OUR EVALUATION CRITERIA
The following are our core “Belief Statements” for each of the awards in this category. Each Belief Statement can be broken down into its elements, which are in turn made up of the quantifiable data that we look for in our audit document and interviews.
All our scorecards are based on a belief statement that encapsulates all the dimensions required to run this programme well. This belief statement is then broken down into components and then set out by identifying quantifiable performance indicators that we can use as proxy to evaluate your institution's achievements.
The questions that we ask in the subsequent pages related to the completion of the scorecard will also give us a good overview of your businesses at the micro-level in your country, at the market level between your competitors and at the street level inside your organisation.
These are then published in selecting the winners as a form of transparent assessment, that can also be used to discuss the basis from which we arrive at our conclusion. These insights are also used to benchmark players and discover GAP analysis in future assessments.
We believe that the best retail bank is based on the premise that demonstrates a long-term sustainable franchise, based on strong business processes that leads to a consistent and profitable performance. It recognises financial institutions for their vision, execution and market leading propositions that make a positive impact to their business and the local consumers.
This belief statement is then broken down into components and then set out by identifying quantifiable data that we can use as proxy to evaluate your institution's achievements.
The Excellence Scorecard is used to evaluate financial institutions for both country and regional basis for the Excellence in Retail Financial Services Programme. It is the backbone of the evaluation process and was developed with an eye on one of the key objectives of the programme, which is to create an instrument that is accepted by the player in the retail financial services industry as a viable, objective and representative measure of an institution's performance across multiple areas.
In our assessment of best retail banks, the following are the factors that we look at and the percentage we give to each of them. We exclude the SME banking and the private banking business in the key performance indicators
Evaluation Scorecard for The Best Retail Bank:
| Dimension | What we want to see | Weight | Indicator |
|---|---|---|---|
| Consistent Financial Performance | We want to see sustainable growth, profitability but not at the expense of good management of costs | 15% |
|
|
Corporate Strategy |
We want to see the ability to articulate a strategy to which we are able to connect the quantifiable performance figures to a long term and achievable story | 15% |
|
|
Digital Journey |
We will assess where your institution is in the digital journey | 15% |
|
| Brand | We want to assess the brand promise that your institution enjoys in your marketplace. | 10% |
|
| Sales Capability | We want to see how large, powerful and organised your sales capability is | 10% |
|
|
Customer Experience |
We want to know if your customers love you more than your competitor through their experiences of basic services | 10% |
|
| Process and Technology | We want to know that your technology infrastructure is keeping up with the times by your ability to respond to competition quickly | 10% |
|
| Risk Management | The ability to take on risks and price them in a managed manner. | 5% |
|
| People and Organisation | We want to know if you have a mixture of incumbent and new blood in the organisation and how resourceful you are deploying your personnel | 5% |
|
| Achievement in Year under Review | State to us the achievements in your retail business in the year under review that has not been captured in the static data above | 5% |
|
| Source: The Asian Banker | |||
| To access the retail bank ranking click here | |||
We believe that the best digital banking service by commercial banks has demonstrated exceptional effort and mastery in the industry by going beyond digitising products, and services, while also transforming the entire franchise through focus on organisational agility and simplification, brand equity, and overall consumer experience.
This belief statement is broken down into components and then set out by identifying quantifiable performance indicators that we can use as proxy to evaluate your institution's achievements.
In our assessment of the best digital banking services by commercial banks, the following are the dimensions that we look at, the indicators that define those dimensions, and the percentage we give to each of these dimensions.
Evaluation Scorecard for The Best Digital Banking Service:
| Dimension | What we want to see | Weight | Indicator |
|---|---|---|---|
| Digital Transformation Journey | We want to see the ability to articulate a digital journey strategy to which we are able to connect the quantifiable performance figures to a long term and achievable digital story | 15% |
|
|
Financial Performance |
We want to see sustainable growth, profitability but not at the expense of good management of costs | 20% |
|
|
Digital Customer |
We want to see how fast you were able to scale up your digital customer base and how digitally engaged they are | 10% |
|
| Digital Brand | We want to assess the digital brand promise that your institution enjoys in your marketplace. | 10% |
|
| Digital Sales Capability | We want to see how large, powerful your digital sales capability is | 10% |
|
|
Open Banking Capabilties |
We want to see whether you can collaborate well with other ecosystem players | 10% |
|
| Big Data | We want to see the big data capabilities and how this gives you a competitive edge in today's market place | 10% |
|
| Technology and Processes | We want to know that your technology infrastructure has the ability to respond to competition quickly | 10% |
|
| Achievement in Year under Review | State to us the digital achievements in your retail business in the year under review that has not been captured in the static data above | 5% |
|
| Source: The Asian Banker | |||
We believe that the best digital-only banks not only grow their user base to scale, but offer a broad scope of products and services, have a clear path to profitability and have a balanced loan and deposit growth. They are also able to continuously attract VC funding from the investor community.
This category focuses on the first and second generation digital-only banks that operate independently of traditional commercial banks and offer a unique virtual customer experience.
We also include digital banks that have very limited physical outlets or hubs. The differentiation to traditional banks is that the physical location is integral to the experience of its digital users, are non-transactional and do not serve non-digital customers. We also include digital banking services of commercial banks only if they are stand-alone operations or subsidiaries. While majority owned by commercial banks, this type of digital banks has separate brands, onboarding processes, products and services that are designed only for their unique users/customers and are not available to other customers of their parent banks. This is different from mobile digital banking apps which can be used by all customers of the parent banks.
In our assessment of the best digital-only banks, the following are the dimensions that we look at, the indicators that define those dimensions, and the percentage we give to each of these dimensions.
Evaluation Scorecard for The Best Digital-Only Bank:
| Dimension | What we want to see | Weight | Indicator |
|---|---|---|---|
| Customer | We want to see whether you can scale your customer base | 30% |
|
|
Coverage |
We want to know your market coverage and product scope | 10% |
|
|
Financials |
We want to see whether you are profitable and able to generate strong top line growth | 30% |
|
| Balance sheet | We want to see a balanced book | 20% |
|
| Funding | We want to see a srong investor commitment or regsistered capital base | 10% |
|
| Source: The Asian Banker | |||
| For the global top100 digital-only banks ranking click here | |||
We believe that the best SME Bank brings the full suite of solutions across the banks franchise to serve the needs of medium and small enterprises in regards to core financial needs, stakeholder needs of owners and employees, and offers flexible financing options across the entire lifecycle needs of the business. This is supported by well-defined value propositions around each industry vertical, digitisation of the bank’s processes and financing options, and a strong relationship banking approach in the larger enterprise segment to create best in class customer engagement. Leading banks offer not only increasingly an integrated product and service platform which enables their clients to create additional value by helping their business grow and lowering their operational cost, but also help a growing portion of their clients to expand in regional and overseas markets.
This belief statement is broken down into components and then set out by identifying quantifiable performance indicators that we can use as proxy to evaluate your institution's achievements.
In our assessment of Best SME Bank, the following are the dimensions that we look at, the indicators that define those dimensions, and the percentage we give to each of these dimensions.
Evaluation Scorecard for The Best SME Bank:
| Dimension | What we want to see | Weight | Indicator |
|---|---|---|---|
| Organisation | We want to know how strong SME banking is in your financial institution. | 20% |
|
|
Customer |
We want to know if your customers value you more than your competitor through their experiences of basic services. | 20% |
|
|
Financial Performance |
We want to see whether the ability to articulate a coherent strategy can be connected to quantifiable performance figures to a long term and achievable story. | 20% |
|
| Risk | The ability to take on risks and price them in a managed manner. | 15% |
|
| Technology and Operations | We want to know that your technology infrastructure is keeping up with the times. | 15% |
|
| Achievement in Year under Review | State to us any achievement in the year under review that has not been captured in the above dimensions. | 10% |
|
| Source: The Asian Banker | |||
We believe that wealth management is defined by the total size and type of assets under management, the ability to convert strong relationship management capabilities to sell proprietary and third-party products and services, and the ability to capture a sizeable wallet-share of the affluent customer with investible assets between $100K-$700K depending on markets and supported by a well-branded service and technological capability to execute. Wealth management is defined as business from the affluent segment. It does not include private banking and the emerging affluent segment.
This belief statement is broken down into components and then set out by identifying quantifiable performance indicators that we can use as proxy to evaluate your institution's achievements.
In our assessment of Best Wealth Management Bank, the following are the dimensions that we look at, the indicators that define those dimensions, and the percentage we give to each of these dimensions.
Evaluation Scorecard for The Best Wealth Management Bank:
| Dimension | What we want to see | Weight | Indicator |
|---|---|---|---|
| Business Strategy | We want to know whether a coherent wealth strategy can be formulated. | 20% |
|
|
Asset under Management |
We want to see whether you are a strong wealth management player in your market | 20% |
|
|
Financial Performance |
We want to see sustainable growth, profitability but not at the expense of good management of costs | 15% |
|
| Customer | We want to know if your customers value you more than your competitor through their experiences of wealth management services. | 15% |
|
| Advisory and Data Support | We want to know how much progress you made from a product to an advisory centric business model | 20% |
|
| Sales Management | We want to know your sales capabilities | 10% |
|
| Source: The Asian Banker | |||
THE RETAIL FINANCE PRODUCT AND PROCESS AWARDS
We believe that successful asset management is defined by the delivery of healthy investment returns, personalised to customer needs, allowing for the transparency of investment activity and product information.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Market strength | 20% | Net asset value NAV ($) |
| YoY growth in NAV | ||
| Market share (%) | ||
| Share price ($) | ||
| Customers | 20% | Accounts gained (#) |
| Fee/NAV (%) | ||
| Share price/NAV | ||
| Digital & Innovation | 10% | Advisory and service innovation |
| Technology intensity | ||
| Advisory and Data Support | 20% | Advisory conflict |
| NPS or Bankquality | ||
| Data support (#) | ||
| Sales | 10% | Revenue contribution |
| RM productivity | ||
| Digital sales | ||
| # of trust categories | ||
| Financial Performance | 20% | ROE |
| Cost |
We believe that leaders in the automobile finance business are defined by their distribution model, be it direct or agency driven, and the capability to acquire customers through market leading turnaround time and quality service, and whose assets demonstrate strong risk management over several market cycles.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 20% | Uniqueness of product submitted |
| Contribution to car loans (%) | ||
| Digital initiatives (#) | ||
| Ecosystem progress | ||
| Customers | 15% | NPS or Bankquality |
| Product penetration | ||
| Total cars (new+ used) financed (#) | ||
| YoY growth of # of total cars financed | ||
| Financial Performance | 20% | CIR (entire business) |
| ROA (entire business) | ||
| Revenue CAGR (entire business) | ||
| Market | 15% | Size of total car loan business |
| YoY growth in balances (entire business) | ||
| M/S number of cars financed (new and used cars) | ||
| M/S in outstanding balances | ||
| Risk | 15% | NPL (entire business) |
| Revenue-cost/ loan impairment | ||
| Operations & Processes | 15% | Digital on-boarding (%) |
| Degree of automation |
We believe that customer centric retail finance institutions are motivated to create relevant and impactful customer experience around lifestyle, family, business and other need above and beyond financial services that deepen long term engagement
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Beyond Banking Platform | 40% | Potential user size (#) |
| Actual customer size tapped into (%) | ||
| Customer experience | ||
| Strategic role of FI | ||
| service coverage | ||
| Infrastructure | 20% | IT design choice |
| API developer platform | ||
| $ spent to built this ecosystem initiative to date | ||
| Business Impact | 40% | Direct sales |
| Lead generation | ||
| Recurring fees | ||
| Data monetisation |
We believe that consumer finance is a highly effective entry-level customer acquisition platform of retail customers as well as merchant partners to facilitate purchase and consumption of products and services. It is successful when a percentage of customers bring on board their re-current and long-term revolving credit, deposits and consumer finance relationship with low delinquency costs.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 25% | Uniqueness of product submitted |
| Contribution to incremental personal loans (%) | ||
