Celent this week conducted its annual Model Bank awards which recognized banks effectively using technology to drive innovation and efficiency. Though more than 20 banks from around the globe were honored, Bank Systems & Technology takes a closer look at the eight North American banks that won awards.
1. BBVA Compass
BBVA Compass , the U.S. arm of Spanish bank BBVA, was given the Model Bank of the Year award for its ambitious project to replace the legacy core banking systems of its U.S.-based banking operation.
The bank used Accenture's Alnova solution, and the recently completed $362 million project has helped the bank reach goals such as achieving real-time processing capabilities, improving time to market, and responding more quickly to customer needs and expectations.
Citi was honored for its payments analytics initiative. The service allows corporate customers to strategically manage their overall payables activities across multiple payment types, currencies and geographies.
3. Capital One
Capital One was noted for its mobile rewards redemption offering, which allows its mobile banking users to redeem No Hassle Rewards miles for statement credits, gift cards and cash back, as well as request transfers to other rewards accounts.
Regions Bank was recognized by Celent for its Now Banking initiative, which is a series of non-traditional financial services offerings such as a re-loadable prepaid card, check cashing and Western Union services available to existing customers and also those who don't have a relationship with the bank.
5. U.S. Bank
U.S. Bank was honored in the marketing and sales category for its online marketing and lead management platform.
6. University Federal Credit Union
There is much talk about the branch of the future, but at University Federal Credit Union there's more going on that just talk. The institution was honored by Celent for its branch transformation project, which include "personal financial representatives" who sit at desks in the place of tellers and teller windows and perform a variety of tasks.
7. JP Morgan
JP Morgan was given two awards by Celent, one for its "Trusted Advisor" analytics program, and another for its mobile RDC service for corporate customers.
8. Bank of Montreal
The online appointment booking service from Bank of Montreal was also noted by Celent. The service allows BMO customers to book appointments online to speak with a personal financial advisor and choose the date, time and branch locations they prefer.
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio