With the above criteria in mind, my team and I researched the best offshore banks in the world for 2021. 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. September 2020. Best Consumer Digital Bank: NBK : Best in Mobile Banking: NBK : Best Mobile Banking App : Boubyan Bank : Most Innovative Digital Bank: Boubyan Bank: Lebanon: Best Consumer Digital Bank : Blom Bank : Best in Mobile Banking: Blom Bank : Best Mobile Banking App: Blom Bank : Most Innovative Digital Bank: Bank Audi: Oman: Best Consumer Digital Bank: Bank Muscat: Palestine: Best Consumer Digital Bank: … When customers exceeded their spending limit, Liv recommends free activities. Copyright © 2014 The winners of the Global Finance Best Digital Bank Awards are chosen based on entries provided by financial institutions. Classeditori, Best Information Security and Fraud Management, Asia-Pacific — Regional Sub-Category Winners, Best in Social Media Marketing and Services, Central and Eastern Europe — Country Winners, Central and Eastern Europe — Regional Sub-Category Winners, Latin America — Regional Sub-Category Winners, Middle East — Country Winners (With Sub-categories By Country), Best in Social Media Marketing & Services, Best Overall Corporate/Institutional Digital Bank, North America — Regional Sub-Category Winners, Western Europe — Regional Sub-Category Winners, Best Online Investment Management Services, Most in Social Media Marketing and Services, Best Information Security and Fraud Services Management, Best Corporate/Institutional Digital Bank, Best Corporate/Institutional Digital Bank, Most Information Security and Fraud Management, World’s Best Digital Banks 2020 Round 1: Covid Raises The Digital Ante. A volatile currency environment is focusing attention on foreign exchange and day-to-day cash flow. Alipay also provided banks a glimpse of the dangers posed by Amazon, Google and Facebook, should they expand into financial services with a similar array of offerings that match lifestyles rather than dispensing generic, off-the-shelf banking products. First Round winners include Best Corporate/Institutional Digital Banks, Best Consumer Digital Banks and the Best Islamic Digital Banks at the country level. On October 27, Global Finance conducted a Sub-custody Roundtable, moderated by publisher and editorial director Joseph Giarraputo. 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.”. Zazu Bank. The company has time-saving at the centre of its thinking, so is keen to abolish wasted time for its customers. 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. New York – Citi has again been named the World’s Best Digital Bank by Global Finance magazine. 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. “As the post-pandemic world begins to emerge,” says Laurens, “we expect further acceleration of trade digitization, given the extensive benefits of paperless transacting.”. Tinkoff Business even offers a website builder that enables companies and entrepreneurs to create new websites in minutes. “In the next 12 months or so, that’s going to end up being a me-too,” he says, so while it’s critically important, it’s not going to move the needle on bank performance: because they are all going to have to have it.”. 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. The global health crisis is forcing banks to accelerate digital transformation. A new app from Thailand’s United Overseas Bank, TMRW, helped the bank earn Most Innovative Digital Bank for Consumers. It automatically categorises your spending, allows you to set savings goals, pay friends instantly, and much more. DBS has likewise invested heavily in digital banking and won multiple awards, including Most Innovative Digital Bank on the Corporate/Institutional side. 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. “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. All final selections are the responsibility of Global Finance. 49. Copyright © 2014 Each entry is analyzed by a team of digital and banking experts at Infosys. 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. Banks were rated on general satisfaction and key attributes like trust, fees, digital services … 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. 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. The platform onboards clients in under 15 minutes and provides 70 of the most common service requests. That’s been upended by the Covid-19 pandemic, as remote operation has suddenly become imperative. Luckily, we’ve put together this handy guide to help you navigate the challengers and find the best … 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. Paramount Bank: Best for Interest Checking; Truist: Best for Mobile App; We partnered with the following banks to bring you the savings account offers in the table below. Over the last 12 months they’ve raised $2bn between them across Europe, with Germany’s N26 raising a whopping $300m alone. nbkc bank: Best for Combined Checking and Savings. Whether it was on purpose or not, this way they have used the introduction to the new millennium as a metaphor for the recognition of modern-age developments and digital transformation in banking. 3. This alone makes it valuable for people who travel internationally frequently, as urgent banking needs can be quickly mitigated at one of these local branches. Digital-only banks may not hurt traditional ones. 