| Digital initiatives (#) | ||
| Ecosystem progress | ||
| Customer | 25% | Clean loan offerings (Y/N) |
| Customer penetration (%) | ||
| Customers availing of pre approved offers (%) | ||
| Flexibility of loan tenure | ||
| Penalty fee (Y/N) | ||
| Financial Performance | 15% | CIR |
| ROA | ||
| Contribution to income (%) | ||
| Market | 15% | Size of outstanding balances |
| Contribution to total retail loans | ||
| Customers availing of pre approved offers (%) | ||
| YoY growth (%) of balances | ||
| Market share (%) | ||
| Risk | 15% | Delinquency rates 30 days ++ (%) |
| Failed repayments (%) | ||
| Operations & Processes | 10% | Size of outstanding balances |
| Digital (%) | ||
| Error rates (%) |
We believe that credit cards are highly effective customer acquisition platforms that must demonstrate the ability to convert its base into sticky and active users with low delinquency, supported by a robust analytics-based marketing and loyalty programme.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 25% | Uniqueness of product submitted |
| Contribution to incremental card growth(%) | ||
| Contribution to incremental outstanding balances (%) | ||
| Digital initiatives (#) | ||
| Ecosystem journey | ||
| Customer | 25% | Number of cards in portfolio |
| Active rate (%) for this card | ||
| NPS score | ||
| Bankquality | ||
| Personalisation of rewards segment | ||
| Instant instalment conversion (y/n) | ||
| Instant auto redemption (y/n) | ||
| Card locking on app possible (y/n) | ||
| Financial Performance | 15% | CIR (portfolio) |
| ROE ( for this card) | ||
| ROE (for total cc business) | ||
| Fee income (portfolio) | ||
| Market | 10% | YoY growth (%) – entire business |
| CIF (for this card) | ||
| M/S transaction volume (%) for entire business | ||
| Risk | 15% | Delinquency rates 30 days ++ (%) for this card |
| Failed repayments (%) for this card | ||
| Operations & Processes | 10% | Digitally sourced (%) for this card |
| Automation (%) for this card |
We believe that remittance services require the execution of large volumes of instantaneous global transfers for low value transactions at the lowest possible per transaction cost that is passed on as a value proposition to the largest number of customers possible.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 25% | Uniqueness of product submitted |
| Product impact on business | ||
| Digital initiatives (#) | ||
| Digital ecosystem | ||
| Customer | 25% | # of registered accounts |
| NPS score | ||
| TAB Bankquality | ||
| % of pay out is digital | ||
| % of outward remittances are digital | ||
| % of funds credited to the FIs account | ||
| Financial Performance | 25% | CIR |
| Fee income growth | ||
| Contribution of fee income to total retail fee income | ||
| Revenue growth | ||
| Market | 25% | Average monthly transaction value (inward) |
| M/S of annual txn value (inward) | ||
| Average monthly transaction volume (inward) | ||
| Global remittance partners | ||
| Fintech partnerships | ||
| Number of physical pay out agents/stations in the country |
We believe that the deposits business is a demonstration of an insitution's strength in terms of franchise and retail distribution channels, as well as its proximity to customers and their ability to effectivelly sell a wide range of new and existing products in the local marketplace.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 25% | Uniqueness of product submitted |
| Deposits ($) collected | ||
| Digital portion(%) | ||
| Portion to total retail deposits collected | ||
| Ecosystem Journey | ||
| Customer | 20% | % salary based savings account |
| Total retail deposits/branches | ||
| % low cost deposits | ||
| Digital savings programmes | ||
| Market | 20% | Retail deposit size |
| YoY growth of retail deposits | ||
| Market share (%) | ||
| LDR (%) | ||
| Yield | 20% | Product net interest margin (%) |
| Cost | 15% | Average acquisition cost/ customer |
We believe that a digital wallet should allow customers to top up, receive, transfer funds and make digital payment transactions from the widest range of choices that is ubiquitous, seamless, instant and secure, 24 X 7, peer-to-peer, and interoperates between different systems.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Organisation | 10% | Number of years in operation (#) |
| Coverage (#) | ||
| Type of financial license | ||
| Customer | 20% | Total registered users (#) each in the last three years |
| Active users (MAU) % | ||
| Total financial services offered (#) | ||
| Payments services offered (#) | ||
| NPS or Bankquality | ||
| Android/Apple rating | ||
| Portion of users participating in monetizable actions % | ||
| Market | 20% | M/S Value of transactions (%) |
| M/S Volume of transactions (%) | ||
| Financial Performance | 20% | Profitable (Y/N) |
| Revenue growth (%) | ||
| Average revenue per user per annum | ||
| Ecosystems | 20% | Number of partnerships with FIs (#) |
| Ecosystems built or tapped into (#) | ||
| Number of merchants (#) | ||
| Number of bank partnes | ||
| Technology & Operations | 10% | % of open systems are in cloud |
We believe that a successful financial asset/market trading product facilitates the efficient processing of investor transactions, providing price transparency and cheaper trade execution. Market access and connectivity is enabled through use of streamlined trading functionality, advanced
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Market strength | 20% | Net asset value NAV ($) |
| YoY growth in NAV | ||
| Share price ($) | ||
| Customer | 20% | Accounts gained (#) |
| Fee/NAV (%) | ||
| Share price/NAV | ||
| Digital & Innovation | 10% | Advisory and service innovation |
| Technology intensity | ||
| Advisory and Data Support | 20% | Advisory conflict |
| NPS or Bankquality | ||
| Data support (#) | ||
| Sales | 15% | Revenue contribution |
| RM productivity | ||
| Digital sales | ||
| # of trust categories | ||
| Financial Performance | 20% | ROE |
| Cost |
We believe that an effective financial planning service is designed to aggregate the total financial assets and liabilities of the customer from different accounts and institutions to facilitate an accurate and comprehensive view and enable timely decision for savings, borrowing, investing and protection needs without pushing of specific products and/or institutions to meet the need.
