OUR EVALUATION CRITERIA
The evaluation criteria for each of our product, process, digital and frictionless and technology awards are designed very specifically to be able to capture quantifiable insights, but predicated by a "Belief Statement" that captures what we are looking for.
Each Belief Statement can be broken down into its "Elements" so that players will know exactly what we are looking for and how much weightage we give to each of them. Each of the "Elements" are supported by quantifiable data, some which are specific financials and others which are proxies for conceptual areas, and we add them all up into a scorecard.
The scorecard is useful for many purposes. It attempts to be as objective as it possibly can be, and transparent so that it gives us the opportunity to discuss with the different participants what we thought we understood. From this, we are also able to subsequently draw up GAP analysis that can be used in any benchmarking exercise.
THE RETAIL FINANCE PRODUCT AND PROCESS AWARDS
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. 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.
The Deposit Product of the Year
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.
The Retail Payments Product of the Year
We believe that a successful retail payments project or product is one that enables real-time or offline, secure and end-to-end completion of low-value transactions for the largest possible number of customers and issues.
The Best Remittance Product and Service of the Year
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.
The Credit Card Product of the Year
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.
The Mortgage and Home Loans Product of the Year
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.
The Consumer Finance Product of the Year
We believe that consumer finance is a highly effective entry-level customer acquisition platform, but is successful only when a percentage of customers bring on board on and offline their re-current and long-term revolving credit, deposits and consumer finance relationship with low delinquency costs.
The Automobile Lending Product of the Year
We believe that leaders in the automobile finance business are defined by their distribution model, be it digital, 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.
The Best Digital Lending Product
We believe that a digital lending product incorporates innovative models in enhancing loan origination and decisioning, risk profile assessment, sourcing capital, while also providing a seamless experience to customers across a wide range of income segments.
The Digital Wallet of the Year
We believe that a digital wallet should allow customers to conduct the widest possible choices of digital payment transactions seamlessly, instantly and securely.
The Best Business Model
We believe that successful business model is one that demonstrated 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.
THE RETAIL FINANCE DIGITAL AWARDS
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. 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.
The Digital Awards are made to players who have achieved specific goals in the digital part of their infrastructure, business or customer relationship.
The Best API Initiative, Application or Programme
We believe that open application programming interfaces (APIs) are able to create powerful synergies between an institution's products and service propositions and its customers, exposing data and services externally and internally, to partners and mobile devices. Complete API management platforms are also able to maximise business value and deliver APIs that developers and business owners will support.
The Best Automated ChatbotInitiative, Application or Programme
We believe that successful chatbot 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
The Best Robo Advisory Platform
We believe that successful automated advisory platform is not only able to on-board customers into wealth management services in the most cost efficient and convenient way, but would also able to create new forms of customer value around advisory.
The Best Blockchain Initiative, Application or Programme
We believe that the best blockchain initiative, application or programme launched innovative use cases allowing network participants to connect directly and form online networks, removing the need for middlemen.
The Best Digital Brand Initiative, Application or Programme
The Asian Banker assesses the institution's efforts to create a strong brand identity to build consumer mind share, persuade and realistically demonstrate the brand's relevance to a customer's daily life
The Best Digital Compliance Initiative, Application or Programme
The best compliance initiative, application and programme effectively identify, own, manage and mitigate ethics and compliance risk in critical areas such as sales and marketing, finance and accounting, risk management, IT and data privacy.
The Best Digital Sales Initiative, Application or Programme
The best customer-centric sales initiative, application and programme creates timely, relevant and needs based customer propositions which result in positive customer experience, customer loyalty and increased profits.
The Best Credit Evaluation Initiative, Application or Programme
The best digital compliance initiative, application and programme effectively identifies, owns, manages and mitigates ethics and compliance risk in critical areas such as digital on-boarding, e-KYC , authentication and identification of clients.
The Best CyberRisk Management Initiative, Application or Programme
We believe a successful cyber security risk management initiative must continuously address the evolving risks by demonstrating, on an enterprise level, the ability to identify and prevent instances of cyber frauds, thefts and intrusions to the bank's network or systems while ensuring smooth and safe operations of the institutions.
The Best Data Analytics Initiative, Application or Programme
We believe that the application of data and analytics must demonstrate the ability to convert actionable information, gained from collecting, processing and analysing large data sets into, real business drivers, making an impact on the banks top and line growth.
The Best Digital Distribution Network of the Year
We believe that the best distribution network are designed to maximising the scope of an institution's footprint through physical and digital channels to serve the transactional, advisory and product needs of the largest numbers of visitors in the most cost efficient manner, using both human and automated devices consistent with their brands.
