Colombian and Brazilian banks awarded for innovation

A Brazilian and a Colombian financial institution have walked away as winners at the annual EFMA and Accenture Distribution & Marketing Innovation Awards 2018.

The awards were launched as a joint initiative between global professional services firm Accenture and the international retail banking non-profit EFMA to encourage and celebrate innovative projects in the banking industry. The Efma-Accenture Distribution & Marketing Innovation Awards have since their 2012 inception received more than 2,750 submissions from 650-plus institutions based in 94 countries.

At a ceremony in Lisbon, the awards were granted to projects across eight categories: Analytics and Artificial Intelligence, Digital Marketing & Communication, Offering Innovation, Phygital Distribution & Experience, Workforce Experience, Social, Sustainable & Responsible Banking, Global Innovator, and Neobanks & Specialised Players. 

Colombia’s Bancolombia and its innovative AI solution 'Plink' took home the award for the Artificial Intelligence category. Plink is an intelligent data analytics-driven platform which brings powerful insights to merchants and brings consumers the most relevant offers based on their preferences.

Gabriel Di Lelle, Vice President of Innovation and Digital Transformation of the Bancolombia Group said of the victory, “Plink provides businesses with a profound knowledge of their business’ health, so they can make decisions based on transactional information, and utilizing tools of which are normally out of reach. Additionally, they allow people to receive offers along business lines relating to their interests and consumer habits.

“We feel proud that thanks to the understanding of the necessities of businesses and consumers, Plink has been named the most innovative development in terms of analytics and AI by EFMA, one of the world’s most prestigious organizations who are dedicated to the transformation and innovation in financial services,” the executive added.

Banco Bradesco of Brazil was the only bank to walk away from the ceremony with two awards, showcasing the ongoing commitment to fintech in Latin America. The Brazilian financial institution won the Digital Marketing & Communication award for its 'Lollapalooza Brazil Bradesco Coverage' solution and was named Global Innovator for several innovative products it brought to market in the past year. 

The Lollapalooza Brazil Bradesco Coverage solution is an innovative way for the bank to engage younger customers through one of the world’s largest music festivals. “Bradesco has a history of being avant-garde and being a pioneer. This recognition is the coronation of the work that has been done for years to contribute to innovation in Brazil and in the world,” said Bradesco’s Vice President Maurício Minas.

Other innovations, such as the Bradesco Artificial Intelligence platform (BIA), inovaBra habitat, the Bradesco Coupon Platform, and NFC programmed withdrawal contributed to the bank’s Global Innovator award. “This year was a milestone for the bank with the launch of innovative habitat, which is part of the platform created to promote innovation from an ecosystem of programs based on co-innovation,” Minas said. 

Piercarlo Gera, global managing director of Accenture Distribution and Marketing Services, said; “Once again we have seen DMI Award winners shaping digital technologies to create innovations that generate value for both their customers and their own organizations, strengthening client relationships and having a strong impact on revenue growth and profitability.”

“They engage customers while becoming more streamlined organizations that develop their people and drive industry progress. Retail banks are experiencing increasing competition from non-traditional providers, but they are rising to the challenge. The geographic diversity of this year’s winners shows that innovation truly knows no boundaries, as digital adoption is rapidly increasing similarly across developed and growth countries,” Gera concluded.