| Dimension | Weight | Indicator/Ratio | Description | Scoring |
|---|---|---|---|---|
| Market strength | 20% | Financial planning as core business | Is the Fis core business financial planning only (10) or also selling of investment products (3) | 5/10 |
| Scope of financial planning services | # of areas financial planning is applied to ( service areas and product classes offered) ¹ | 0-10 | ||
| Core expertise within financial planning | Has the FI clearly articulated what is its core expertise is in financial planning? | 5/10 | ||
| Key initiatives | Key initiatives implemented that enhanced the quality of financial planning or customer experience | 0-10 | ||
| Customer | 25% | (Number of serviced clients (#)) | # | |
| Growth in serviced clients in this year yoy (%) | % | |||
| Minimum account balances to be held per client ($) | What is the minimum account balance a client must hold | |||
| Annual service fee per account (%) | Highest management fees to be paid (usually tiered please check) for minimum acc balances | |||
| Set up or on-boarding fee $ | $ | |||
| Fund expense ratio (%) | % | |||
| Offering a savings or checking account (y/n) | Y/N | |||
| Two way sweep available (y/n) ² | Y/N | |||
| Customer service support | What kind of customer service support offered | |||
| Financial Performance | 20% | Net asset value ($) | Net asset value of client pool (if applicable) in $ | |
| Net asset value YoY growth | YoY growth | |||
| Fee income growth yoy (%) | YoY growth | |||
| Financial planning | 25% | Are financial planners compensated via commission or salaried? | # and % of them are fiduciaries – score derived by dividing number of clients through planners | |
| Are financial planners compensated via commission or salaried? | If salary based its 10 scores if commission based or a mix of comm/salary it’s a 0 score | |||
| Customised financial planning | Can firm advise and create a custom portfolio for a variety of situations (retirement, college etc) | |||
| Dedicated advisor versus advisory team | At which balance client gets a dedicated advisor (instead of team) | |||
| Relationship manager NSP score | NPS | |||
| Access to financial advisors | Do the clients have direct access via mobile/phone/internet to financial advisors Y/N and can clients make limited or unlimited calls per month? And is this free of charge? | |||
| Automated re-balancing of portfolio (y/n) | Automated rebalancing by monitoring daily. Buy/sell rebalancing triggered whenever portfolio drifts, reaches or exceeds a certain %. | |||
| Market | 10% | Company known for its financial planning (Y/N) | Is this a company known for financial planning services in this market Y/N | 3/5 |
| Any other achievement in the year under review | An achievement that made an impact on the business | 0/3/5 |
(1) List all of them e.g. brokerage services, retirement planning, social security optimization, dynamic spending, tax efficiency, long-term care and medical costs, high-level guidance on estate planning, charitable giving, and trust services etc
(2) Two-Way Sweep feature will move any unused money — that is, money that its cash analysis tool sees as excess, based on your regular spending — into your savings. It also can move cash back to your bank account when your balance runs low. You can change the target balance for your linked checking, and Betterment sends an alert before making a sweep, which gives you the opportunity to cancel if you like.
We believe that a successful financial and investment trust product must enable the clear segregation and protection of financial assets for the beneficiares, meet the investment growth and yield of the settlor, with regular reporting of performance and offering access to a diversified range of investments, with a clear and transparent fee structure.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Market strength | 20% | Net asset value NAV ($) |
| YoY growth in NAV | ||
| Market share (%) | ||
| Share price ($) | ||
| Customer | 20% | Accounts gained (#) |
| Fee/NAV (%) | ||
| Share price/NAV | ||
| Digital & Innovation | 10% | Advisory and service innovation |
| Technology intensity | ||
| Advisory and Data Support | 20% | Advisory conflict |
| NPS or Bankquality | ||
| Data support (#) | ||
| Sales | 10% | Revenue contribution |
| RM productivity | ||
| Digital sales | ||
| # of trust categories | ||
| Financial Performance | 20% | ROE |
| Cost |
We believe that a foreign exchange sefvice must offer market competitive and transparent rates, ease of access and use, seamless transaction and enabled through self service automated channels and integrated with underlying transactions.
| Dimension | Weight | Indicator/Ratio | Description | Scoring |
|---|---|---|---|---|
| Scope and Innovation | 20% | Scope of currencies traded | # | 0-10 |
| 24x7 mobile trading platform for forex available | Y/N | 5-10 | ||
| Customer | 20% | % of retail base are registered forex users | % of retail base | % determines score |
| Active level (%) | % is registered users are active using it at least once per month | % determines score | ||
| Preset forex prices for trading possible | Y/N | 0-5 | ||
| Customised watchlist of top FX available | Y/N | 0-5 | ||
| Real time update on pricing movements | Y/N | 0-5 | ||
| Margin service available | Y/N | 0-5 | ||
| Technical/historical analysis available | Y/N | 0-5 | ||
| NPS/Bankquality score | 0-10 | |||
| Market | 20% | Number of average monthly e-forex transactions | # | # determines score |
| YoY growth of e forex transactions (Volume) | % | % determines score | ||
| M/S volume of transactions (%) | % | % determines score | ||
| e-forex revenue growth YoY | % | % determines score | ||
| Digital | 20% | % of all forex transactions are digital | % | 0-10 |
| Digital initiatives (#) | Key digital initiatives that greatly contributed to a better customer experience for this platform/service | 0-10 |
We believe that a strong mortgage business is denoted by market share, volume and number of customers, ability to maintain spreads over economic cycles, strong customer equity portfolio and low delinquencies, supported by strong origination and customer support capabilities to achieve a profitable portfolio.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 25% | Uniqueness of product submitted |
| Contribution to incremental home loans (%) | ||
| Digital initiatives (#) | ||
| Ecosystem progress | ||
| Customer | 20% | NPS (entire business) |
| Bankquality (entire business) | ||
| Product penetration | ||
| Applications (#) | ||
| Financial Performance | 20% | CIR (for entire business) |
| ROA (for entire business) | ||
| NIM (for entire business) | ||
| Revenue (for entire business) | ||
| Market | 15% | YoY growth in balances (for entire business) |
| Market share (for entire business) | ||
| Risk | 10% | NPL (for entire business) |
| Loss coverage (for entire business) | ||
| Operations & Processes | 10% | Digital onboarding (%) |
| TAT | ||
| Level of automation |
We believe that an investment advisor holds a position of trust and assumes the fiduciary duty to serve the investor based on a thorough understanding of investment objectives, risk profiles, markets and assets, and to recommend a portfolio of diversified investment asset allocation to meet these goals and risk appetites without any encumberances to any product or institutions, with a transparent fee structure.