The Best Digital Employee Engagement Initiative, Application or Programme
We believe that a well-run institution builds inclusive workplace environments where flexibility, diversity and value-based behaviour is celebrated and rewarded to create a highly engaged front line workforce. The areas of assessment are: employee development, employee engagement (internal), performance/reward structure and employee involvement (external).
The Best IoT Initiative, Application or Programme
The best IoT initiative, application or programme creates offers a superior client engagement by meshing IoT with other emerging technologies to create powerful value propositions for new and existing clients, autonomous agents and market places.
The Best Productivity, Efficiency and Automation Initiative, Application or Programme
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 Best Digital Retail Operational Risk Initiative, Application or Programme
We believe that a bank with a successful retail credit and operational risk management possesses: (a) an excellent on and off balance sheet position demonstrated by exceptional key credit risk ratios, and (b) processes for risk assessment, risk decision-making and risk control implementation to ensure proper measurement and mitigation of operational risk.
THE RETAIL FINANCE FRICTIONLESS AWARDS
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. 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.
The Frictionless Awards were created to recognise initiatives, applications or programmes that seek to streamline processes, supply chains and customer experiences such that the customer can apply financial services in their everyday lives.
The Best Frictionless E-Commerce Proposition
The best e-commerce propositions are able to successfully connect digital marketplaces with value added lending and payments services in the most seamless and accessible way.
The Best Frictionless Financial Inclusion Initiative, Application or Programme
We believe that a financial inclusion initiative, application or programme 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.
The Best Frictionless Internet Banking Initiative, Application or Programme
We believe that the best Internet banking capability is one that enables customers to access information, conduct transactions or purchase financial products and services in the most intuitive and secure manner possible that is consistent with the lifestyle needs of the target customer, while at the same time enabling the bank to communicate its messages.
The Best Frictionless Mobile Initiative, Application or Programme
The best mobile initiative, application or programme offer 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.
The Best Frictionless Mobile Payments Service
We believe that the best mobile payments product is one that demonstrates the use of the full range of current mobile device technology for financial transactions and services and in the most intuitive and secure manner possible.
The Best Frictionless Network Integration
A successful network 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.
The Best Frictionless Social Media Initiative, Application or Programme
We believe that a successful social media initiative application or programmes engage in new ways of communication, and the distribution of financial services and products to create not only trust, responsiveness and loyalty but also better leads generation and conversion of new customers.
The Best Frictionless Customer Relationship Management
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.
FINANCIAL TECHNOLOGY INNOVATION AWARDS
Best AI and Robotics Initiative, Application or Programme
We believe that a successful Artificial Intelligence (AI) initiative maximises utilisation of the machine learning, robotics, cognitive computing and data analytics technologies to improve customer experience with operational efficiency, productivity, risk management, reduced errors and faster turnaround time, all in a manner that is consistent with the organisation's brand. The implementation process starts with a clear business case, balances the risks involved, considers a variety of alternative approaches and delivers the project within time and budget. The current implementation success, impact of business and potential disruption as well as scalability will be key considerations
Best ATM and Kiosks Initiative, Application or Programme
A successful ATM (or Kiosk) implementation project is the one that optimises operational cost for the bank in handling of cash and other automated transactional activities delivered in a safe and secure environment, while achieving measurable customer origination, selling and cross-selling goals. The implementation process starts with a clear business case, balances the risks involved, considers a variety of alternative approaches and delivers the project within time and budget.
Best Branch Digitisation Initiative, Application or Programme
We believe that a successful branch digitisation initiative is one that maximises utilization of the branch and digital footprint to increase numbers of satisfied customers drawn to branches or new digital access points, improving access to new customers, improved staff productivity, reduced teller error rates and improved customer fraud management procedures, resulting in higher cross selling rates and customer satisfaction, all in a manner that is consistent with the bank's brand. The implementation process starts with a clear business case, balances the risks involved, considers a variety of alternative approaches and delivers the project within time and budget.
Best Cloud Based Initiative, Application or Programme
A successful cloud based programme is one that demonstrates the bank's ability to securely access and process data in publicly available networks and interface with its own proprietary customer data to implement commercially successful programmes. This service delivery model is considered successful when the bank can demonstrate that the selection of a cloud based strategy is the optimal delivery model for current and future strategic developments, and that the IT services provided integrate seamlessly, are reliable, secure and maintained and the IT services contract delivers a competitive cost of transaction and service standards.
