trading. When who awarded her the 2017
Technology (W.I.T.) award at the the opportunity arose in 1995, she Women of Power & Influence
recent Banking Tech Awards USA. took an offer to join Credit Suisse Award, celebrating women who
Tudoran is a managing in New York. This decision altered are pioneers and role models in
director at Credit Suisse and the not only her career trajectory their sectors. Previous winners
global head of investment bank but the industry, as Tudoran and include Gloria Steinem, journalist
technology, leading technologists her small team would pioneer and social activist, Kimberley
in hubs that include New York, electronic trading as we now D. Harris, former deputy White
Zurich, London, Hong Kong, know it. House counsel and Mary Jo White,
Singapore and India. During many years of leading one time chair of the Securities
Under her leadership, Credit equities technology, Tudoran and Exchange commission.
Suisse built and sustained one of played a transformational role in
Wall Street’s most competitive empowering her organisation to Expanding scope
electronic trading platforms, deliver various platforms known In early 2022, Tudoran was
including Advanced Execution for their performance, agility and appointed head of investment
Services (AES®) suite and resilience. These platforms have bank technology and regional
CrossFinder, one of the world’s earned prestigious industry awards head of Americas technology. This
largest Alternative Trading and helped to position Credit platform, in addition to leveraging
Systems. AES has proven itself as Suisse at the top of client rankings. her capability as a technology “Marinela and her team have
a resilient trading platform during Recent investment bank leader, expands her scope of played an instrumental role in
extreme market volatility in the technology team industry influence as a powerful long-
2008 financial crisis, the 2010 awards include the Banker’s time champion of diversity and providing competitive advantage
flash crash and the onset of the 2019 Tech Award for the inclusion. for Credit Suisse. Her dedication,
Covid-19 pandemic in 2020. EMEA AES Enhanced Adaptive “At Credit Suisse, we are
Framework, the Global Capital’s passionate about creating a drive and personal commitment
A true visionary 2020 Electronic Platform of the culture of empowered engineering to the business outcome has
Tudoran began her career Year Award for Sphere, and the and are excited for opportunities
in academia as an assistant Banker’s Innovation in Digital to invest in the next great made her an outstanding
professor before securing Banking Award (Investment technological minds,” she says. partner to the equities business
research and product Banking category) for SRE and “Technology was once a facilitator.
development positions at Ai Operations Transformation in Now it is driving revenue and for many years.”
Anthony Abenante, global head of equities, Credit Suisse
technology firms in Romania 2022. competitive advantage, and in
and Japan. She had a vision of Tudoran has been previously some cases, technology has
become the product. Women, passion and loyalty, she has also Suisse IT Women’s Council,
“Marinela brings true commitment to her work as evidenced by the and diverse technologists more helped raise the profiles of many one of the first women-focused
generally, will play a crucial role in influential women in finance and employee networks at the firm.
implementation of market-leading technology solutions that intelligently this evolution.” technology. She served as a board Tudoran continues to support
answer the needs of the business. Her passion for purposeful partnership and By empowering women to member and co-president of the a growing pipeline of leaders
excel into a male-dominated field, Women’s Bond Club, the first through mentorship and
collaboration, coupled with top technical skills and people leadership, make helping to build their industry female advocacy organisation on sponsorship, making a lasting
her an inspiration and role model to many.” knowledge and elevating and Wall Street. contribution to the D&I goals at
Laura Barrowman, CIO, Credit Suisse enabling attributes of resilience, She also co-founded the Credit Credit Suisse.
10 | Banking Tech Awards USA 2022 Banking Tech Awards USA 2022 | 11
Tech of the Future – Data, AI, ML & RPA winner: Symphony AyasdiAI for SensaAML
Symphony AyasdiAI making
technology allows Ayasdi to This solution combines graph Statistics and recognition
lead the way in helping financial machine learning, behaviour During our initial implementations,
institutions successfully mitigate maps, inference relationships, we have generated impressive
against the occurrence of criminal longitudinal behaviour and risk in statistics that prove the efficacy
Sensa of tackling fraud
activity within their organisations. a single orchestration to discover of our solution.
the DNA of complex financial We’ve achieved a 20% increase
The timing could not be better crime. in L3 detection, up to 90%
Financial crime is at all-time SensaAML is a cloud-native, accuracy in new risk detection,
How this next-gen platform is leading the way in helping financial institutions combat crime high – the COVID-19 pandemic microservices and application risks can be identified up to a year
provided the perfect opportunity programming interface (API) earlier, and there has been a 60%
for criminal actors to abuse both oriented design, a holistic solution reduction in false positives.
Artificial intelligence (AI) has institutions with a complete need it the most. It was designed the economic climate and the with built-in integrations for case SensaAML has received
come to the fore of financial picture of customer, third-party to work in parallel with existing growing number of individuals management systems and other numerous industry recognitions,
services in the past few years and user behaviour to discover processes and can augment negatively impacted by the loss of tools. resulting in a flurry of unsolicited
with myriad case uses. One of crime, risk and competitive current rules and thresholds, employment. The net result has With the wealth of investments requests for proposal (RFPs)
the big success stories of AI has opportunity through unparalleled, plus provide additional insights been a disproportionate increase financial institutions have made inviting us to bid for AML solution
been in the risk and fraud arena, predictive insights. from better data mapping and in fraudulent banking activity in existing AML and fraud programmes. To date, we have
because AI can plough through The overall result of our discovery using AI and graph and heightened sophistication of technologies, we fully understand progressed to the proof-of-
huge volumes of data to identify interface is a reduction in false machine learning (ML). money laundering tactics. that ‘rip and replace’ is not a concept stage with 50% of these
patterns, things that don’t quite positives and the detection SensaAML is completely There was a clear need for a viable option for most of them. invitations.
fit and find the needle in the of risks unidentified by the transparent, auditable and robust solution! This philosophy lies at the heart Our goal over the coming year
haystack that gives cause for incumbent TMS without explainable for regulatory In addition, the Anti-Money of the development of SensaAML is to combine them into a FRAML
alarm. overwhelming investigators with compliance. The solution was Laundering (AML) Act of 2020 to create a platform to work solution providing comprehensive
Or, as our CEO, Simon Moss, an excessive number of net new created to deliver maximum introduced supplementary alongside legacy transaction risk coverage and operational
likes to say, AI does not look for alerts. impact on return on investment regulatory and compliance monitoring systems. effectiveness. By leveraging
a needle in a haystack, but rather (RoI) and effectiveness while initiatives for FIs, and thus In addition, the lightweight third-party and first-party data
for a needle in a stack of needles. Transparent, auditable keeping the smallest footprint on provided Ayasdi with the ideal and agile nature of our system of banks, we can provide real-
Symphony AyasdiAI’s product, and explainable management and implementation scenario to showcase the means implementation times are time decisioning for a frictionless
SensaAML, has maximised the The product works simultaneously changes. SensaAML solution and the vast significantly reduced (typically customer experience and bring a
power of AI to do just that. It to provide automation and This next-generation platform benefits it brings to satisfying three months) to ensure a quick key competitive advantage for our
empowers banks and financial intelligence in the areas that of ground-breaking AI and ML these obligations. and seamless RoI is delivered. customers.
12 | Banking Tech Awards USA 2022 Banking Tech Awards USA 2022 | 13
Having a ball in San Francisco
ELIMINATE The 2022 awards were held at the fabulous Julia Morgan Ballroom at the Merchants Exchange
in San Francisco. Over the next few pages, check out a snapshot of the evening
PASSWORDS
STOP ACCOUNT
TAKEOVER
Identity FID02 Multi-Factor
Verification Passwordless Authentication
authID has the strongest biometric and passwordless authentication on the market today.
authID and Hamilton Reserve Bank were just named the winner in the highly
competitive “Best Use of Risk, Compliance & Fraud Protection Technology,”
beating out larger global banks.
authID’s Verified biometric identity platform helped Hamilton Reserve Bank:
• Speed up account onboarding
• Minimize fraud risk by 23%
• Eliminate passwords. Defend against account takeovers
• Lower enterprise support costs by 67%
• Increase customer loyalty
Find out how authID can help you and your customers. Learn more at authid.ai
2022 WINNER
Click here to see all the
photos from the awards!
Banking Tech Awards USA 2022 | 15
Taking to the stage
Hosted by comedian Tyler Fowler, the ceremony was a great success with 26 winners announced
The modern POS
financing solution.