| Dimension | Weight | Indicator/Ratio | Description | Scoring |
|---|---|---|---|---|
| Market strength | 20% | Financial planning as core business | Is the Fis core business financial planning only (10) or also selling of investment products (3) | 5/10 |
| Scope of financial planning services | # of areas financial planning is applied to ( service areas and product classes offered) ¹ | 0-10 | ||
| Core expertise within financial planning | Has the FI clearly articulated what is its core expertise is in financial planning? | 5/10 | ||
| Key initiatives | Key initiatives implemented that enhanced the quality of financial planning or customer experience | 0-10 | ||
| Customer | 25% | (Number of serviced clients (#)) | # | |
| Growth in serviced clients in this year yoy (%) | % | |||
| Minimum account balances to be held per client ($) | What is the minimum account balance a client must hold | |||
| Annual service fee per account (%) | Highest management fees to be paid (usually tiered please check) for minimum acc balances | |||
| Set up or on-boarding fee $ | $ | |||
| Fund expense ratio (%) | % | |||
| Offering a savings or checking account (y/n) | Y/N | |||
| Two way sweep available (y/n) ² | Y/N | |||
| Customer service support | What kind of customer service support offered | |||
| Financial Performance | 20% | Net asset value ($) | Net asset value of client pool (if applicable) in $ | |
| Net asset value YoY growth | YoY growth | |||
| Fee income growth yoy (%) | YoY growth | |||
| Financial planning | 25% | Are financial planners compensated via commission or salaried? | # and % of them are fiduciaries – score derived by dividing number of clients through planners | |
| Are financial planners compensated via commission or salaried? | If salary based its 10 scores if commission based or a mix of comm/salary it’s a 0 score | |||
| Customised financial planning | Can firm advise and create a custom portfolio for a variety of situations (retirement, college etc) | |||
| Dedicated advisor versus advisory team | At which balance client gets a dedicated advisor (instead of team) | |||
| Relationship manager NSP score | NPS | |||
| Access to financial advisors | Do the clients have direct access via mobile/phone/internet to financial advisors Y/N and can clients make limited or unlimited calls per month? And is this free of charge? | |||
| Automated re-balancing of portfolio (y/n) | Automated rebalancing by monitoring daily. Buy/sell rebalancing triggered whenever portfolio drifts, reaches or exceeds a certain %. | |||
| Market | 10% | Company known for its financial planning (Y/N) | Is this a company known for financial planning services in this market Y/N | 3/5 |
| Any other achievement in the year under review | An achievement that made an impact on the business | 0/3/5 |
(1) List all of them e.g. brokerage services, retirement planning, social security optimization, dynamic spending, tax efficiency, long-term care and medical costs, high-level guidance on estate planning, charitable giving, and trust services etc
(2) Two-Way Sweep feature will move any unused money — that is, money that its cash analysis tool sees as excess, based on your regular spending — into your savings. It also can move cash back to your bank account when your balance runs low. You can change the target balance for your linked checking, and Betterment sends an alert before making a sweep, which gives you the opportunity to cancel if you like.
We believe that a successful life insurance product provides flexible and personalized insurance coverage that utilises technology and big data to tailor risk assessments and premiums, to achieve efficient on-boarding and to improve customer engagement.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Assets | 10% | Total size of premiums in portfolio ($) |
| YoY growth in premiums (%) | ||
| M/S Premium inflow | ||
| Customer | 20% | Number of days to settle claim/total claims (days) |
| Policy lapse ratio | ||
| Digital & Innovation | 10% | Advisory and service innovation |
| Technology intensity | ||
| Advisory and Data Support | 20% | Advisory conflict |
| NPS or Bankquality | ||
| Data support (#) | ||
| Sales | 20% | Revenue per policy holder |
| Contribution of this product to total premiums (%) | ||
| Digitally sold premiums | ||
| Financial Performance | 20% | Return on surplus (%) |
| Loss ratio (%) | ||
| CIR |
We believe that successful payments merchant services enable the real-time and secure completion of low or high value transactions, supporting the end-to-end supply chain, with straight-through processing, utilizing multiple channels or devices at the lowest possible cost per transaction and minimum error rates, in a regulatory compliant manner.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 25% | Uniqueness of solution submitted |
| Merchant payments initiatives (#) | ||
| Merchant service initiatives (#) | ||
| Merchants | 25% | M/S # of merchant |
| Volume of merchant transactions | ||
| YoY growth of merchant transactions | ||
| Technology & Processes and Operations | 25% | Big data |
| # of 3rd Party live API | ||
| # of active API developers |
We believe that a successful non-life insurance product provides flexible and personalized insurance coverage that utilises technology and big data to tailor risk assessments and premiums, to achieve efficient on-boarding and to improve customer engagement.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Assets | 10% | Total size of premiums in portfolio ($) |
| YoY growth in premiums (%) | ||
| M/S Premium inflow | ||
| Customer | 20% | Number of days to settle claim/total claims (days) |
| Speed of approval (days) | ||
| Digital & Innovation | 10% | Advisory and service innovation |
| Technology intensity | ||
| Advisory and Data Support | 20% | Advisory conflict |
| NPS or Bankquality | ||
| Data support (#) | ||
| Sales | 20% | Revenue per policy holder |
| Contribution of this product to total premiums (%) | ||
| Digitally sold premiums | ||
| Financial Performance | 20% | Return on surplus (%) |
| Loss ratio (%) | ||
| CIR |
We believe that the best payment and funds transfer product offers the widest choice of channels to receive, transfer and make payment transactions that is ubiquitous, seamless, instant and secure, 24 X 7, leverage different methods and rails, and interoperates between different systems.
| Dimension | Weight | Indicator/Ratio | Description | Scoring |
|---|---|---|---|---|
| Digital & Innovation | 20% | Uniqueness of product submitted | First global/regional/country? | Uniqueness of product |
| Digital initiatives (#) | # of key CX initiatives that greatly contributed to a better customer experience for this product | Digital CX initiatives(#) | ||
| Customer | 20% | Registered Users (#) | # of registered users | # determines score |
| Active Users (%) | % is active using it at least once per month | % determines score | ||
| Android/Apple rating (1-5) | Average score on Apple and Android | % determines score | ||
| NPS/BankQuality rating | If available | % determines score | ||
| Market | 20% | YoY growth in volume (%) | % | % determine score |
| M/S Value of transactions (%) | % Market share or if not available total value of txn | % determines score | ||
| YoY growth in value (%) | % | % determines score | ||
| M/S Volume of transactions (%) | % market share or if not avaialable total volume of txn | % determines score | ||
| Financial Performance | 20% | Fee income growth (%) | YoY growth | 0-10 |
| % of users that were cross sold another financial product (%) | In the year under review | 0-10 | ||
| Portion of fee from this product to total payments fee income (%) | How much does fee income from this product contribute to total fee from payments overall in retail | 0-10 | ||
| Ecosystems | 20% | Number of partnerships with FIs (#) | Scope of FI partnerships | 1-10 |
| Ecosystems built or tapped into (#) | # of functioning ecosystems built or tapped into | 1-10 | ||
| Number of merchants (#) | Scope of merchant partners | # determines score | ||
| Number of bank partners (#) | Scope of bank partners |
We believe that a successful pension product enables customers to easily access their pension payments and transactions, as well as to provide personalised advice and information on the scheme structure. Through digitalisation and data analytics, it should deliver a more customised offering, specific to customer needs, balancing the rate of return with low risk.
