Global news and insight for corporate financial professionals. Dubai-based Mashreq Bank, which won two awards this year, partnered with publisher MEED (formerly Middle East Economic Digest) last year to launch an industry-specific portal providing unique and specialized content for the construction sector while Citi recently launched an information portal that informs clients about industry-specific trends and issues that could impact their business. Varo Bank: Best for High-Yield Savings. The global pandemic pushed many shaky companies over the edge into bankruptcy, but some of them will emerge stronger and more profitable in the long run as a result. Tinkoff reported 1 million new current accounts in the first three months of this year. “Keeping pace with customer needs via digital innovation is the best way for banks to remaincompetitive,” says María Cristina Arrastía Uribe, business vice president at Bancolombia. This year, nearly 300 individual banks from around the world entered the competition. Copyright © 2014 WORLD’S BEST DIGITAL BANKS 2019 — ROUND 1, BEST DIGITAL CORPORATE/INSTITUTIONAL BANKS, This article appeared in issue In contrast to the 2008 global financial crisis, when banks were very much part of the problem, this time digital services are enabling banks to be the good guys, supporting both consumer and corporate clients in important ways. The bank reaches its objectives in 2019 and continues to garner more banking accolades. Compatriot Sberbank, which took five awards, leverages customer data, algorithms and machine learning to power its Sberbank Online app. It used to be that banks viewed digital transformation as something that evolved in fits and spurts, in line with legislation and customer preference. A new Entertainment section to the Tinkoff.ru platform also allows customers make restaurant reservations. Email; Facebook; LinkedIn; Twitter ; Copy Link URL Copied! All Round 1 winners of Global Finance’s 2020 Best Digital Bank awards are using digital technologies to provide banking solutions that help their clients not only to weather the Covid crisis but to stand out from their competitors. “This has led us to roll out a number of innovative offerings across our digital channels and data solutions,” Bose says, including digital onboarding, an expanded catalogue of APIs to support real-time banking and new business models, greater insights from leveraging data, and embedded biometrics that provide greater security with less friction. It’s also part of the banks’ responsibility, she says, to assist their clients in shifting business processes to digital, by offering a comprehensive platform of digital assets to allow clients to manage their processes more simply, efficiently and securely. Best Bank for Digital Nomads in Australia Citibank Plus. New York – Citi has again been named the World’s Best Digital Bank by Global Finance magazine. Olivia joins an ever-growing regiment of virtual assistants, including Standard Chartered’s Stacy; Tinkoff’s Oleg, Aida, from Sweden’s SEB; and TD’s Clari. 50. He credits this in large part to the bank’s success at delivering application programming interface (API) solutions that enable clients to integrate instant, contactless payment solutions into their business processes. nbkc bank: Best for Combined Checking and Savings. Luckily, we’ve put together this handy guide to help you navigate the challengers and find the best … Russian digital-only bank Tinkoff won numerous awards in Central and Eastern Europe, including Best Online Treasury Services on the Corporate/Institutional side, and several more in the Consumer categories. It’s the same for Bancolombia, which won two awards each in the Corporate and Consumer categories, in addition to the country award for Colombia. September 2019. A new app from Thailand’s United Overseas Bank, TMRW, helped the bank earn Most Innovative Digital Bank for Consumers. Global Finance’s World’s Best Digital Bank Awards are based on submissions from banks that wish to be considered. In 2014, Wells Fargo launched its Startup Accelerator, a hands-on program that create solutions for financial institutions and enterprise customers. All final selections are the responsibility of Global Finance. Predictive analytics can also help banks in customer service, marketing and security. Users can hail taxis, book hotels, buy movie tickets, pay utility bills, make appointments with doctors and purchase wealth management products directly from the app. At Gulf International Bank (GIB), which took six awards this year in the Corporate/Institutional categories, the Covid crisis has helped focus leadership’s priorities on digital transformation. In the new world of ‘digital-only’, app-based banks, it’s easy to be overwhelmed. While you may partake in mobile banking through your bank’s website or mobile app, chances are that you know very little about digital banks. Improvements to the platform include QR code and peer-to-peer payments, loan and overdraft facilities and instant fixed deposits. Many banks offer contactless payments via digital wallets like Apple Pay, Google Pay and Samsung Pay, but offering a digital feature doesn’t make them digital banks. Global Finance magazine has been awarding world’s best digital banks since the year 2000. To hammer home the active role that banks can play in customer lifestyles, Emirates NBD Bank, which won three awards  in the UAE, launched its Liv app, which offers services designed around the customer’s lifestyle, education, finances, mental and physical well-being. A volatile currency environment is focusing attention on foreign exchange and day-to-day cash flow. Innovation tends to focus on improving the cost, speed, security and convenience of solutions for banks and their clients. Most of us have gone through life using a local bank that friends and family members have used. Digitalization helps banks sell products at a lower cost. Typically the only factor we put much thought into is how ideally located the bank is from work and home. Copyright © 2014 Euromoney had named DBS as the world's best digital bank in 2016 and last year, and the world's best bank for small and medium-size enterprises last year. Entrants are judged on breadth of product offerings, success in migrating customers to digital platforms, acquiring and retaining new customers, and the use of digital technologies to improve business processes, cut costs and deliver other benefits. The winners of the Global Finance Best Digital Bank Awards are chosen based on entries provided by financial institutions. Citi Ventures is Citi’s vehicle to hook up with fintech talent while BBVA’s  API_Market provides fintechs and other third parties a sandbox to test products in synergy with the bank. In recent years, a host of others have opted for genuine root-and-branch reform that propels once recalcitrant lenders into the digital age. Biometric authentication via fingertips, facial and voice recognition not only provide greater security but save customers time and effort. Rather than simply helping customers buy a house by selling them a mortgage, going forward, banks could also offer the same customer other services related to a home move such as solicitor valuations, decorating, building and furniture, Ball suggests. TD took home four Consumer awards in the North American region this year. “For this reason, at Bancolombia we strive to enable our services in an integrated and consistent manner,” says Arrastía Uribe, “thereby facilitating self-management while constantly seeking to offer a multidimensional platform with modular and scalable solutions.” The goal is to support corporate clients in all their business processes, from beginning to end. The good news is that banks are earning praise for helping customers go digital and remote and for making it easier for those under financial stress to secure assistance. World's best digital bank 2018: DBS July 11, 2018 Email; Facebook; LinkedIn; Twitter; Show more sharing options; Share Close extra sharing options. Round 2—global winners—will be featured in the December issue. TMRW also reminds customers of important payments coming up and displays their spending patterns, encouraging them to make smarter spending and saving decisions. 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