Citizens Pay delivers an industry-leading financing solution with the stability,
experience, and balance sheet of a premier national banking institution.
No other BNPL provider can match the versatility and wide range of financing
program options that we bring to the world’s greatest brands.
Click here to see
all the photos
Learn more at from the awards!
citizenspay.com/learn
Banking Tech Awards USA 2022 | 17
Food, drink and frivolities
After the awards ceremony, a three-course meal and wine saw guests continue the celebrations
Click here to see all the photos from the awards!
Banking Tech Awards USA 2022 | 19Best UX/CX in Finance Initiative winner: Freddie Mac for Clarity 2.0
Get clarity into
mortgage credit
risk investing
By Charlotte Gladwin, director, credit risk
transfer at Freddie Mac
As the leading seller of mortgage Based on these end-user
credit risk, Freddie Mac Single- needs and in a continued effort
Family makes it easy to access the to provide critical insight into
vast amount of publicly disclosed loans affected by the pandemic,
data through its award-winning Freddie Mac released
Clarity Data Intelligence platform. several supplemental
Clarity provides transparency enhancements
across Freddie Mac STACR with Clarity Data
(Structured Agency Credit Intelligence 2.0,
Risk) and ACIS (Agency Credit including:
Insurance Structure) transaction • Cumulative
collateral and performance data. Performance
Its credit risk transfer (CRT) deal dashboard, dashboard Freddie Mac to optimise and original CRT insights and Measuring our success
dashboards contain approximately which provides that allows users Clarity for CRT investors analytics; The success and measurable
450 million deal and loan monthly cumulative to gauge the CRT market and stakeholders. Clarity 2.0 • Quick Access navigation impact of Clarity 2.0 is a
records with up to 88 variables. performance loan by showing investor types and dramatically improves the user menus allowing users to get to testament to Freddie Mac’s
Additionally, Clarity gives users characteristics, both as a unique investor counts by year experience on the platform by: the data dashboard they want commitment to providing the
the ability to analyse the Single- percentage of unpaid principal or deal • enabling users to accomplish in a single click from the new CRT community with data
Family Loan-Level Dataset, a balance (UPB) and in UPB • Additional filters and views multiple tasks (for example, streamlined homepage; transparency through an
database containing more than dollars added to dashboards, which compare CRT deals and • a User Guide and Glossary intelligent platform built on needs
1.5 billion performance records on • Performance Charts that expand options for users benchmarks) in a single space; to help users better navigate and wants of the platform’s users.
approximately 43 million loans. track CRT deal performance to monitor and track loan • integrating relevant content the site’s functionality and Since the update, Clarity 2.0 has
data over the prior 24 months, transition for delinquency and and commentary for better understand metrics; seen:
Adapting to a changing organised by loan delinquent loss mitigation statuses insight into Freddie Mac’s • CRT Deal Compare, which • a 111% increase in Clarity Data
environment statuses (D60+, D90+, • CRT Loan-Level Disclosure unique CRT programs; and enables users to compare Intelligence users;
Launched in 2019, Clarity faced D120+, D180+, Total), Total Data Download that integrates • providing guides, tips and several CRT deals or • a 96% increase in Clarity Data
its greatest test just a year later Forbearance, Forbearance CRT datasets previously easier navigation throughout benchmarks across six Intelligence sessions;
when the COVID-19 pandemic Delinquent and Payment hosted on an external site, the platform on any device. categories on a single screen • a 64% increase in mobile
nearly shut down the US economy Deferral in either percentages supporting easy file access for The additional functionality and (options include Origination, (phone/tablet) sessions;
and dislocated markets. Investors or dollars end-users and including deal- usability that Clarity 2.0 provides FICO & DTI, Delinquency, • approximately 30,000
in the capital markets space • Disaster Matrix dashboard level filters to refine downloads includes: Cumulative Loss, Paydown pageviews; and
– especially those investing in that enables recovery and across deal name, losses, deal • a new look and design Tests and Tranches); and • a 6% increase in international
credit risk – had a growing need transition comparisons among and disclosure type, offering backed by an improved digital • Dynamic Dashboards – all new sessions.
for data transparency into loan major natural disasters and the and series year infrastructure; and existing data dashboards
performance, forbearance and the COVID-19 pandemic Recent enhancements driven • a Featured Insights section are easier to digest, with charts More information about Clarity is
mortgage market. • CRT Investor Participation by user feedback have enabled that provides latest research and tables in a single view. available at clarity.freddiemac.com
20 | Banking Tech Awards USA 2022 Banking Tech Awards USA 2022 | 21Best Use of Risk, Compliance & Fraud Protection Technology winner:
Hamilton Reserve Bank for Verified by authID
authID helps Hamilton Reserve spoofing liveness confirmation
and biometric matching of a selfie
to authenticated credentials.