| Dimension | Weight | Indicator/Ratio | Description | Scoring |
|---|---|---|---|---|
| Assets | 25% | Total size of pension fund ($) | Size of pension fund | Size determines score |
| YoY growth (%) | YoY growth | % determines score | ||
| Market share (%) | Market share | % determines score | ||
| Fund structure | How diversified is this fund ¹ | 3/5/7 | ||
| Value added by portfolio manager | What is the value added by portfolio managers with respect to comparative benchmarks | 0-10 | ||
| Average pay out ratio (outlfow) | Pay out ratio (%) which is the amount of the fund paid out to clients over the last 3 years | 0-10 | ||
| Advisory | 25% | Net promoter score of financial advisory | NPS | 0-10 |
| Advisory and service innovation | Uniqueness of pension fund compared to other funds in the market | 0-10 | ||
| Technology intensity) | How technology intensive is this player based on number and quality of technology driven services given to customers | 0-10 | ||
| Customer | 25% | Number of customers participating | Number of customers paying into this fund | 0-10 |
| Average age of participants | Average age profile | 0-10 | ||
| Tax advantages | What tax advantages for pay in an d pay out are available | 0-10 | ||
| Funding scheme | What does the funding scheme look like | 0-10 | ||
| Customer service support | What risk mitigation is in place if the private company of an employee closes? How client centric and customer friendly are those mechanisms | 0-10 | ||
| Risk mitigation | ||||
| Sales | 25% | Contribution of this fund to total funds (%) | Significance of this fund to overall portfolio | % determines score |
| % of funds are digitally sold | % of funds sold and originated digitally | X.x determines score | ||
| # determines score |
We believe that a personal loan should be accessible and leverage a wide range of data sources to model and determine the credit profile of the borrowers, ensure a short processing time, offer risk based pricing, deliver low delinquecy and ensure sustainability and profitability of the overall portfolio.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 25% | Uniqueness of product submitted |
| Contribution to incremental personal loans (%) | ||
| Digital initiatives (#) | ||
| Ecosystem progress | ||
| Customer | 20% | Clean loan offerings (Y/N) |
| Customer penetration (%) | ||
| Segmentation (#) | ||
| Customers availing of pre approved offers (%) | ||
| Flexibility of loan tenure | ||
| Penalty fee (Y/N) | ||
| Financial Performance | 15% | CIR |
| ROA | ||
| Contribution to income (%) | ||
| Market | 15% | Size of outstanding balances |
| Contribution to total retail loans | ||
| YoY growth (%) of balances | ||
| Market share (%) | ||
| Risk | 15% | Delinquency rates 30 days ++ (%) |
| Failed repayments (%) | ||
| Operations & Processes | 10% | Digital (%) |
| Error rates (%) |
We believe that the best SME loan and financing facility should be accessible and leverage a wide range of data sources to model and determine the credit profile of the SME borrowers, secured against cashflow from trade receivables, to ensure a short processing time, offer risk based pricing, deliver low delinquecy and ensure sustainability and profitability of the overall portfolio.
| Dimension | Weight | Indicator/Ratio | Description | Scoring |
|---|---|---|---|---|
| Digital & Innovation | 25% | Uniqueness of product submitted | First global/regional/country? | 3-5-7-10 |
| Contribution to incremental SME loans (%) | Out of total SME loans (balances) generated how much did this product contribute | % determines score | ||
| Digital initiatives (#) | # of key digital initiatives that greatly contributed to a better customer experience | # determines score | ||
| Ecosystem progress | API Developer platform/ Ecosystem Journey | 0-3-5 | ||
| Customer | 20% | Type of loan product | Trade finance, cattle loan, Letter of credit, short term financing etc | 3-5-7-10 |
| Collateral based versus non collateral based | Collateral vs non collateral | 3-5 | ||
| Customer penetration (%) | Percentage of SME base has product | % determines score | ||
| Take up rate | How many SME clients availed of this to date | # determines score | ||
| Pre-approved offers | Portion of pre approved customers availing of it at least once a year (%) | 0-10 | ||
| Flexibility of loan tenure | Customer choice of pre defined loan tenures – no/limited/extensive | 3-5-7-10 | ||
| Financial Performance | 15% | Average NIM | NIM | % determine score |
| YoY growth in outstanding balances | YoY | % determines score | ||
| CIR for this loan product | CIR | % determines score | ||
| Market | 15% | Size of outstanding balances | Outstanding balances $for this loan product | % determines score |
| Market share (%) | % market share of this type of loan product | % determines score | ||
| Risk | 15% | Delinquency rates 30 days ++ (%) | Indicator of repayment behaviour and collection effort (30d++) | % determines score |
| Failed repayments (%) | Portion of failed first repayment rate in the portfolio in year under review | % determines score | ||
| Operations & Processes | 10% | Digital (%) | Portion is digitally 100% STP processed (front AND back end) | % determines score |
| Error rates (%) | % of applications need to be reworked | % determines score |
We believe that remittance services require the execution of large volumes of instantaneous global transfers for low value transactions at the lowest possible per transaction cost that is passed on as a value proposition to the largest number of customers possible.
| Dimension | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 25% | Uniqueness of product submitted |
| Product impact on business | ||
| Digital initiatives (#) | ||
| Digital ecosystem | ||
| Customer | 25% | # of registered accounts |
| NPS score | ||
| TAB Bankquality | ||
| % of pay out is digital | ||
| % of outward remittances are digital | ||
| % of funds credited to the FIs account | ||
| Financial Performance | 25% | CIR |
| Fee income growth | ||
| Contribution of fee income to total retail fee income | ||
| Revenue growth | ||
| Market | 25% | Average monthly transaction value (inward) |
| M/S of annual txn value (inward) | ||
| Average monthly transaction volume (inward) | ||
| M/S of annual txn volume (inward) | ||
| Global remittance partners | ||
| M/S of annual txn volume (inward) | ||
| Fintech partnerships | ||
| Number of physical pay out agents/stations in the country |
THE RETAIL FINANCE DIGITAL AWARDS
We believe that successful chatbot or voice banking services are not only able to interact with customers via multi lingual text and voice interfaces but offer highly relevant cost efficient proprietary services to its customers on top of a generic AI engine.
| Category | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 25% |
|
|
Customer interaction capabilities |
25% |
|
|
Effectiveness |
25% |
|
| IVR Support | 25% |
|
We believe that the best customer loyalty programme achieves a strong bonding with customers and creates strong relationships driven by customer centric earning and rewarding mechanisms.
