World’s Best Digital Banks 2020 Round 1

The global health crisis is forcing banks to accelerate digital transformation. Customers are responding. It used to be that banks viewed digital transformation as something that evolved in fits and spurts, in line with legislation and customer preference. That’s been upended by the Covid-19 pandemic, as remote operation has […]

The global health crisis is forcing banks to accelerate digital transformation. Customers are responding.


It used to be that banks viewed digital transformation as something that evolved in fits and spurts, in line with legislation and customer preference. That’s been upended by the Covid-19 pandemic, as remote operation has suddenly become imperative.


Legacy infrastructure has long held banks back, but the need for digital and contact-free solutions is pushing them to find new ways to create safe and efficient services for customers. 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. Increased uptake of digital services by both consumers and corporates, moreover, is accelerating change.


This year’s Best Digital Bank awards, judged by the editors of Global Finance and vetted by our partner Infosys, reflect banks’ responses to the demands and opportunities the pandemic poses for them. Round 1 includes country-level and regional awards in Corporate/Institutional and Consumer subcategories. Round 2—global winners—will be featured in the December issue.


“Digital has been at the forefront of our engagement with clients for some time, helping clients drive transformation of their businesses to realize new strategic opportunities across commercial business units and treasury operations,” says John Laurens, group head of Global Transaction Services at DBS, winner for Most Innovative Digital Bank in the Asia-Pacific region as well as several other awards.


Covid-19 accelerated DBS clients’ adoption of digital solutions by as much as two to four years in the first half of 2020, Laurens says. 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.


“Alongside helping our clients gain much-needed access to liquidity and financing to stay afloat,” Laurens says, “implementing API-based services to deliver contact-free solutions has been part of our critical response to the pandemic, as we recognize that businesses have to reduce or eliminate physical interactions. Additionally, given the disruption Covid-19 has brought to global supply chains, we’ve accelerated the digitization of our trade and supply chain financing services.”


Adopting the latest digital solutions in trade finance has been essential to DBS’ clients as they scramble to find the most efficient ways to operate their businesses during the pandemic while searching for solutions that can carry their business platforms into the future. “As the post-pandemic world begins to emerge,” says Laurens, “we expect further acceleration of trade digitization, given the extensive benefits of paperless transacting.”




Methodology

The winners of the Global Finance Best Digital Bank Awards are chosen based on entries provided by financial institutions. 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. Each entry is analyzed by a team of digital and banking experts at Infosys. All final selections are the responsibility of Global Finance.

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.


“[The crisis] has put greater emphasis on the financial viability of key digital initiatives,” as well as “the need to prioritize aspects of the strategy that deliver value in shorter time frames or address items with large opportunity costs and previously unforeseen regulatory changes,” says Dharmesh Mehta, product consultant, Global Transaction Banking at GIB.


Innovation Encouraged


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. In May, Tinkoff launched a service called Surviving Quarantine, which offers discounts on digital services and subscriptions for film streaming, home fitness, audio books and online courses. Thanks in part to Covid-necessitated lockdowns, this lifestyle approach to financial services has been a success. Tinkoff reported 1 million new current accounts in the first three months of this year.


Standard Chartered, which won seven country awards as well as Africa-wide wins for Best Information Security and Fraud Management and Most Innovative Digital Bank, built on its successful digital retail bank launched in Côte d’Ivoire in 2018 to launch the same customer data integration platform in Uganda, Tanzania, Ghana and Kenya in the first quarter of last year. The platform onboards clients in under 15 minutes and provides 70 of the most common service requests. Improvements to the platform include QR code and peer-to-peer payments, loan and overdraft facilities and instant fixed deposits.


At Citi, which won a slew of awards around the globe, Tapodyuti Bose, global head of digital channels and data for Citi Treasury and Trade Solutions, stresses the importance of working with clients to invest and innovate in areas that best serve their current and evolving needs.


“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 the same for Bancolombia, which won two awards each in the Corporate and Consumer categories, in addition to the country award for Colombia. “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.


“Nowadays, corporate clients are increasingly agile, have greater access to information and face constant digital transformations that lead them to seek more-sophisticated financial partners with the best value offers,” Arrastía Uribe says. “This includes a much greater speed in responding to their needs. In this sense, banks must continually work to improve their offer with digital products and services that make them relevant to the daily happenings of corporate clients.”


