Becoming a Celent Model Bank: A Guide to Winning Celent’s Main Award for Financial Institutions

by Zilvinas Bareisis,  Daniel Latimore,  Bob Meara, September 1, 2015
Other
Global

Abstract

Would you or your clients like to win a Celent Model Bank award? Have you perhaps tried unsuccessfully in the past? Celent describes its Model Bank Award process and shares tips on crafting a compelling entry.

Beginning in 2008, Celent sought to identify and merchandise effective use of technology in banking as a means to foster investment in innovation. Model Bank, Celent’s marquee recognition, is awarded for best practices of technology usage in different areas critical to success in banking.

This is the first time Celent has published explicit and detailed advice on how to field a competitive entry. Why now?

“Model Bank has become a truly global programme,” says Zilvinas Bareisis, a senior analyst with Celent’s Banking practice and coauthor of the report. “We want to introduce the concept of Model Bank to financial institutions that may not be familiar with it; this report will help increase awareness.”

“There are some Model Bank process improvements in 2016,” adds Bob Meara, also a senior analyst and coauthor of the report. “We felt it was important to explain these changes to institutions that have a history with Celent Model Bank.”

“As the number of submissions grows, the quality inevitably becomes more variable,” says Dan Latimore, Senior Vice President with Celent’s Banking Group and coauthor of the report. “We want to offer tips on how to win a Model Bank award, provide transparency into what Celent is looking for when judging the nominations, and incorporate lessons from past submissions.”

This year Celent is accepting nominations in seven categories:

1. Omnichannel Banking.
2. Digital Banking Transformation.
3. Digital Payments and Cards.
4. Corporate Payments and Infrastructure Modernisation.
5. Cash Management and Trade Finance.
6. Security, Fraud, and Risk Management.
7. Legacy Transformation.

Please visit www.celentmodelbank.com and submit your initiatives by completing the nomination form before November 20, 2015. The winners will be notified in February 2016 and invited to accept the award at Celent’s Innovation and Insight Day in New York in April 2016.

This 32-page report contains 12 figures and five tables. In contrast to regular Celent reports, which are only available to institutions subscribing to Celent’s research services, this report is freely available for anyone to download on the web page hosting the 2016 nomination form.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

2

 

Key Questions

2

What Is Model Bank, And Why Should You Care?

3

 

Introduction to Celent Model Bank

3

 

Why Should You Care?

3

Model Bank 2016: Approach and Key Dates

6

 

Nominations

6

 

Judging

9

 

Results

9

 

Case Studies and Award Presentation

9

What Does It Take to Win a Model Bank Award?

10

 

Analysis of Winners to Date

10

 

Winning Tips: Key Success Factors

12

 

Celent Values

14

Appendix A: Model Bank Winners to Date

16

Appendix B: Example Case Study

20

 

BBVA Wallet

20

Leveraging Celent’s Expertise

27

 

Support for Financial Institutions

27

 

Support for Vendors

27

Related Celent Research

28

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