The most sought-after awards in the Banking and Financial Services Industry
Congratulations to this year's winners! IDC FIIA will be back later this year!
Asia's Leaders in Customer Engagement
Bajaj Allianz General Insurance Co. Ltd.
Digi-Sampark
Bajaj Allianz General Insurance Co. Ltd.
Digi-Sampark
Digi-Sampark is a 100% digital, omnichannel, and contactless platform for serving 120 million+ customers, which offers an end-to-end digital platform for virtual customer servicing. This is with the aim to provide digital care to customers across the spectrum of digital assets such as Mobile App, Chatbot & WhatsApp, CRM Platforms, and 24*7 digital communication platforms.
Bajaj Allianz General Insurance Co. Ltd. lives its brand promise such as “Caringly Yours”, which essentially always focuses on providing a frictionless experience across journeys and touch points.
OCBC Bank
OCBC’s Open Banking Initiative – OCBC Financial OneView
OCBC Bank
OCBC’s Open Banking Initiative – OCBC Financial OneView
OCBC Financial OneView offers one of the most comprehensive financial planning journeys on our digital banking platforms for consumers. Enabled by SGFinDex (Singapore’s Open Banking initiative), customers can plan their finances with a holistic view of all their financial data on a single dashboard – from bank account savings information to SGX CDP holdings, insurance policies, and data from IRAS, CPF and HDB. By providing customers with a comprehensive overview of their finances, OCBC Financial OneView has enabled a hyper-personalised, “all-inclusive” financial planning experience for customers, especially when it comes to managing finances and planning ahead for financial goals like retirement.
This is made possible by end-to-end journeys that guide customers on planning for insurance or making their first investment, as well as industry leading partnerships with government agencies like IRAS and CPF to offer “one-stop solutions” for customers to directly view and pay their outstanding tax balances or make a CPF top-up. To date, more than 175,000 customers have consolidated their data on our OCBC Financial OneView dashboard. This is extremely encouraging as more of our 1.8M digital customers have been reaping the benefits of consolidated finances and are actively embarking on financial planning.
Bank of Ayudhya (Krungsri)
Together savings, Kept by Krungsri
Bank of Ayudhya (Krungsri)
Together savings, Kept by Krungsri
Kept by Krungsri is an innovative pure digital bank that targets digital savvy millennial. The application provides various smart, automated saving features that are easy to use and perfectly fit with various users’ saving styles. It serves as a practical tool to manage their money and save more effectively and effortlessly, with the concept of one wallet (Kept account) and multiple savings jars system (Grow, Fun and Together account) available in one application. Each accounts serve different saving purposes. Grow savings is for long-term saving for high yield, Fun savings automatically save money for customers every time they spend. Together savings help saving with others more effective and transparent while saving alone with multiple goals more organized and achievable.
Kept discover the new insights that go beyond an individual’s pain point. We found that among friends, couple, and family, they have some experience saving together for the same goal. There are some gaps in customer experience that Kept could help fulfill. Therefore, in July 2021, ‘Together savings’ was launched to help transforms savings experience of joint account to be more convenient, transparent, and inspiring. Together customer base grew by 180% with 560% balance growth from last year.
Vietnam Techcombank
Mobile Financial Services for Retail Banking
Vietnam Techcombank
Mobile Financial Services for Retail Banking
One of Vietnam’s largest banks, Techcombank is embarking on a five-year digital transformation program with total investment of $500 million by 2025. The bank has been empowering their people to adopt a digital mindset and structurally shift the business model according to the new customer journeys. As a result, Techcombank built the Techcombank Mobile app, providing personalized financial advice to a growing mobile population. Techcombank uses cloud to build a digital platform covering everyday banking needs, including integrated investment solutions, comprehensive payment services, financial management tools, and self-service options for interactions like payment transactions.
Asia's Leaders in Infrastructure Modernization
China Merchants Bank
New Generation Private Cloud
China Merchants Bank
New Generation Private Cloud
China Merchants Bank's on-premise cloud uses a number of advanced and innovative technologies, including one cloud with two stacks, container network technology, OAM-based delivery engine and change management of cloud service based on SLO.
This project has contributed to significant cost savings and improved the efficiency of user-oriented cloud service delivery shown by a range of indicators, such as business delivery cycle, resource delivery times, resource delivery success rate, high-frequency delivery duration, high-frequency delivery success rate, etc. It has also strongly promoted the cloud migration process of applications all around headquarter and branches, thus enabling China Merchants Bank to fully enter the cloud era.
Bharti AXA Life Insurance Co. Ltd
Digital Infrastructure Moderization
Bharti AXA Life Insurance Co. Ltd
Digital Infrastructure Moderization
Bharti AXA Life Insurance is in its endeavor to build Composable Digital Architecture and deliver great experience to its customers and sellers. The project has helped business on various KPIs including On-boarding turn around time and speed of bringing in new business partners for scale. The digital transformation project stated covers about 40% of the overall enterprise infrastructure transformation strategy. In addition, the project has delivered significant benefits of faster & frequent releases (weekly), high performance, cost optimization and resiliency.
