Other parts of this series:
- Banking innovation comes of age at Distribution & Marketing Innovation Awards
- Award-winning analytics and AI banking innovation
- Three great examples of marketing innovation in banking
- Neobank innovation from the Efma-Accenture DMI Awards
- Three examples of next-gen bank offerings
- Award-winning “phygital” innovations in banking
- Winning auto loan program helps under-banked drivers get on the road
- Austrian bank encourages its workforce to innovate fearlessly
- Here’s what leading banking innovation looks like
- The bright future of innovation in banking
Innovation at global banks is not always easy to come by. See how previous winners of the Global Innovator category earned their victories.
Most financial services organizations recognize the importance of innovation for driving revenue growth and creating a bright future for the industry. Fewer can create, implement, and sustain innovations that bring that bright future closer.
That is what is so remarkable about Banco Bradesco. The Brazilian bank won the coveted Global Innovator category at the 2018 Efma-Accenture Distribution & Marketing Award for its ambitious innovation program, inovaBra. The program is built on three pillars: innovating within the Brazilian ecosystem, building internal innovation capacity, and acquiring strategic partners.
Over the last nine years its achievements have been nothing short of remarkable. Its aspects include:
- inovaBra startups, which allows Bradesco to test different startup solutions for the industry. This has lead to the creation of 21 minimum viable products in 2018 alone. It also boosts the valuation of the startups threefold on average.
- inovaBra habitat, the first co-innovation space in Latin America based on disruptive digital technologies. In six months, the space hosted 500 events, generated more than 500 articles in the press, and lead to the creation of nine proof-of-concepts.
- inovaBra lab, a tech lab that brings together 16 different internal Bradesco tech areas and numerous external partners. The lab has reduced the average test period of a solution by 60 percent and held more than 90 events with the participation of over 2,000 employees.
- Next, a Brazilian digital platform targeting high-income Millennials. Working with 67 different partners, Bradesco attracts customers and prospects with exclusive offers and great design. The platform has been downloaded over two million times and sees over 3.5 million transactions each month.
- inovaBra polos are innovation hubs connecting 300 employees in six different areas. The hubs foster internal innovation and help Bradesco connect with startups and other parts of the innovation ecosystem.
- inovaBra research is a team of specialists studying new applications of artificial intelligence, algorithms, cloud computing, blockchain, autonomous vehicles, biometric, augmented reality, drones, the Internet of Things, and wearable tech.
Bradesco’s inovaBra program is undeniably impressive and deserving of the praise it garnered at the 2018 DMI Awards. But it is also true that others in the industry are also innovating in exciting ways.
Silver in the Global Innovator category went to DBS of Singapore for seven different notable innovations. DBS strives to be “digital to the core” and operate like a Big Tech. It operates on a cloud-native basis and uses 85 percent insourced technology. It also operates the world’s largest banking API platform and has done pioneering work in the field of digital value creation.
Bronze went to the American financial services firm USAA for its numerous innovation achievements, including USAA Labs, a platform that aims to make every USAA employee an innovator. More than 90 percent of its workforce has used the platform, leading to the implementation of over 1,000 employee ideas.
Congratulations to all the previous winners on their achievements. This post wraps up our category-by-category look at the winners from last year’s winners. Come back next time when I’ll zoom out to look more broadly at the state of innovation in our industry.
This year’s Efma-Accenture Banking Innovation Awards is coming very soon! It will take place in Paris, France on Wednesday, October 16 at 9 a.m. Make sure to register to watch the live broadcast of the event.