| Category | Weight | Indicator/Ratio |
|---|---|---|
| Digital Initiative | 25% |
|
|
Customers |
25% |
|
|
Rewards & Redemption |
25% |
|
| Post Impact Analysis | 25% |
|
We believe that the best digital account aims to automate and optimise client onboarding for a savings or current account, documentation, and Know Your Client (KYC) processes by harnessing technologies such as program synthesis, natural language processing (NLP), optical character recognition (OCR) and machine learning (ML) capabilities
| Category | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 25% |
|
|
Customer Growth |
25% |
|
|
Customer Experience |
25% |
|
| Process | 25% |
|
We believe that the best digital brand campaign reflects institution’s efforts to create a strong digital brand identity to build consumer mind share, persuade and realistically demonstrate the brand’s relevance to a customer’s digital lifestyle
We believe that successful business model is one that demonstrates sustainable revenue enhancement and diversification strategies. In doing so, it recognises innovative programmes to serve new or underserved customer segments utilising new or re-engineered products delivered through new or re-engineered delivery channels.
| Category | Weight | Indicator/Ratio |
|---|---|---|
| Organisation | 20% |
|
|
Market |
25% |
|
|
Customer |
25% |
|
| Revenue Model | 30% |
|
We believe that to provide customer-centric products and services, financial institutions would need to embed their offerings into the lifestyle of their customers, and would need to collaborate with other value providers as part of an overall ecosystem.
| Category | Weight | Indicator/Ratio |
|---|---|---|
| Innovation | 40% |
|
|
Ecosystem Infrastructure |
20% |
|
|
Scale and business impact |
40% |
|
We believe the best digital deposit service creates timely, relevant and needs based customer deposit solutions, which result in positive customer digital experiences, enhanced customer loyalty and increased profits.
| Category | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 25% |
|
|
Effectiveness of Collection |
20% |
|
|
Customer Experience |
25% |
|
|
Yield |
25% |
|
We believe that a well-run insitution builds inclusive workplace environments where flexibility, diversity and value-based behaviour is celebrated and rewarded to create a highly engaged digital savy and digitally trained workforce. The areas of assessment are: employee development, employee engagement (internal), performance/reward structure and employee involvement (external).
| Category | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 33% |
|
|
Overall impact |
33% |
|
|
Impact on improving customer outcomes |
33% |
|
We believe the best digital lending service creates timely, relevant and needs based customer lending solutions, which result in positive customer digital experiences, enhanced customer loyalty and increased profits.
| Category | Weight | Indicator/Ratio |
|---|---|---|
| Organisation | 15% |
|
|
Digital & Innovation |
20% |
|
|
Customer |
20% |
|
|
Distribution |
10% |
|
|
Financial Performance |
20% |
|
|
Risk |
15% |
|
We believe the best digital robo-advisory platform offers simplified account setup processes, comprehensive goal planning, customised portfolio management, robust security features and a personalised customer service tailored to meet the needs of the investor.
| Category | Weight | Indicator/Ratio |
|---|---|---|
| Business Model | 20% |
|
|
Business Size |
20% |
|
|
Profitability |
20% |
|
|
Investment Scope |
20% |
|
|
Digital based advisory capabilities |
20% |
|
We believe the best digital self-service initiative offers easy access, anywhere, anytine, for customers to perform fast and secure transactions without the need for external intervention.
We believe the best mobile application offers a wide range of relevant functionalities and finanancial and non financial features to acquire a maximum number of active users while ensuring high-level security and outstanding user experience.
| Category | Weight | Indicator/Ratio |
|---|---|---|
| Digital & Innovation | 15% |
|
|
Customer |
20% |
|
|
Services |
20% |
|
|
Payments |
15% |
|
|
Sales |
18% |
|
|
Ecosystems |
15% |
|
We believe that a financial inclusion initiative brings in more consumers into the financial system by providing alternative and innovative solutions to underserved segments in which credit and financial products are limited.
| Category | Weight | Indicator/Ratio |
|---|---|---|
| Innovation | 50% |
|
|
Customer |
50% |
|
We believe the best e-commerce platforms are able to successfully connect digital marketplaces with value added lending and payments services in the most seamless and accessible way.
| Category | Weight | Indicator/Ratio |
|---|---|---|
| Digital and Innovation | 25% |
|
|
Size of market place |
25% |
|
|
Customer adoption |
20% |
|
|
Merchant adoption |
20% |
|
|
Customer Experience |
10% |
|
We believe that a successful social media campaign engages in new ways of communication and the distribution of financial services and products to create not only trust, responsiveness and loyalty among new and existing customers but better leads generation and conversion.
| Category | Weight | Indicator/Ratio |
|---|---|---|
| Digital and Innovation | 25% |
|
|
User Engagement |
25% |
FIRST DAY ENGAGEMENT
END OF CAMPAIGN (Total)
|
|
Financial Services |
25% |
|
|
Sales |
25% |
|
THE RETAIL FINANCE FRICTIONLESS AWARDS
The best credit evaluation initiative, appliation or programme successfully applies new scoring models with a wide range of transactional, behavioural and alternative criteria processed in a highly automated manner to reach out to more customers previously inaccessible.
We believe that excellent customer service experience is designed around the customer's lifestyle and preferences, and should seek to utilise a combination of people, process and technology to reduce all possible friction.
We believe that a well-run customer relationship management includes customer loyalty, customer advocacy and retention initiatives, sales processes as well as all initiatives around customer relationship management at the front, middle and back office.
A sucessful omni channel integration is one that demonstrates efforts to integrate a diverse mix of network points to deliver services and products in the most consistent and unified manner possible, driven by business Intelligence, real-time data management, CRM, cross-channel implementation and channel cooperation as well as integrated contact management.
We believe that an efficient sales management platform integrates and automates the sales and customer contact process from both inbound and outbound channels, that leverage real-time customer insight, behaviour modelling and machine learning to identify and ensure successful customer customer engagement and conversion and enhance the productivity of sales personnel.
We believe that a successful productivity, efficiency and automation initiative, application or programme enhances the institutions processes and optimises operations which allows the institution to better serve the consumers at faster and less costly manner.
