Celent Model Bank 2017: Celebrating 10 Years of Model Bank

by Zilvinas Bareisis, April 14, 2017
Case Studies
Global
Banking > Payments > Payments
Banking > Payments > B2B Payments
Banking > Payments > Cards (credit, debit, prepaid, commercial)
Banking > Payments > E-commerce Payments
Banking > Payments > Mobile Banking and Payments
Banking > Payments > Payment Infrastructures (interbank)
Banking > Payments > Payment Processing
Banking > Payments > Payments - Multi-Discipline
Banking > Retail and Business Banking > Account Aggregation
Banking > Retail and Business Banking > ATMs
Banking > Retail and Business Banking > Banking Strategies and IT Opportunities
Banking > Retail and Business Banking > Basel II
Banking > Retail and Business Banking > Biometrics
Banking > Retail and Business Banking > Branch Delivery
Banking > Retail and Business Banking > Case Studies
Banking > Retail and Business Banking > Checks
Banking > Retail and Business Banking > Compliance and Regulatory
Banking > Retail and Business Banking > Core Systems
Banking > Retail and Business Banking > Credit Cards
Banking > Retail and Business Banking > Customer Relationship Management
Banking > Retail and Business Banking > EBPP
Banking > Retail and Business Banking > Internet Banking
Banking > Retail and Business Banking > IT Spending
Banking > Retail and Business Banking > Lending
Banking > Retail and Business Banking > Miscellaneous
Banking > Retail and Business Banking > Mortgage
Banking > Retail and Business Banking > Payments
Banking > Retail and Business Banking > Privacy
Banking > Retail and Business Banking > Risk Management
Banking > Retail and Business Banking > Security and Fraud
Banking > Retail and Business Banking > Self-Service
Banking > Retail and Business Banking > Vendor Solutions
Banking > Retail and Business Banking > Wealth Management
Banking > Retail and Business Banking > Wireless
Banking > Retail and Business Banking > Cash and ATMs
Banking > Retail and Business Banking > Checks and RDC
Banking > Retail and Business Banking > Personal Financial Management
Banking > Retail and Business Banking > Cards
Banking > Retail and Business Banking > E-commerce payments
Banking > Retail and Business Banking > Payment infrastructures
Banking > Retail and Business Banking > Payment processing
Banking > Retail and Business Banking > B2B payments
Banking > Retail and Business Banking > Cash Management
Banking > Retail and Business Banking > Liquidity Management
Banking > Retail and Business Banking > Trade Finance
Banking > Retail and Business Banking > Treasury
Banking > Retail and Business Banking > Architecture/SOA
Banking > Retail and Business Banking > Sourcing
Banking > Retail and Business Banking > Social Media
Banking > Retail and Business Banking > Other
Banking > Retail and Business Banking > Mobile Banking and Payments
Banking > Retail and Business Banking > Core Banking
Banking > Retail and Business Banking > General
Banking > Retail Banking
Banking > Corporate Banking > Basel II
Banking > Corporate Banking > Biometrics
Banking > Corporate Banking > Case Studies
Banking > Corporate Banking > Cash Management
Banking > Corporate Banking > Checks
Banking > Corporate Banking > Commercial Lending
Banking > Corporate Banking > Commercial Mortgage Backed Securities
Banking > Corporate Banking > Core Systems
Banking > Corporate Banking > Credit Cards
Banking > Corporate Banking > Custody
Banking > Corporate Banking > Customer Relationship Management
Banking > Corporate Banking > EBPP
Banking > Corporate Banking > Foreign Exchange
Banking > Corporate Banking > Internet Banking
Banking > Corporate Banking > IT Spending
Banking > Corporate Banking > Lending
Banking > Corporate Banking > Miscellaneous
Banking > Corporate Banking > Mortgage
Banking > Corporate Banking > Payments
Banking > Corporate Banking > Regulation
Banking > Corporate Banking > Risk Management
Banking > Corporate Banking > ROI
Banking > Corporate Banking > Secondary Trading
Banking > Corporate Banking > Small Business
Banking > Corporate Banking > Trade Finance
Banking > Corporate Banking > Vendor Solutions
Banking > Corporate Banking > Wholesale Banking
Banking > Corporate Banking > Branch Delivery
Banking > Corporate Banking > Cash and ATMs
Banking > Corporate Banking > Checks and RDC
Banking > Corporate Banking > Mobile Banking and Payments
Banking > Corporate Banking > Personal Financial Management
Banking > Corporate Banking > Cards
Banking > Corporate Banking > E-commerce payments
Banking > Corporate Banking > Payment infrastructures
Banking > Corporate Banking > Payment processing
Banking > Corporate Banking > B2B payments
Banking > Corporate Banking > Core Banking
Banking > Corporate Banking > Liquidity Management
Banking > Corporate Banking > Treasury
Banking > Corporate Banking > Architecture/SOA
Banking > Corporate Banking > Security and Fraud
Banking > Corporate Banking > Sourcing
Banking > Corporate Banking > Social Media
Banking > Corporate Banking > Other
Banking > Corporate Banking > General
Banking > Healthcare Banking > Healthcare Banking
Banking > Internet Banking > Cash Management
Banking > Internet Banking > E-Commerce Payments
Banking > Internet Banking > Internet Banking
Banking > Internet Banking > Social Media
Banking > Mobile Banking > Mobile Banking and Payments
Banking > Mobile Banking > Personal Financial Management
Banking > Distributed Capture & Imaging > Checks and RDC
Banking > Branch > Branch Delivery
Banking > Branch > Customer Relationship Management

