In the ever-evolving landscape of finance, the Global Retail Banking Innovations Awards (GRBIA) serve as a platform to recognize and celebrate the pioneering organizations that are reshaping the industry across various sectors.
This esteemed recognition platform celebrates and honors the outstanding achievements and innovative endeavours within the retail banking sector worldwide. The awards given are designed to acknowledge and showcase the organizations that have demonstrated exceptional levels of creativity, forward thinking strategies, and transformative approaches to reshape the future of retail banking.
In this article, we will delve into the criteria used in GRBIA and the key industries that get to benefit from all the banking innovations.
What are the Criteria for Judging in GRBIA 2023?
Let’s see how the judging panel at GRBIA came up with their judging process before announcing the winners. With co-judges from KPMG, EY, PWC, Deloitte, Forrester and other instrumental subject matter experts, the following are the criteria for judging:
- Innovation
- Degree of automation in client-facing processes.
- Connectivity of APIs within a larger digital ecosystem.
- Intensity of omni-channel integration.
- New initiative time-to-market and IT infrastructure agility.
- Frameworks for digital safety and security.
- Engagement
- YoY growth in active users and the incremental influence of customers who are active online.
- Acquired market share in the desired customer segment or segments.
- Utilizing cutting-edge technologies to provide customers with cross-platform service.
- Constant and real-time customer support and guidance via a variety of media regarding digital usage.
- Working together with platforms, ecosystems, and strategic partners.
- Personalization
- Customization level and integrated features for optionality
- Tools for personal financial management and wealth enhancement.
- Harmonization with the lifecycle and profile of customers.
- Self-service and do-it-yourself features.
- User Experience
- Customer satisfaction rating for online banking.
- Net Promoter Rating for online banking platforms.
- The bank application’s rating on Apple iOS and Google Play Store.
- Capabilities for business intelligence and market awareness.
- Contextualized and intuitive user-centered user interface design.
Industry experts, thought leaders, and a panel of experienced professionals carefully evaluate a pool of candidates based on the criteria mentioned above. Through a rigorous evaluation process, the experts determine which candidate truly embodies innovation and exemplifies the best retail banking practices.
Industries that Benefit from these Banking Innovators
Recognizing the banking innovators in GRBIA 2023 is important as it helps in encouraging them to further embrace technological breakthroughs and streamline their processes.
By doing so, various sectors and industries acquire substantial benefits and transforming businesses within their industries on how they operate. Here are some of the key industries that have experienced significant advantages from banking innovations:
E-Commerce and Gaming
These two industries have witnessed significant transformations with the advent of banking innovations.
With the advent of secure online payment gateways, businesses can now provide convenient and frictionless purchasing experiences to customers. Integration of mobile payment solutions such as digital wallets and contactless payments has increased consumer confidence and accelerated transactions.
Another remarkable advancement in the gaming industry is the emergence of casinos accepting low minimum deposits, providing players with the opportunity to indulge in the thrill of gambling at a more accessible level. With the help of banking institutions, gamers get to enjoy diverse financial credit options making it more accessible for a lot of players who have smaller budgets or prefer to test the waters before committing larger amounts of money.
Healthcare and Insurance
Another industry that gets to enjoy significant banking innovations is the healthcare and insurance industry.
Streamlined payment processing systems have simplified medical billing, reducing administrative complexities and improving the overall patient experience. Electronic health records (EHR) integration with banking platforms enables seamless claims processing and faster reimbursements for healthcare providers.
Additionally, innovations like blockchain technology enhance data security, fraud prevention, and enable transparent and efficient claims management.
Transportation and Logistics
The transportation and logistics sectors have greatly benefited from banking innovations, particularly in terms of payment systems and financing options.
Seamless integration of mobile payment solutions in ride-hailing apps and contactless card payments in public transportation have enhanced the commuter experience. Banking innovations have also facilitated efficient supply chain financing, allowing logistics operators to access working capital and manage cash flow.
Digital platforms for freight forwarding and cargo tracking have enabled real-time shipment monitoring and optimized logistics processes.
Real Estate and Property Management
Lastly, the real estate industry has also experienced the positive impact of banking innovations.
Digital escrow services facilitate secure and efficient real estate transactions, eliminating the need for physical paperwork and reducing the risk of fraudulent activities. Online property management solutions enable landlords and property managers to collect rent, manage expenses, and handle maintenance requests electronically.
Moreover, digital mortgage services and online property listings have simplified property buying, selling, and investment processes, leading to increased market transparency and convenience.
Banking, Finance, and their Innovations Moving Forward
Banking innovations have truly revolutionized the financial landscape, bringing forth a new era of convenience, efficiency, and accessibility.
Through the adoption of technological advancements, financial institutions have played a vital role in incorporating these innovations into their systems, leading to enhanced customer experiences and streamlined operations.
From the introduction of mobile banking applications and digital wallets to the implementation of artificial intelligence and blockchain technology, various institutions have embraced these innovations to stay competitive in the industry which is why it is important to continuously laud them through a recognition platform such as GRBIA to motivate them to further accelerate the introduction of innovations facilitating financial inclusion and economic growth.
In today’s rapidly evolving digital landscape, banking organizations that recognize and capitalize on the potential of digital transformation will undoubtedly thrive and emerge as industry leaders.
Keep an eye out for pioneering organizations that receive recognition in GRBIA, as they are paving the way for a financial ecosystem that is not only more inclusive and efficient but also highly interconnected.