In an increasingly demanding environment, with customers giving greater priority to security, analytics, real-time information and ease of use, banks must adapt to customer needs and develop products and services to differentiate themselves from the competition.


“One of them in Grupo Bancolombia’s digital strategy,” Arrastía Uribe says, “is the user experience, as the means and the way to get our clients to prefer and recommend us based on four attributes: user friendliness, enjoyable experience, reliability and timeliness.”


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.


“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. “This is how we fulfill our goal of being accelerators in the transformation process of our clients,” she says.


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. 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.


“As we are heading towards recovery, customers are already accustomed to virtual or digital services,” says GIB’s Mehta, encouraging people from more walks of life to expect digital excellence from their banks. 


METHODOLOGY The winners of the Global Finance Best Digital Bank Awards are chosen based on entries provided by financial institutions. 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. Each entry is analyzed by a team of digital and banking experts at Infosys. All final selections are the responsibility of Global Finance.




WORLD’S BEST DIGITAL BANKS 2020 — ROUND 1


BEST DIGITAL CONSUMER BANKS












Africa — Country Winners

Botswana Standard Chartered
Côte d’Ivoire Standard Chartered
Ghana Standard Chartered
Kenya Standard Chartered
Mozambique Millennium bim
Nigeria Standard Chartered
Tanzania Standard Chartered
Tunisia Union Internationale de Banques
Uganda Standard Chartered
Zambia Standard Chartered







Africa — Regional Sub-Category Winners

Best Integrated Consumer Bank Site Standard Chartered
Best Online Product Offerings Standard Chartered
Best Mobile Banking App First Bank of Nigeria
Best Information Security and Fraud Management Standard Chartered
Most Innovative Digital Bank Standard Chartered






















Asia-Pacific — Country Winners

Australia Citi
Bangladesh Standard Chartered
Brunei Standard Chartered
China Ping An Bank
Hong Kong Citi
India Standard Chartered
Indonesia Maybank
Japan Rakuten Bank
Kazakhstan Altyn Bank
Malaysia Maybank
Mongolia Golomt Bank
Nepal Standard Chartered
Pakistan Standard Chartered
Philippines Citi
Singapore DBS
South Korea Citi
Sri Lanka National Development Bank (NDB)
Taiwan Taishin Bank
Thailand TMRW by UOB
Vietnam Standard Chartered













Asia-Pacific — Regional Sub-Category Winners

Best Integrated Consumer Bank Site DBS
Best Online Product Offerings Taishin Bank
Best Bill Payment and Presentment Standard Chartered
Best Website Design Maybank
Best Mobile Banking App Ping An Bank
Best Mobile Banking Adaptive Site Citi
Best Information Security and Fraud Management Citi
Best in Social Media Marketing and Services CTBC
Best in Lending Taishin Bank
Most Innovative Digital Bank DBS
Best Open Banking APIs Citi













Central and Eastern Europe — Country Winners

Armenia Evocabank
Belarus Alfa-Bank
Bulgaria Unicredit Bulbank
Georgia Bank of Georgia
Hungary OTP Bank
Latvia Baltic International Bank
Poland Bank Millennium
Romania Garanti BBVA
Russia Tinkoff Bank
Slovakia Tatra banka
Ukraine PrivatBank













Central and Eastern Europe — Regional Sub-Category Winners

Best Integrated Consumer Bank Site Bank Millennium
Best Online Product Offerings Bank of Georgia
Best Bill Payment and Presentment Sberbank
Best Website Design Tinkoff Bank
Best Mobile Banking App Tinkoff Bank
Best Mobile Banking Adaptive Site Tatra banka
Best Information Security and Fraud Management Sberbank
Best in Social Media Marketing and Services TBC Bank
Best in Lending Bank of Georgia
Most Innovative Digital Bank Sberbank
Best Open Banking APIs Tinkoff Bank












Latin America — Country Winners

Argentina Banco Santander Rio
Bolivia BCP
Brazil Next — Bradesco Bank
Chile BCI Chile
Colombia Bancocolombia
Ecuador Produbanco
El Salvador Banco Cuscatlán
Mexico Citibanamex
Paraguay Itaú Unibanco
Puerto Rico Banco Popular de Puerto Rico