Abstract

While Celent’s vision of Model Bank remains constant, much has changed over ten years. We look back at the history of Model Bank and its evolution, then provide an overview of Model Bank 2017: the nominations, the content themes, and, of course, the winners.

Model Bank is the main award that a financial institution (FI) can win from Celent. It is available to retail and commercial banks, credit unions, thrifts, and card issuers globally. The original vision of the Model Bank program was to try to answer a set of questions:

  • What would it look like for a bank to do everything right with today’s technology?
  • What are some best practices and measurable business results of technology projects?
  • What can other banks learn from these initiatives?

While the vision remained the same, much has changed over 10 years. This report looks back at the history of Model Bank and how it has evolved. However, the main purpose of this report is to provide an overview of Model Bank 2017: the nominations, the content themes, and, of course, the winners. 

  Model Bank Programme Has Changed Significantly in 10 Years

Contrary to our approach in recent years, in 2017 we introduced specific named Model Bank awards with only a single winner for each award. Consequently, this report reviews the content themes dominant across all nominations, but has no detailed case studies. Instead, each case study is published as a separate report and available by clicking on the corresponding links from this page.

After long deliberations, the judging panel decided to recognize 21 initiatives as winners of the Model Bank 2017 awards, and they are listed in Table 1.

Table 1: Celent Model Bank 2017 Awards and Winners

Award

Winner

Initiative

Consumer Digital Platform

Banco Original, Brazil

Open Banking Initiative

Consumer Banking Channel Innovation

Mizuho Financial Group, Japan

Enhancing Customer Experience via AI and Social Media

Emerging Technology for Consumers

Alior Bank S.A., Poland

Dronn Agent: The Virtual Advisor

Product Innovation

Radius Bank, USA

Becoming a Virtual Bank

Branch Transformation

Millennium BCP, Portugal

Customer Branch Experience 2.0

Employee Productivity

The Royal Bank of Scotland, UK

Facebook Workplace Implementation

Fraud Management and Cybersecurity

IndusInd Bank, India

Growing Revenue While Managing Fraud

Risk Management

Bank of America, USA

In Pursuit of Operational Risk and Compliance Excellence

Process Automation

BMO Bank of Montreal, Canada

Digital Transformation in Personal Banking

Payments Product

YES BANK, India

API Banking

Payments Replatforming

Credit Suisse AG, Switzerland

Global Payments Program

Banking as a Platform

CBW Bank, USA

Leveraging Modern APIs

Small Business Digital Platform

Idea Bank S.A., Poland

Idea Cloud

Corporate Banking Digital Platform

FGB, UAE

FGBOnline Connected corporate banking

Emerging Technology for Businesses

Capital One, USA

Natural Language Search –
Intellix Mobile

Lending Product

DenizBank, Turkey

Fast Loan for SMEs

Open Banking

Citi, USA

CitiConnect API

Most Promising Proof-of-Concept

Emirates NBD and ICICI Bank, India and UAE

Blockchain Pilot Network

Core Banking Transformation

National Australia Bank, Australia

Personal Banking Origination Platform

Banking in the Cloud

OakNorth Bank, UK

Core Banking in the Cloud

Financial Inclusion

 India Post, India

Banking System Modernization

In addition, we again recognize one financial institution as our Model Bank of the Year. We are pleased to announce CaixaBank, Spain as Celent Model Bank of the Year 2017.

“The record number of the highest quality submissions again this year is a testament to the pace of change in the banking industry,” says Zilvinas Bareisis, a senior analyst with Celent’s Banking practice and the author of the report. “Each of the 21 Model Bank award winners and Model Bank of the Year stood out from the crowd for their innovation, and the difficulty of the task at hand, and they demonstrable business benefits.”

This 30-page report contains 15 figures and two tables. 

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

Introduction

1

 

Key Research Questions

1

Model Bank: Yesterday and Today

2

 

Nominations

2

 

Evaluation

4

 

Awards

7

 

Outputs

10

A Review of Model Bank 2017 Content Themes

12

 

Consumer Experience

12

 

Small Business and Corporate Banking

13

 

The Enduring Importance of Physical Assets

14

 

Products

16

 

Payments

17

 

Operations and Risk Management

17

 

Legacy Transformation

18

 

Emerging Innovation

18

Celent Model Bank 2017 Awards and Winners

20

Leveraging Celent’s Expertise

24

 

Support for Financial Institutions

24

 

Support for Vendors

24

Related Celent Research

25

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