But, as importantly, we can now
stop fraudulent account openings
at the front door,” says HRB’s
“We now have robust
defence against
Bank have its eye on the prize phishing and smishing
“Our onboarding process is user Kenyatta.
friendly and takes just minutes. Indeed, the bank has also
leveraged authID to take out the attacks, where
risks and costs of passwords. customers are targeted
authID and Hamilton Reserve Bank on the benefits of seamless and secure digital identity assurance It now offers its customers
seamless, FIDO2-certified to provide their account
authID’s biometric identity them defend against password start of the customer journey,
passwordless login to their
online banking portal.
login details.”
proofing and multi-factor risks and fraudulent account biometrics strengthen the bank’s Using authID’s patent- Anthony Gajor, Hamilton Reserve Bank
authentication has helped takeovers, lower enterprise digital onboarding. And during pending process, FIDO
Hamilton Reserve Bank (HRB) support costs, and increase automated remote account login is biometrically
reduce the risk of identity fraud, customer loyalty,” says Jeremiah opening, authID’s Verified bound to the one-time passcodes that are
mitigate password risk and deliver Mason, senior vice president of provides strong biometric identity verified at vulnerable to hijacking. Biometrics
seamless banking experiences product for authID. identity verification, thereby onboarding. also reduces the risk of credential-
that are trusted by HRB’s loyal HRB’s CFO, Antonio Kenyatta eliminating paper-driven “Delivering stuffing attacks, account
customers. explains that its new digital account applications. Verified strong customer takeovers and friendly fraud.”
Launched in 2021, HRB’s new onboarding process needed to be leverages AI to power anti- authentication that According to HRB, fraud risk
digital Temenos banking platform cutting-edge enough to provide a combines ‘something was minimised by 23% and
was designed specifically to ‘wow’ effect, but also simple and you are’ with customer help desk support costs
expand their global portfolio of intuitive for all new customers. ‘something you have’ were decreased by 67% after
high-net-worth customers and Anthony Gajor, executive authentication factors implementing authID’s Verified
provide enhanced security. HRB vice president, global establishes a digital solution. The bank also reduced
uses authID’s multi-factor, cloud- business development, chain of trust between retail customer onboarding time
based biometric authentication says: “As part of users, their accounts down to just minutes, as opposed
technology to create a customer our bank’s digital and their devices,” says to days or weeks, as well as
journey that is secure and transformation Mason. corporate customer onboarding
seamless throughout, reinforcing strategy, we With biometric, down to an average of two days,
the bank’s reputation for security outlined the passwordless from weeks or even months.
and trust. It also meets best need to address authentication, any Once inside the platform,
practices in AML/KYC/CFT new account assumptions of ‘who’ customers and their HRB
compliance, as well as PSD2 onboarding. In performed a transaction accounts are protected
regulations. creating a digital are eliminated, establishing by authID’s privacy-first
With the simplicity of a photo solution, we trust and certainty in the facial biometric multi-factor
ID and facial biometric identity streamlined the user identity verification authentication, again linked
proofing, customers can establish online customer process. This enables banks to the identity verified during
a trusted identity that can be used application and financial institutions to onboarding. In practice, this
anywhere, anytime they bank with process for both prevent and mitigate the damage means the customer takes a
HRB. authID’s flagship solution, retail and business of fraudulent account takeover quick, ‘live’ selfie, and Verified
Verified, allows customers to avoid accounts, and attempts. then authenticates their identity
the use of vulnerable one-time reduced client “We now have robust for outgoing Swift wires, customer
passwords and knowledge-based onboarding time.” defence against phishing account beneficiary changes
questions and instead use a ‘selfie’ The result is a and smishing attacks, and password resets, thereby
that is bound to their proofed digital onboarding where customers are eliminating easily compromised
identity to authenticate login experience that is both targeted to provide legacy authentication methods.
and confirm valuable account satisfying and safe for their account login The bank is planning for
transactions. customers. The process details,” says exponential growth and
“authID’s biometrics allow is significantly shorter, Gajor. “We also onboarding of at least one million
financial institutions like HRB to and customers can use any did away with new customers over the next
speed up customer conversion mobile or desktop browser to knowledge- year, and the platform secured by
and secure the entire customer quickly capture their identity based authID’s technology will contribute
journey by allowing the identity document and snap their selfie. questions/ significantly to attracting and
verified at onboarding to help The selfie means that at the answers and retaining customers.