Latin America — Regional Sub-Category Winners

Best Integrated Consumer Bank Site Bancolombia
Best Online Product Offerings Citibanamex
Best Bill Payment and Presentment Banco Santander Rio
Best Website Design Citibanamex
Best Mobile Banking App Bancolombia
Best Mobile Banking Adaptive Site Banco Cuscatlán
Best Information Security and Fraud Management Banco Popular de Puerto Rico
Best in Social Media Marketing and Services BCI Chile
Best in Lending Banco de Bogotá
Most Innovative Digital Bank Next – Bradesco Bank
Best Open Banking APIs Citibanamex


















































Middle East — Country Winners (With Sub-categories By Country)

Bahrain Best Consumer Bank Citi
  Best Mobile Banking App Citi
  Best Mobile Adaptive Banking Site Citi
  Best Information Security and Fraud Management Citi
Egypt Best Consumer Digital Bank CIB
  Best Integrated Consumer Banking Site CIB
  Best Online Product Offerings CIB
  Best Bill Payment and Presentment Abu Dhabi Islamic Bank
  Best Website Design CIB
  Best Mobile Banking App CIB
  Best Mobile Banking Adaptive Site Credit Agricole
  Best Information Security and Fraud Management CIB
  Best in Social Media Marketing and Services Abu Dhabi Islamic Bank
  Most Innovative Digital Bank  CIB
  Best Open Banking APIs CIB
Israel Best Consumer Digital Bank Israel Discount Bank
  Best Mobile Banking App Israel Discount Bank
Jordan Best Consumer Digital Bank Bank al Etihad
  Best Bill Payment and Presentment Arab Bank
  Best Website Design Arab Bank
  Best Mobile Banking App Arab Bank
  Best in Social Media Marketing & Services Arab Bank
  Most Innovative Digital Bank Bank al Etihad
Kuwait Best Consumer Digital Bank National Bank of Kuwait
Lebanon Best Consumer Digital Bank Blom Bank
  Best Mobile Banking App Blom Bank
  Best Mobile Adaptive Banking Site Blom Bank
  Most Innovative Digital Bank Blom Bank
Oman Best Consumer Digital Bank Bank Muscat
Palestine Best Consumer Digital Bank Arab Bank
Qatar Best Overall Corporate/Institutional Digital Bank Commercial Bank of Qatar
  Best Online Cash Management Commercial Bank of Qatar
  Best Trade Finance Services Qatar Islamic Bank
  Best in Mobile Banking Qatar Islamic Bank
  Best Mobile Banking App Commercial Bank of Qatar
Saudi Arabia Best Consumer Digital Bank SABB
  Best Mobile Banking App SABB
  Best Information Security and Fraud Management SAMBA
UAE Best Consumer Digital Bank Mashreq Bank
  Best Integrated Consumer Banking Site Standard Chartered
  Best Online Product Offerings Mashreq Bank
  Best Bill Payment and Presentment First Abu Dhabi Bank
  Best Mobile Banking App Commercial Bank of Dubai
  Best Mobile Banking Adaptive Site Standard Chartered
  Best Information Security and Fraud Management Citi
  Best in Lending  Commercial Bank of Dubai
  Most Innovative Digital Bank Mashreq Bank
  Best Open Banking APIs Citi




North America — Country Winners 

Canada CIBC
United States Bank of America










North America — Regional Sub-Category Winners

Best Integrated Consumer Bank  CIBC
Best Online Product Offerings TD Bank
Best Bill Payment and Presentment TD Bank
Best Website Design CIBC
Best Mobile Banking App CIBC
Best Mobile Banking Adaptive Site TD Bank
Best Information Security and Fraud Management TD Bank
Most Innovative Digital Bank TD Bank









Western Europe — Country Winners

Cyprus Bank of Cyprus
Germany ING
Greece Eurobank
Portugal Millennium bcp
Spain Caixabank
Turkey Yapi Credit Bank
UK Citi