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. Tinkoff reported 1 million new current accounts in the first three months of this year. All final selections are the responsibility of Global Finance. The new frontiers in banking include mobile payments, blockchain, inclusion and … agriculture? In 2014, Wells Fargo launched its Startup Accelerator, a hands-on program that create solutions for financial institutions and enterprise customers. Customers are responding. Banks are also evaluated based on their breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and web/mobile site design and functionality. With robotic process automation, for example, banks can help stem the tide of paper into corporate treasury departments by simplifying, streamlining, automating and digitalizing more processes. One of the biggest names in digital banking, Chime, based in San Francisco, is adding more customers each month than either Wells Fargo or Citibank per The New York Times. Typically the only factor we put much thought into is how ideally located the bank is from work and home. Russia’s Tinkoff Bank, for example, which notched eight wins in this year’s Best Digital Bank Awards, including Best Corporate/Institutional Information Security and Fraud Management, recently acquired a stake in Kassir.ru, a Russian ticketing service, so it can offer customers a choice of movie, theater and concert bookings. Thanks in part to Covid-necessitated lockdowns, this lifestyle approach to financial services has been a success. The winners of the Global Finance Best Digital Bank Awards are chosen based on entries provided by financial institutions. In December 2018, Tinkoff Business began offering Document Builder, whose 1,400 templates help entrepreneurs to rapidly create legally accurate documents within a short time, from an application to register as a sole proprietor to a power of attorney. 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. Most of us have gone through life using a local bank that friends and family members have used. Improvements to the platform include QR code and peer-to-peer payments, loan and overdraft facilities and instant fixed deposits. September 2019. The new frontiers in banking include mobile payments, blockchain, inclusion and … agriculture? JPMorgan Chase rolled out its digital-only challenger bank, Finn in the summer of 2018, joining the likes of Santander’s Openbank and Bank Leumi’s Pepper. Data is the key to providing personalized lifestyle services, says Christian Ball, head of retail, GFT UK, which designs IT solutions for financial services companies; whether through aggregation or enhanced information, banks must be able to provide a competitive customer experience. Compatriot Sberbank, which took five awards, leverages customer data, algorithms and machine learning to power its Sberbank Online app. Digital banks have dominated headlines and venture capitalists’ wallets this year. Global Finance Magazine. Round 1 includes country-level and regional awards in Corporate/Institutional and Consumer subcategories. “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.”. Meet 11 of the Most Interesting Chatbots in Banking. “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. The Top 3 Digital Banks in 2019. Best Online Banks. As the World’s Best Digital Bank, Citi was selected from 300 banks globally, that were assessed against a wide range of criteria focused on strategy, features and functionality in the online and mobile channels. 50. Axos Bank: Best Overall for Online Banking. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. “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. Under that, you'll find additional details on our editors' picks for the best online banks and why we chose them. DBS was awarded the best bank in world by three top finance awards within a 12-month period. 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. METHODOLOGY The winners of the Global Finance Best Digital Bank Awards are chosen based on entries provided by financial institutions. 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. 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. Global Finance is a media partner of: 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. Citi Treasury Trade Services (TTS), for example, provides real-time data to business clients via API with its CitiConnect API Developer Portal and file testing portals. 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. in the 2016 World’s Best Digital Banks Awards in Asia-Pacific. 25 Digital-Only Banks to Watch Subscribe Now Get The Financial Brand Newsletter for FREE - Sign Up Now Check out this round up of digital banks from around the world and see how these pioneers are redefining the banking industry by connecting with … Global Finance Magazine. 2. Global news and insight for corporate financial professionals. Top 25 Digital-Only Banks to Watch. A volatile currency environment is focusing attention on foreign exchange and day-to-day cash flow. This year, nearly 300 individual banks from around the world entered the competition. Standard Chartered’s Stacy, for example, has been trained to answer over 400 banking-related questions and learns through each interaction how to further fine-tune its capabilities. Best Bank for Digital Nomads in Australia Citibank Plus. The Awards judging panel was comprised of representatives from Infosys, a global leader in consulting, technology and outsourcing solutions. FinTech Magazine covers banks, challenger banks, payment solutions, technology platforms, digital currencies and financial services - connecting the world’s largest community of banking and fintech executives. This round up of digital banks from around the world lists pioneers that are redefining the banking industry by connecting with a new generation of mobile-first consumers. Predictive analytics can also help banks in customer service, marketing and security. Automation and cognitive technologies accelerate business growth by enhancing digital customer experiences, improving operational efficiencies and increasing staff productivity. DBS has been crowned the world’s best digital bank by the Euromoney Awards for Excellence, thanks to its simultaneous embrace of biometrics, artificial intelligence and intuitive tech. When Ant Financial refers to Alipay, its digital wallet and payments solution, as a lifestyle platform, it’s neither an oversight or an overestimation. Inception: 2015 | Founder(s): Perseus Miambo. 