22 | Banking Tech Awards USA 2022 Banking Tech Awards USA 2022 | 23Best Innovation winner: Citizens Pay
What retailers need to know
that cart size can affect meet customer expectations an advantage because of
a customer’s decision to for clarity and openness. their stability, experience and
purchase. Not all financing Customers favour BNPL, in balance sheet as a known and
about buy now, pay later
companies can finance larger part, because it clearly lays out trusted lender.
purchases so it’s good to do how they are going to pay off Merchants must also think
the research and verify the a purchase. But if a provider about the expense and how much
limits align with customers’ isn’t upfront about terms and a new payment method is going
Not all BNPL solutions are created equal. Having a strategic focus is crucial to success preferences. conditions, it adversely reflects to cost to set up as well as service
• Clear terms. Transparency on a brand and sales. financing. BNPL companies that
and trust are crucial for • Stability. With rising costs, rent bank charters pass those
creating impactful purchasing sky-rocketing delinquent costs along. However, BNPLs
Buy now, pay later (BNPL) solutions demographic – and creating can easily lead to missed experiences. A business’s accounts and heightened that operate with a bank charter
have become table stakes for a purchasing experience that conversions and abandoned POS financing solution should scrutiny from regulatory don’t need to outsource financing,
today’s savvy consumers who satisfies the targets’ expectations carts. While most BNPL match its brand’s values and agencies, BNPLs from fintechs and in turn pass those savings to
want affordability, transparency – will make the difference in products promote easy are faced with unavoidable merchants.
and convenience when making bringing in new customers. checkouts and applications, challenges. Conversely, Depending on a business’s size
purchasing and financing decisions The primary areas where there may be big differences in BNPLs from established and the complexity of its offerings,
on big-ticket items. customers are seeking a smoother speed and simplicity that can banking institutions are at customisation is an important area
According to the Citizens Point transaction experience include: impact the POS experience. that requires analysis and review.
of Sale Survey, 62% of consumers • Speed. Once in the funnel, • Higher limits. Different One-size-fits-all solutions are
prefer fixed monthly plans with digital-first consumers are cart sizes attract different readily available but might not fit
clear payment terms. When looking to check out as demographics and ultimately the requirements of larger retailers
payment plans are backed by a quickly and smoothly with many diverse needs. And
simple and seamless transaction as possible. it may not help to differentiate
experience, 76% of consumers Convenience is a customer experience from the
say they are more likely to make top priority for competition’s. With the ability to
a purchase. BNPL shoppers accommodate product upgrades
For retailers, BNPL can widen and adding and bundling, device as a service
the customer funnel while driving more steps and other sales growth strategies,
repeat purchases and increasing to the funnel some POS financing solutions
average order value (AOV). can deliver more momentum for
Transaction volumes in the BNPL merchants looking to increase
space have increased dramatically customer frequency and the AOV.
in the last three years and are With more than 100 years of
expected to grow by 92%, from experience in consumer financing,
$353 billion in 2019 to $680 billion Citizens Pay was designed with
by 2025 (according to fintech both the consumer and merchant
research firm Kaleido Intelligence). in mind. It’s a strategic approach
BNPL offers the opportunity centred on strong partnerships
to boost bottom lines and gain a and helping retailers develop a
competitive advantage. However, tailored BNPL for their businesses.
not all BNPL solutions are created For Citizens Pay partners, that
equal. Gaining an edge depends means the ability to fully customise
on having a strategic focus and the solution to their unique needs
carefully assessing options to and offer a product that seamlessly
make sure an offering meets integrates into any sales channel
customers’ needs and aligns with including mobile, online, in-store,
a business’s capabilities. call centre or in-home.