Western Europe — Regional Sub-Category Winners

Best Integrated Consumer Bank Site TEB Bank
Best Online Product Offerings Eurobank
Best Bill Payment and Presentment Yapi Kredi Bank
Best Website Design ING
Best Mobile Banking App CaixaBank
Best Mobile Banking Adaptive Site Yapi Kredi Bank
Best Information Security and Fraud Management Citi
Best in Lending Isbank
Most Innovative Digital Bank Eurobank
Best Open Banking APIs Isbank


BEST DIGITAL CORPORATE BANKS


















Africa — Country Winners

Algeria Citi
Cameroon Citi
Congo (DRC) Citi
Côte d’Ivoire Citi
Djibouti CAC International Bank
Gabon Citi
Kenya Citi
Morocco Citi
Nigeria Citi
Senegal Citi
South Africa Citi
Tanzania Citi
Togo Ecobank
Tunisia Citi
Uganda Citi
Zambia Citi











Africa — Regional Sub-Category Winners

Best Online Cash Management Services Citi
Best Trade Finance Services Absa
Best Online Portal Absa
Best Integrated Corporate Banking Site Ecobank
Best Mobile Adaptive Site Citi
Best in Mobile Banking Citi
Best Mobile Banking App Citi
Most Innovative Digital Bank Citi
Best Open Banking APIs Citi



















Asia-Pacific — Country Winners

Australia Citi
Bangladesh Citi
China Citi
Hong Kong Citi
India Citi
Indonesia Citi
Japan Citi
Malaysia Citi
New Zealand Citi
Pakistan Citi
Philippines Citi
Singapore DBS
South Korea Citi
Sri Lanka Citi
Taiwan Citi
Thailand Citi
Vietnam Citi












Asia-Pacific — Regional Sub-Category Winners

Best Online Cash Management Services Citi
Best Trade Finance Services DBS
Best Online Treasury Services Citi
Best Online Portal DBS
Best Integrated Corporate Banking Site CTBC
Best Mobile Adaptive Site Citi
Best Mobile Banking App Citi
Most Innovative Digital Bank DBS
Best Open Banking APIs Citi
Best Open Banking APIs Citi













Central and Eastern Europe — Country Winners

Belarus Alfa-bank
Bulgaria Citi
Czech Republic Citi
Georgia TBC Bank
Hungary Citi
Kazakhstan Citi
Poland mBank
Romania Citi
Russia Sberbank
Slovakia Citi
Ukraine Citi














Central and Eastern Europe — Regional Sub-Category Winners

Best Online Investment Management Services Bank of Georgia
Best Online Cash Management Services Sberbank
Best Trade Finance Services Bank of Georgia
Best Online Treasury Services Tinkoff Bank
Best Online Portal Sberbank
Best Integrated Corporate Banking Site Sberbank
Best Information Security and Fraud Management  Sberbank
Best Mobile Adaptive Site Alfa-Bank
Best Mobile Banking App ING Bank Slaski
Most in Social Media Marketing and Services TBC Bank
Most Innovative Digital Bank TBC Bank
Best Open Banking APIs Citi
















Latin America — Country Winners

Argentina Citi
Brazil Citi
Colombia Bancolombia
Ecuador Citi
El Salvador Citi
Guatemala Citi
Honduras Citi
Jamaica Citi
Mexico Citi
Panama Citi
Paraguay Citi
Peru Citi
Puerto Rico Citi
Uruguay Citi














Latin America — Regional Sub-Category Winners

Best Online Investment Management Services Citi
Best Online Cash Management Services Citi
Best Trade Finance Services Citi
Best Online Treasury Services Citi
Best Online Portal Citi
Best Integrated Corporate Banking Site Bancolombia
Best Information Security and Fraud Services Management Bancolombia
Best Mobile Adaptive Site Citi
Best Mobile Banking App Citi
Best in Social Media Marketing and Services Citi
Most Innovative Digital Bank Citi
Best Open Banking APIs Citi

























































Middle East — Country Winners (With Sub-categories By Country)