Asia's Leaders in Sustainable Finance
Standard Chartered Bank
ESG Navigator
Standard Chartered Bank
ESG Navigator
Standard Chartered has had a long commitment to Sustainable Finance, Social and Economic development across our business, operations and communities including achievement of net zero emissions. As part of this commitment, Standard Chartered Bank aims to deliver sustainable and responsible banking. The project ESG Navigator pioneers digital offerings and drives optimal efficiencies in ESG risk management for SCB CCIB business by leveraging heightened Data Analytics and Insights, AI/ML Tools and Techniques. The sustainability aspirations continue to provide a robust set of performance targets to support sustainable outcomes aligned to the UN sustainable development goals.
First Commercial Bank
Navigate to Insight, Synergize with Online- First Financial Geographic Intelligent Syst.
First Commercial Bank
Navigate to Insight, Synergize with Online- First Financial Geographic Intelligent Syst.
First Commercial Bank (FCB) has been actively promoting digital transformation and planning a series of digitalization blueprints. Different from other competitors, FCB applied digitalization thinking to corporate finance for the first time. On the basis of doorplate positioning and GIS technologies, the project coordinates three patented models with two business development modules, connecting internal and external data sources, integrating FCB cross departmental systems to build the First Financial Geographic Intelligent System (FFGIS). By actively implement the FFGIS to all branches in Taiwan, the success probability increased by 55%, assisting FCB to achieve the goal of corporate finance.
Facing the post-pandemic era and the wave of digitalization, FCB has been committed to coordinating technology with financial services to solve business pain points, optimize existing operating processes, and care for customers. In the future, FCB will continue to grasp the direction of financial development to achieve the target of sustainable development.
Asia's Most Resilient Bank
United Overseas Bank (UOB) Ltd.
AML Fraud Analytics Project - Money Mule Early Detection Model
United Overseas Bank (UOB) Ltd.
AML Fraud Analytics Project - Money Mule Early Detection Model
UOB was recognised for a solution called Money Mule Detection Model which was developed to strengthen digital banking security during a period when Singapore regulators, law enforcement agencies and consumers were on heightened alert due to ongoing and widespread scam and fraud threats. The solution applies a machine learning model to detect transactions used to consolidate and layer illicitly obtained funds, which is traditionally a highly-manual and time-consuming exercise. The predictive modelling analytics performed by the solution taps on known typologies and generates risk scores that provide early warning signals to help identify scams and to prevent fraud. The solution, developed and implemented within 100 days, was built solely using the Bank's internal Big Data technology and expertise. It screens the Bank's customer base on a daily basis for money mule, scam and fraud threats, while allowing for quick disposition of suspicious cases and escalation of true positives for further investigation and other rapid response measures.
Asia's Most Resilient Bank
E.SUN BANK
Technology Empowerment – A cognitive and comprehensive RegTech system
E.SUN BANK
Technology Empowerment – A cognitive and comprehensive RegTech system
E.SUN highly values the protection of customers’ assets, corporate social responsibility and sustainable operation. To strengthen our organizational resilience, detect and manage risk effectively, E.SUN Bank exploited cutting-edge technologies to the self-built anti-money laundering systems by risk-based approach. The technology-empowered systems compressively cover customer due diligence, name screening and transaction monitoring.
With big data analysis embedded in Name Screening System, 79% of false alert rate is reduced; with NLP and ML empowered Adverse Media Monitoring Platform, 77% workload in searching for news is saved; with fuzzy matching techniques in Anti-Fraud Module, the amount of blocked fraudulent transactions increases by 78%; with Gradient Boosting Decision Tree algorithm in Dummy Account Predicting Model, the ability to accurately identify dummy accounts increases by 43 times.
By adopting self-built method, E.SUN has higher flexibility in maintenance and adjustment of systems in accordance with practical needs, external regulatory obligation or changes in risks.
Asia's Most Resilient Insurer
Taiwan Life Insurance
Taiwan Life Insurance AI Platform
for Claims
Taiwan Life Insurance
Taiwan Life Insurance AI Platform
for Claims
As a subsidiary of CTBC Financial Holding Co., Ltd., Taiwan Life Insurance upholds CTBC’s service philosophy of “treating customers as family” and the brand spirit of “We are family.” Aiming to be the number one brand for insurance services among the Chinese-speaking world, in recent years, Taiwan Life Insurance has been committed to creating the most sensible experience and developing innovative services that can closely meet customer needs. By combining different types of claims applications and back-end optimization functions, Taiwan Life Insurance has established the AI Platform for Claims. The platform enables Taiwan Life Insurance to provide policyholders with multiple channels of claims application and submission services, as well as timely information to agents using integrated systems. The endeavor marks a new milestone for the digitalization of the insurance industry.
Most Innovative Bank in Asia
CTBC Bank
Emerging Commerce Collaboration
Model
CTBC Bank
Emerging Commerce Collaboration
Model
CTBC Bank, as Taiwan's first bank teamed up with social commerce and PropTech partners, leverages technology and service capabilities from both sides to create the synergy between banking and non-banking partners to accelerate digital innovation in the ecosystem.