Best Core Banking Initiative, Application or Programme
We believe that a successful core banking system implementation project is one that takes the bank away from "account centricity" and closer to "customer centricity" within an architecture that will support the bank's growth, and gives the bank measurable productivity gains, helps manage risk and credit exposure, at a lower total cost of ownership than any systems replaced. The implementation process starts with a clear business case, balances the risks involved, considers a variety of alternative approaches and delivers the project within time and budget.
Best Corporate Payment Initiative, Application or Programme
A successful corporate payments implementation project is one that enables real-time and secure completion of low or high value transactions, supporting end-to-end supply chain, high STP and exceptions processing capabilities, multiple business goals, multiple accounts and multiple currencies, regardless of messaging formats, utilizing multiple channels or devices at the lowest possible cost per transaction and minimum error rates, in a regulatory compliant manner. The implementation process starts with a clear business case, balances the risks involved, considers a variety of alternative approaches and delivers the project within time and budget.
Best Enterprise Governance, Risk and Compliance Initiative, Application or Programme
A successful governance, risk and compliance (GRC) implementation project reduces the cost and effort needed to proactively prevent risk events and compliance violations by providing real time insight and automation of GRC processes. The implementation process starts with a clear business case, balances the risks involved, considers a variety of alternative approaches and delivers the project within time and budget.
Best Financial Supply Chain Initiative, Application or Programme
A successful financial supply chain (FSC) implementation project enables corporates and their extended supply chains to exchange financial instruments, access working capital financing and manage payments and receivables in real-time, in multiple currencies, through secure, multiple channels, regardless of messaging format, with minimum error rates in a regulatory compliant manner and for the bank to track and manage credit risk for any of the trading parties for whom financing is provided. The implementation process starts with a clear business case, balances the risks involved, considers a variety of alternative approaches and delivers the project within time and budget.
Best HR Technology Initiative, Application or Programme
A successful HR system implementation project is one that supports all HR functions end to end with high STP on an enterprise level basis and integrates with the accounting and other critical administrative functions of the organization, while ensuring individual talent and performance tracking. The implementation process starts with a clear business case, balances the risks involved, considers a variety of alternative approaches and delivers the project within time and budget.
Best Mobile Security Initiative, Application or Programme
A successful mobile security implementation project must continuously contribute to the avoidance of operational risk by demonstrating the ability to identify and prevent active instances of quantifiable fraud or other threats/intrusions to users of the bank's systems accessing the bank though mobile devices. The implementation process starts with a clear business case, balances the risks involved, considers a variety of alternative approaches and delivers the project within time and budget.
Best Regulatory Technology Initiative, Application or Programme
We believe that a successful regulatory technology initiative utilises information technology to enhance and digitise regulatory processes with a focus on regulatory monitoring, reporting and compliance while ensuring transparency as well as consistency in regulatory reporting process. It facilitates reduced cost and resources to proactively prevent risk events and compliance violations by providing a data analytics based real time insight, addressing risks and ensuring effecient regulatory compliance. The implementation process starts with a clear business case, balances the risks involved, considers a variety of alternative approaches and delivers the project within time and budget.
Best Self-Service Banking Initiative, Application or Programme
A successful self service banking implementation project is one that both optimises operational costs for the bank and maximises utilisation of the footprint available for a full range of transactional activities delivered within a secure environment, while achieving measurable customer origination, selling and cross-selling goals. The implementation process starts with a clear business case, balances the risks involved, considers a variety of alternative approaches and delivers the project within time and budget.
Best Treasury Management Initiative, Application or Programme
A successful treasury management system implementation is one that provides full and real time transparency and control of financial information generated by both simple and complex instruments, including cash, handled by the bank. It has full integration with systems supporting risk management, reporting and business users of the bank's ongoing funding capabilities, without compromising on the separation of front and back office. The implementation process starts with a clear business case, balances the risks involved, considers a variety of alternative approaches and delivers the project within time and budget
Financial Technology and Platform awards We believe that a successful financial technology platform is one that has a believable business proposition in solving a real business need, with a potential to cause a fundamental transformation or disruption in the financial services industry and to generate scale across regions. Appropriate financial support from the right investors as well as having an installed customer or user base is proof of concept and important evidence that third parties have thoroughly evaluated the proposition and are willing stakeholders. 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 to its success.
Best Innovation Centre Award
A successful innovation centre is the one that is designed and created to speed up work on disruptive and innovative products and technologies, towards executing effective innovation programmes for financial services industry, with the aim to help the institution be successful both with its clients and employees. The key achievements of the innovation programme, size and complexity of technology initiatives, creative thinking, success in implementing live projects and the performance indicators that demonstrate the impact of these initiatives on the business are important consideration in evaluation.