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. Varo Bank: Best for High-Yield Savings. In 2018, it won Global Finance’s Best Bank in the World award and Euromoney’s Best Digital Bank in the World, and in 2019, it became the first bank in the world to be awarded the best bank in the world award concurrently from Euromoney, Global Finance and The Banker All final selections are the responsibility of Global Finance. Wirex (Best Banking For Bitcoin) Wirex is a cryptocurrency wallet provider and a crypto-friendly banking service for buying/selling cryptocurrencies based out of the UK, London. The information available on this date is used to compile the full world and country rankings. Pairing data collected from customers with predictive analytics opens the way for other innovative services; TD, for example, offers a digital program that identifies customers who could save money by shifting to a different type of account. The need to keep delivering new digital solutions is driving banks to foster innovation. Global Finance’s World’s Best Digital Bank Awards are based on submissions from banks that wish to be considered. “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. The Roundtable agenda covered crucial topics in the sub-custody sector including: the global and regional impact on the COVID-19 pandemic on sub-custodians; the effect ... Banks are fighting to differentiate themselves digitally with a plethora of new, non-traditional services for corporate clients and individual consumers. 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 Banks are venturing even farther afield in the quest to differentiate their digital services from the competition. Information portals, debuted by DBS with the launch of Treasury Prism in 2017, are opening up another new dimension of service for corporate clients. But aside from competing over eye-watering valuations, it can be tricky to tell how the online digital banks are progressing — and who’s in the lead. Biometric authentication via fingertips, facial and voice recognition not only provide greater security but save customers time and effort. TMRW also reminds customers of important payments coming up and displays their spending patterns, encouraging them to make smarter spending and saving decisions. Zazu is a digital money account that keeps you in the know. Corporate clients receive real-time information and payment capabilities delivered via APIs directly to their back offices.Citi, which invests heavily in digital, earned numerous Digital Bank Awards. Siew Choo Soh, Managing Director, Group Head of Consumer Banking and Big Data/AI Technology, DBS . While competition will continue to be fierce, continuing development of digital innovations will be critical for banks. In the new world of ‘digital-only’, app-based banks, it’s easy to be overwhelmed. Each entry is analyzed by a team of digital and banking experts at Infosys. Earlier this year, Liv added Olivia, an artificial intelligence (AI)-powered chatbot. Digital strategies come in many guises. Each entry is analyzed by a team of digital and banking experts at Infosys. Global Finance magazine has been awarding world’s best digital banks since the year 2000. 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. Algorithms use AI to analyse the preferences of clients under 1,000 parameters and offer the variants that are most relevant to each user. Building digital-only units with their own distinct brand has become something of a trend among established banks, according to Finextra. “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. Some banks build or buy online services that adapt to what they have and what they can afford. A feat never achieved before. Citibank is a large, multinational bank with branches all over the world. Digitalization helps banks sell products at a lower cost. However, before we dive into the list of the best offshore banks, I want to address a few caveats to this list. Category winners, such as Best Mobile Banking App, were selected based on the relative strength and success of those web products and services. As well as tapping into the financial demands underlining major life moments, banks can help customers live their daily lives, wherever it impacts their finances. Application programming interfaces (APIs) help banks move away from legacy integration limitations, allowing them to add services, products and capabilities for corporates as well as customers. World's best digital bank 2018: DBS July 11, 2018 Email; Facebook; LinkedIn; Twitter; Show more sharing options; Share Close extra sharing options. Advanced data analytics help determine whether transactions flowing through the bank’s systems match a client-specific behavior profile and issue alerts when fraud is suspected. For example, the main screen now displays action cards. “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. AI is also helping banks tailor new information services for clients in specific industries. First, you should keep in mind that what’s best for the general public isn’t going to be what’s best for you. “This is how we fulfill our goal of being accelerators in the transformation process of our clients,” she says. 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. 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. On October 27, Global Finance conducted a Sub-custody Roundtable, moderated by publisher and editorial director Joseph Giarraputo. Round 2—global winners—will be featured in the December issue. Tinkoff Accounts, a mobile app for sole proprietors, allows easy filling in and filing of tax returns, including an electronic signature. Classeditori, Best Information Security and Fraud Management, Asia-Pacific — Regional Sub-Category Winners, Central and Eastern Europe — Country Winners, Central and Eastern Europe — Regional Sub-Category Winners, Best in Social Media Marketing and Services, Latin America — Regional Sub-Category Winners, Middle East — Country Winners (With Sub-categories By Country), Best Overall Corporate/Institutional Digital Bank, North America — Regional Sub-Category Winners, Western Europe — Regional Sub-Category Winners, Best Online Deposit, Credit and Investment Product Offerings, Best Information Security and Fraud Management, meem Digital Banking By Gulf International Bank, World's Best Digital Banks 2019: From Lifestyles To Treasury Services. TMRW crosses into the world of games by letting customers grow their own virtual city though saving, encouraging active use of the app. 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. 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. 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. Innovation tends to focus on improving the cost, speed, security and convenience of solutions for banks and their clients.