Affordability may be the Citizens Pay also comes with
biggest draw for BNPL users, but the backing and reputation of an
it’s important for merchants to established bank, and its ability
lead with a point of sale (POS) to finance and service customers
financing solution that meets the confidently and cost-effectively.
needs of their target customers.
Knowing the highest impact target Learn more at citizenspay.com
24 | Banking Tech Awards USA 2022 Banking Tech Awards USA 2022 | 25Tech Leadership winner: FINOS
Joining the OS community
Morgan Stanley, Microsoft and this as it secured $8.5 million in bank leverages OS to accelerate
FINOS, using only open source seed funding in Q1 2022 off of the crypto payments through its
components. OS project Gamestonk Terminal. cloud API infrastructure at OSFF
Participating in, and contributing For good measure, OpenBB London. He also posited being a
How can fintechs leverage open source in finance to accelerate innovation and efficiency? to, OS projects gives fintechs and founder and CEO Didier Lopes challenger bank – also considered
regtechs direct access, visibility, then doubled down on this draw a fintech – could find synergies
and lead generation with senior of open source for fintechs in his within a larger OS community
bank technology leaders. OSFF talk about why proprietary – leveraging the experience of
The financial services industry coming together across open Fintechs can seize on this How about learning the best investment research platforms larger banks in open source, as
is a long-time consumer of source technology projects and opportunity by gaining knowledge methods to leverage the OS won’t last. well as dealing with financial
open source, yet OS software creating solutions, as well as of financial services developers business model from commercial How about shortening the regulatory bodies.
and standards development shared value? Together, through through direct interaction and open source leaders? Fintechs can journey to regulatory compliance From reduction in
are not activities at the core of shared collaboration and research, collaboration on FSI-based open create grassroots engagement by leveraging FSI’s experience in developmental costs, streamlined
FSI business models and tech not just in building code bases source projects. At OSFF London, and cut out the sales/ regulatory implementations, open interoperability, efficiency in
strategies. Contribution to and but by sharing data and insight on Minesh Patel, CTO of REGnosys, qualifications processes. This sourced in just the past couple of corrections and essential coding
publishing of open source in the journey, on the pain points, on talked about the takeaways from has the potential to start without years? by a community of developers,
development, or allocating staff the common challenges. We’re a three-day tech sprint on a trade funding, and if it picks up you can Steven Hawkins, head of organisations have become
resources are still in their infancy. creating a resource that everyone processing regulation issue that then go for venture backing. DevOps transformation at increasingly more accepting of
If this is still new territory in the industry can benefit from.” REGnosys worked directly on with Fintech start-up OpenBB saw ClearBank, discussed how the open source as a key component
for the finance industry as a of their core business model.
whole, how can fintechs and Fintechs are especially primed
regtechs (especially ones with to profit from these inherent open
solid footing in OS development source benefits, but even more so
of their software or APIs) work by being involved in the larger open
through the larger open source in source in finance community.
finance ecosystem to accelerate
innovation and efficiency?
And what other benefits will
fintechs find by collaborating
Get involved with the
with this larger community of FINOS Community
buy-side banks, sell-side firms,
cloud service providers and The FINOS Community offers
regulators found in foundations projects around desktop
such as FINOS – the Fintech Open interoperability (FDC3),
Source Foundation and the Linux digitising business logic
Foundation? and regulation innovation
(Morphir) and curated service
Open source bedrock designs for cloud providers
benefits for fintechs meeting external and internal
Let’s talk about how the bedrock regulatory and security
benefits of open source allow for controls (Compliant Financial
quicker speed-to-market, cutting Infrastructure – CFI) as well as
down the non-IP, “let’s not reinvent 44 more all over horizontal of
the wheel” work that is always financial technology.
needed for software development. Submit your talk now for
This happens more often in OSFF NYC happening on 8
finance through co-opetition, December 2022 or join us as
leading to more opportunities for an attendee using the code
everyone involved. OSFFNYCFF20 for 20% off.
As Hilary Carter, vice Fill out the 2022 State of
president of research at the Open Source in Financial
Linux Foundation said at the Services Survey and download
London Open Source in Finance the 2021 version to get a
Forum (OSFF): “How are fierce baseline.
competitors within the industry
26 | Banking Tech Awards USA 2022 Banking Tech Awards USA 2022 | 27You can also read