To extend reach to those emerging micro and small enterprises (MSE) clients and build the engagement and selling opportunities, CTBC Bank expands solutions beyond pure financial services and have developed the modularized features, Account2Account (A2A) online Payment and Data-driven financial service, that can be integrated and deployed quickly with third-party service platforms.
By cooperating with emerging tech players in the ecosystem, CTBC Bank assists MSE clients to seize social commerce and rental business opportunities in local market and will extend to Southeast Asia region in the future. This is in-line with CTBC Bank’s digital innovation strategy by breaking through the boundary of traditional banking services, and it also strengthens the brand image of digital innovation.
Most Innovative Insurer in Asia
FWD Group
Microservices enabling Conversational Commerce within social media for Life Insurance
FWD Group
Microservices enabling Conversational Commerce within social media for Life Insurance
FWD worked with Meta Business Partner AiChat and built a Messenger-powered conversational experience, that would enable customers to get a mobile first, conversation first, end-to-end experience. This was then promoted with ads that directed to the Messenger platform, which created a seamless and frictionless customer journey for people to easily interact with FWD conversationally on platforms of their choosing.
Award Categories
Most Innovative Bank / Insurer in Asia
This award recognizes the FSI that has realized outstanding outcomes through the novel application of IT innovation, from the perspectives of both technology focus and business goal.
The winner demonstrates that the innovative solution fits into the context of the organization’s competitive positioning and overall business goal. The initiative should set the precedents in the use of technology to respond to the market need and the customer expectations, as well as demonstrate the effectiveness of implementation, with measurable immediate and long-term impacts on the business advantage.
Asia's Leaders in Infrastructure Modernization
This award recognizes the FSI that has transformed technology infrastructure to enable continuous innovations and deliver hyperpersonalized financial services in an agile and cost-effective manner. This transformation should highlight the accelerated speed to deliver new digital products and services, and the efficiency improvement from the modernized IT architecture, and demonstrate a future-proofing infrastructure that will allow the FSI to respond to the many changes upcoming in the future of financial services with agility, resiliency, and security.
The nominated projects of this category can fall into the following list of non-exclusive examples:
Cloud transformation: effective cloud adoption, migration and acceleration aligned with intended business benefits and the organization's future operating model
Core banking/insurance system abstraction and transformation
Data Infrastructure: Building a flexible data platform to provide a single source of truth
Open banking/Open APIs
Banking-as-a-service (BaaS)
Containers
DevOps
Asia's Leaders in Customer Engagement
Vast improvements of high-impact business processes in the leading organizations are designed and operated by positioning customer at the core. This award recognizes the FSI that achieves effective improvements in customer journeys, provides context-based customer experience with empathy at scale, and transforms customer-facing business processes that bring faster turnaround time (TAT) to serve customers and faster creation of new digital products and services based on the changing customer expectations.
The nominated projects of this category can fall into the following list of non-exclusive examples:
Mobile banking / insurance experience improvement
Big data analytics and Al based customer interactions
eKYC, customer onboarding that provide faster TAT and better experience
Digital payments, wallets
Omni-channel customer experience
Intelligent automation/Robotics based customer solutions
Contact center and customer service improvement lOTs
Asia's Most Resilient Bank / Insurer
Escalating IT spending associated with governance, risk and compliance (GRC) is expected in top Asia/Pacific financial institutions. This award recognizes the FSI that has established an effective framework of GRC management.
The framework should ensure the organization can withstand financial stresses from the macroeconomic environment, tackle the challenges of the rise of cyberattacks and data breaches in order to maintain customers' trust, address operational resilience to ensure compliance with the regulations, and respond to new types of risks of the time.
The nominated projects of this category can fall into the following list of non-exclusive examples:
Risk management platform
Data platform for risk management
Big data analytics and Al based solution for GRC
Asset liability management, stress testing
Cyber security management
Risk modeling management and model risk governance
Applications and solutions for risk management
Customer data rights, data protection, data privacy
Operational risk management
Asia's Leaders in Sustainable Finance
This award recognizes the FSI that has set its roadmap for ESG to provide sustainable financial services and track its progress towards these goals effectively. Financial institutions should demonstrate their ESG-related capabilities to operate as responsible and green business, bring to market products and services with sustainability in mind, and play a moderating part in funding sustainability to support the national goals.
The nominated projects of this category can demonstrate great and steady progress in the areas including:
Sustainable banking / insurance operations: green datacenters, retro-fitting of buildings (loT), digitalization of business processes
Creating sustainable products: green loans, incorporating sustainability to credit risk, climate stress test
Support of national goals: issuance of green bonds, helping clients manage transition risk, creation of pathways for transition for key industries
FIIA 2023 Awards Presentation
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Contact Us
If you have any questions/clarifications regarding the IDC Financial Insights Innovation Awards,
send us an email at: apfiia@idc.com