THE FINANCIAL TECHNOLOGY INNOVATION AWARDS
Financial Technology Innovation Awards
The Asian Banker Financial Technology Innovation Awards programme is designed to recognise annual achievements and identify best practices in technology by traditional and non-traditional financial services players to meet their current and future business needs. The primary assessment for the awards is based on the strength of the submitting institution's innovation in technology in specific operational areas, the disruption, sustainable business impact and successful implementation of the initiative. Each award category follows an evaluation scorecard that can be accessed here
Risk Technology Implementation Awards
This awards programme is designed to identify and benchmark the best practices and achievements of outstanding risk management teams in various financial institutions. These exemplary practices are subsequently documented and published as research notes in the Risk and Regulation Working Group, our repository of best practices for the industry. Eligibility for the programme extends to technology firms and consulting firms that have completed specific implementation projects with such financial institutions. The detailed evaluation scorecard may be found here
Financial Technology and Platform Awards
This awards programme, is open only for fintech companies, marketplace lenders and alternative players in financial services. It aims to recognise successful companies that are bringing a fundamental transformation and disruption in the financial services industry by solving a real business need through technology innovation. The evaluation looks at the companies comprehensively to assess the strength of technology, product innovation, scalability and the recent business success. In addition, a robust execution capability, strong people commitment, ability to fund its growth trajectory and the drive and vision of the principle promoters are important consideration. The detailed evaluation scorecard can be found here
Leadership in Financial Technology and Innovation Awards
The industry comprises a long list of individuals who demonstrate considerable skill and perseverance in leading their institutions in the field of technology and innovation to outstanding achievements and shaping the future of the industry in their respective region. As such, making the choice of one individual for this personal award for each region is very difficult indeed. The overall purpose of this award is to set high standards in personal conduct and professional standards. These awards are given to individuals who stand out as heads and shoulders amongst their peers. The detailed evaluation scorecard can be found here
THE RISK MANAGEMENT AWARDS
All submissions will be evaluated on their own merit and considered for the most appropriate awards. Submissions may be considered for multiple awards as well.
Achievement in Climate Risk Management
The Asian Banker believes that financial institutions taking initiatives with climate risk management can tie long term societal goals with decision making of clients, employees, and shareholders. This award recognises financial institutions that have effectively began to assess and understand their exposure to climate risk, including the physical, transition, and liability risks associated with a changing climate and have started implementing effective strategies to manage their exposure to climate risk, including the use of mitigation, adaptation, and disclosure strategies.
Achievement in Credit Risk Management
This award recognizes financial institutions that have successfully managed credit risk, demonstrating their ability to assess and manage the risk associated with lending and borrowing activities. The Asian Banker believes that institutions with exemplary credit risk management are equipped with effective credit scoring systems where loans are only made to credit-worthy borrowers while avoiding excessive leveraging on its pool of deposits. Strong credit risk ratios must be reflected from their balance sheets. Institutions should also use risk analytics effectively for predictive and reactive analysis.
Achievement in Enterprise Risk Management
This award recognises financial institutions that can identify, assess, and manage risks across their entire enterprise by considering risks and opportunities from different perspectives, such as strategic, operational, financial, and compliance-related ones that could impact a financial institution’s mission objectives. The Asian Banker believes that institutions with exemplary enterprise risk management (ERM) can withstand changing political, economic, regulatory, and global market conditions to comply with their strategic objectives. The organisation would have demonstrated integration of its risk capabilities and coordination efforts, forming the core of a robust enterprise risk framework.
Achievement in Liquidity Risk Management
The Asian Banker believes that effective liquidity risk management (LRM) is critical for financial institutions to maintain their financial stability, meet their obligations, and sustain their operations over time. Institutions with exemplary liquidity risk management are well-equipped to address unforeseen cash flow constraints. Three liquidity management functions that are of particular interest in our assessment are day-to-day cash management, longer-term cash flow management as well as liquidity risk management in times of crisis. Moreover, the institution’s balance sheet must reflect stable and healthy liquidity that is complemented with success in generating deposit growth.
Achievement in Market Risk Management
This award recognises banks that have effectively managed market risk, such as interest rate risk, currency risk, and commodity risk, demonstrating their ability to anticipate and respond to market fluctuations. Moreover, they must possess the capability to cope with crises that is evidenced by stress testing results. Sound market risk management processes and monitoring tools must also be put in place. Additionally, institutions should also use risk analytics effectively for predictive and reactive analysis.
Achievement in Operational Risk Management
This award recognises financial institutions that have successfully managed operational risks, in particular system failures, demonstrating their ability to identify and mitigate these risks effectively. The Asian Banker believes that institutions with exemplary operational risk management have robust processes and systems incorporated into their operations, while being able to detect possible failures to its systems early on. Contingency planning and reporting mechanisms are at the core of successful operational risk mitigation. Within the spectrum of this award category, we also consider third-party risk management.
Achievement in Cybersecurity Risk Management
This award recognises initiatives in financial institutions that have successfully protected their critical assets, sensitive data, and interconnected systems from cybersecurity threats. We believe that exceptional cybersecurity risk management practices involve implementing and updating robust security protocols, performing regular vulnerability assessments and penetration testing, monitoring systems continuously for anomalies, providing regular cybersecurity awareness training for employees, having a strong representation at the board level, and promptly responding to incidences.
TRANSACTION FINANCE AWARDS
The Cash, Payments, Trade and Supply Chain Finance and FX services are considered together as Transaction Finance Awards.
International Transaction Awards, MEA
This award is based on a survey of domestic financial institutions on the clearing service providers they use on national and international fronts. It is also consider white-labelled products and services used by the domestic financial institutions from these providers. This award considers the changes in market share of the different competitors in the region and the range and unique features of products and services provided.
The detailed evaluation scorecard can be found at: http://www.asianbankerawards.com/transactionawards/index.php
Domestic Transaction Awards (Country level)
The primary assessment for the domestic awards is based on the evaluation of the strength of the submitting institution’s domestic transaction business comprising trade finance, cash management and payments as well as an in-depth interview with its senior management staff. The Domestic Transaction Awards are given to institutions that excel in the full range of transaction services in the respective countries under evaluation.
The detailed evaluation scorecard can be found at: http://www.asianbankerawards.com/transactionawards/index.php
Frictionless Transaction Awards, MEA
From payments to supply chain, transaction services are facing fierce competition from both traditional and non-traditional players. The corporate-bank relationship is being tested as customers move away from the concentration of services in one institution towards provider- agnostic solutions. The Frictionless Transaction Awards recognise both traditional and non- traditional players providing outstanding customer-centric solutions, connections and access channels to users of transaction services that are creatively designed to give better user experience, efficiency, speed, flexibility and cost effectiveness.
The detailed evaluation scorecard can be found at: http://www.asianbankerawards.com/transactionawards/index.php
Leadership in Transaction Award
The industry is made up of a long list of individuals who demonstrate considerable skills and perseverance in leading their institutions to outstanding achievements and shaping the future of the industry in the region. As such, making the choice of one individual for this personal award for each region is difficult indeed. The overall purpose of this award is to set high standards in personal conduct and professional standards. The award is given to individuals who stand heads and shoulders above their peers.
The detailed evaluation scorecard can be found at: http://www.asianbankerawards.com/transactionawards/index.php