ba n k i ng
Digital Banking
WORLD FINANCE DIGITAL BANKING AWARDS 2019 COUNTRY Andorra Angola Austria Botswana Brazil Cambodia China Costa Rica Côte d’Ivoire El Salvador Finland France Germany Ghana Greece Guatemala Honduras Hungary Italy Kenya Lebanon Mexico Mozambique Netherlands Nicaragua Nigeria Panama Philippines Portugal Singapore Spain Tanzania Turkey UAE Uganda UK Zambia Zimbabwe
BEST MOBILE APPS MoraBanc App – MoraBanc BFA App – Banco de Fomento Angola George-App – Erste Bank SC Mobile Botswana – Standard Chartered Bank Airfox – Airfox Sathapana Mobile – Sathapana Bank HSBC Mobile Banking – HSBC Banca Móvil – BAC Credomatic SC Mobile (CDI) – Standard Chartered Bank Banca Móvil – BAC Credomatic Ferratum Mobile Bank – Ferratum Bank BRED – BRED Bank N26 – N26 SC Mobile Ghana – Standard Chartered Bank Winbank Mobile – Piraeus Bank Banca Móvil – BAC Credomatic Banca Móvil – BAC Credomatic MKB Mobilalkalmazás – MKB Bank Intesa Sanpaolo Mobile – Intesa Sanpaolo SC Mobile Kenya – Standard Chartered Bank Cedrus Mobile Banking – Cedrus Bank BBVA Mexico – BBVA Mexico Via Daki – BCI Bunq – Bunq Banca Móvil – BAC Credomatic Access Bank – Access Bank Banca Móvil – BAC Credomatic UnionBank Online – Union Bank of the Philippines ActivoBank – ActivoBank Frank – OCBC Bank Openbank – Openbank SC Mobile Tanzania – Standard Chartered Bank Garanti BBVA Mobile – Garanti BBVA Bank Snapp – Mashreq Bank SC Mobile Uganda – Standard Chartered Bank Monzo Bank – Monzo SC Mobile Zambia – Standard Chartered Bank SC Mobile Zimbabwe – Standard Chartered Bank
COUNTRY Andorra Angola Austria Botswana Brazil Cambodia China Costa Rica Côte d’Ivoire El Salvador Finland France Germany Ghana Greece Guatemala Honduras Hungary Italy Kenya Lebanon Mexico Mozambique Netherlands Nicaragua Nigeria Panama Philippines Portugal Singapore Spain Tanzania Turkey UAE Uganda UK Zambia Zimbabwe
BEST CONSUMER DIGITAL BANKS MoraBanc Banco de Fomento Angola Erste Bank Standard Chartered Bank Airfox Sathapana Bank HSBC BAC Credomatic Standard Chartered Bank BAC Credomatic Ferratum Bank BRED Bank N26 Standard Chartered Bank Piraeus Bank BAC Credomatic BAC Credomatic MKB Bank Intesa Sanpaolo Standard Chartered Bank MEAB Bank BBVA Mexico BCI Bunq BAC Credomatic Access Bank BAC Credomatic Union Bank of the Philippines ActivoBank OCBC Bank Openbank Standard Chartered Bank Garanti BBVA Bank Mashreq Bank Standard Chartered Bank Monzo Standard Chartered Bank Standard Chartered Bank
er purchases and payments. Every customer has their own transaction footprint containing plenty of useful information about their spending and saving habits. For banks, this data – if collected and analysed effectively – presents a number of exciting opportunities. By tracking spending patterns, banks can better understand their clients, creating detailed profiles for each customer. This enables banks to offer greater product personalisation, helping them to devise new products and services that are tailored to customers’ specific needs. What’s more, the successful analysis of big data allows for improved fraud detection, as banks are able to use machine learning to pinpoint transactional behaviour that differs from customers’ regular banking habits. In 2018, 14.4 million people were victims of fraud, with out-of-pocket fraud costs reaching $1.7bn. As the threat of online fraud looms large for many digital banking customers, dataenhanced fraud detection is certainly an area worth investing in over the coming years.
In safe hands The digital transformation of the banking industry has opened traditional financial service providers up to a wealth of opportunities, helping them boost efficiency while cutting costs. This significantly improves their customer service operations. However, the digital era also comes with its fair share of challenges, and banks must take care to protect themselves and their customers from the risks that accompany increased digitalisation. According to a 2019 report by cyber intelligence firm IntSights, over 25 percent of all malware attacks in 2018 were targeted at banks and financial services organisations, making the finance industry the worst-hit professional sector. The study also recorded a 212 percent year-on-year increase in stolen credit card data and a 102 percent increase in malicious apps. To combat these aggressive attacks, banks of all sizes must prioritise investment in threat detection and online security. Failing to do so places institutions at risk of suffering a targeted attack, potentially resulting in regulatory fines, sky-high legal costs and irreparable reputational damage. As we begin a new decade, it is remarkable to reflect on how technology has transformed the banking sector. Services that seemed impossible a few short years ago are now accepted as commonplace, and banks are only beginning to scratch the surface when it comes to advanced technologies. The sector is moving towards a dynamic future, and a handful of innovative institutions are leading the way. The World Finance Digital Banking Awards 2019 highlight those firms at the very forefront of this exciting digital drive. n
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