Bahrain Best Corporate/Institutional Digital Bank Citi
  Best Online Cash Management Services Citi
  Best Trade Finance Services Gulf International Bank
  Most Innovative Digital Bank Citi
  Best Open Banking APIs Gulf International Bank
Egypt Best Corporate/Institutional Digital Bank Citi
  Best Online Investment Management Services CIB
  Best Online Cash Management Services Citi
  Best Trade Finance Services Credit Agricole
  Best Online Treasury Services CIB
  Best Online Portal CIB
  Most Integrated Corporate Banking Site CIB
  Best Information Security and Fraud Management CIB
  Best Mobile Banking Adaptive Site CIB
  Most Innovative Digital Bank CIB
  Best Open Banking APIs CIB
Israel Best Corporate/Institutional Digital Bank Israel Discount Bank
Jordan Best Corporate/Institutional Bank Citi
  Best Online Cash Management Services Citi
  Best Trade Finance Services Arab Bank
  Best Mobile Banking App Arab Bank
  Most Innovative Digital Bank Citi
  Best Open Banking APIs Citi
Kuwait Best Corporate/Institutional Bank Citi
  Best Online Cash Management Services Ahli United Bank
  Best Mobile Banking App Ahli United Bank
  Most Innovative Digital Bank Citi
  Best Open Banking APIs Citi
Lebanon Best Consumer Digital Bank Citi
  Best Online Cash Management Services Citi
  Best Mobile Banking App Citi
  Most Innovative Digital Bank Citi
Qatar Best Corporate/Institutional Bank Citi
  Best Online Cash Management Services  Commercial Bank of Qatar
  Best Trade Finance Services Commercial Bank of Qatar
  Best Mobile Banking Adaptive Site Citi
  Most Mobile Banking App Commercial Bank of Qatar
  Best in Social Media Marketing and Services Commercial Bank of Qatar
  Most Innovative Digital Bank Citi
  Best Open Banking APIs Citi
Saudi Arabia Best Corporate/Institutional Digital Bank Gulf International Bank
  Best Online Cash Management Services Gulf International Bank
  Best Trade Finance Services Gulf International Bank
  Best Online Treasury Services SAMBA
  Best Online Portal SAMBA
  Best Integrated Corporate Banking Site SAMBA
  Best Open Banking APIs Gulf International Bank
UAE Best Corporate/Institutional Bank Mashreq Bank
  Best Online Cash Management  Mashreq Bank
  Best Trade Finance Services Mashreq Bank
  Best Online Portal Mashreq Bank
  Best Mobile Banking Adaptive Site Citi
  Best Mobile Banking App Citi
  Most Innovative Digital Bank Citi
  Best Open Banking APIs Citi




North America — Country Winners 

Canada Citi
United States Citi














North America — Regional Sub-Category Winners

Best Online Investment Management Services Wells Fargo
Best Online Cash Management Services Citi
Best Trade Finance Services Wells Fargo
Best Online Treasury Services Citi
Best Online Portal Wells Fargo
Best Integrated Corporate Banking Site Wells Fargo
Most Information Security and Fraud Management Wells Fargo
Best Mobile Adaptive Site BBVA
Best Mobile Banking App BBVA
Best in Social Media Marketing and Services Wells Fargo
Most Innovative Digital Bank Citi
Best Open Banking APIs Wells Fargo





















Western Europe — Country Winners

Austria Citi
Belgium Citi
Cyprus Bank of Cyprus
Denmark Citi
Finland Citi
France Citi
Germany Citi
Greece Citi
Ireland Citi
Italy Citi
Luxembourg Citi
Netherlands Citi
Norway Citi
Portugal Citi
Spain BBVA
Sweden Citi
Switzerland Citi
Turkey Citi
United Kingdom Citi











Western Europe — Regional Sub-Category Winners

Best Online Cash Management Services Citi
Best Trade Finance Services Intesa Sanpaolo
Best Online Treasury Services Yapi Kredi Bank
Best Integrated Corporate Banking Site Novo Banco
Best Information Security and Fraud Management Millennium bcp
Best Mobile Adaptive Site Citi
Best Mobile Banking App Citi
Most Innovative Digital Bank BBVA
Best Open Banking APIs Citi







World’s Best Digital Islamic Banks

Asia-Pacific — Country Winners Bangladesh Standard Chartered
  Malaysia Standard Chartered
  Pakistan Standard Chartered
Middle East — Country Winners Kuwait Boubyan Bank
  UAE Abu Dhabi Islamic Bank
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