![]() ![]() ![]() One such action reduces the negative environmental impact of the bank’s operational activities, among other things, the use of paper, which involves simplifying and digitising processes. The winner in central and eastern Europe, BNP Paribas Bank Polska, also showcased its commitment to the environment. It applies to six scenarios that are aligned with the Network for Greening the Financial System’s climate scenarios, the Paris Accord and the May 2021 US Executive Order. OakNorth Bank’s ON Climate is a software-as-a-service application that was developed by the bank’s team of credit scientists and software engineers, in close collaboration with 10 US banks and 27 climate experts. OakNorth Bank deserves a special mention for its ON Climate programme, which won in the financial wellness/goodness category. Many entries highlighted their commitment to combating climate change and goals to achieve net zero. The Banker’s CIO of the year, Adil El Iraki of Attijariwafa Bank/Wenov, launched an open innovation programme, called the Financial Catalyst by Wenov, which allows it to collaborate with African start-ups, such as Moroccan fintech A2im, to co-develop tailor-made solutions. There was also a 300% increase in application numbers. This forum saw more than 150 firms participate. Union Bank of India, which received the highest award for bank/fintech partnerships, conducts open forums for fintech companies to resolve their queries on the onboarding process, a common issue among these firms. ![]() The North American winner Citi, set aside $1bn in technology, to focus on four client growth missions. The winners of the IDBAs for 2023 have not taken that route.įor example, the winner for Asia-Pacific, Habib Bank Limited, has invested Rs13.5tn ($46.9bn), equivalent to 7.1% of its income, in digital transformation. Most importantly, this so-called ‘innovation theatre’ doesn’t take too big a bite out of the real IT budget for the bank. A separate innovation lab is created, a few fintech start-ups are invited in to mix and mingle with bank staff, a pilot or a proof of concept is enacted - but at the end of the day, no real financial innovation is achieved. One of the most common complaints surrounding discussions around innovation at banks is that most of it falls into the category of ‘innovation theatre’. Innovative products and services covered a range of banking sectors including retail, payments, wholesale, and investment banking. The 18 separate regional, global and category awards emerged from a wealth of banks and technology providers. Showcasing this work is The Banker’s Innovation in Digital Banking Awards (IDBAs), whose winners were announced last week. But, as any avid viewer of home renovation TV knows, the skill, hard work and creativity needed to turn a 1970s teardown into a Pinterest-worthy architectural showstopper comes from a deeper and more purposeful place. It is easy to wish for a greenfield site, devoid of legacy infrastructure and vastly diverse customer groups, to create a shiny, new ‘grand designs’ banking utopia. To ignore and dismiss the work done by banks to embrace new technologies and offer more digitally led customer solutions is to fail to see the entirety of the financial technology ecosystem that has evolved over the past few decades. However, banks and incumbent financial services have come a long way since Geri Halliwell donned a Union Jack mini dress on British TV. ![]()
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