WASHINGTON, D.C., March 27, 2018 /PRNewswire/ — Bank Director and Promontory Interfinancial Network have announced the finalists for the 2018 Best of FinXTech Awards, which recognize institutions that exemplify how collaborative efforts can lead to innovative solutions and growth in the banking industry. This year's Award categories included Startup Innovation, Innovative Solution of the Year and Best of FinXTech Partnership.
Startup Innovation Finalists
- Seacoast Banking Corp. + SmartBiz Loans: Stuart, Florida-based Seacoast partnered with online lending marketplace and platform SmartBiz, of San Francisco, to take the bank's Small Business Administration loan business nationwide.
- Radius Bank + Alloy: Radius Bank partnered with FinTech Alloy to help transform into a digital first bank. By using Alloy's smart identity platform and API, Radius can deliver a superior experience to their new customers signing up online - offering an instant decision in 98% of the cases, whilst reducing onboarding fraud by 50%.
- ChoiceOne Financial Services + AutoBooks: ChoiceOne Financial Services of Sparta, Michigan, expanded its services to small business clients by partnering with Detroit-based business banking platform AutoBooks to offer treasury services.
- Pinnacle Financial Partners + Built: Pinnacle partnered with Built, a fintech firm focused on construction lending, to streamline the bank's construction loan management process. Both companies are based in Nashville, Tennessee.
Innovative Solution of the Year
- U.S. Bancorp + SpringFour: Seeking to help mortgage customers that were falling behind on their loan payments, U.S. Bancorp integrated Chicago-based SpringFour into the bank's mortgage servicing operations and website.
- CBW Bank + Yantra Financial Technologies: CBW Bank became the first bank in the U.S. to publish its APIs by working with Yantra Financial Technologies to launch the Y-Labs Marketplace. The Y-Labs Marketplace is an initiative that enables banks to rapidly introduce new payments, products and services with industry specific benefits.
- USAA + Clinc: USAA partnered with the artificial intelligence platform Clinc, based in Ann Arbor, Michigan, to pilot an Amazon Alexa skill that helps USAA members access information about account balances, transactions and spending patterns.
Best of FinXTech Partnership
- MVB Financial Corp. + BillGO: MVB and BillGO, based in Fairmont, West Virginia, and Fort Collins, Colorado, respectively, partnered to develop a real-time bill payment solution that improves the financial lives of more than 5 million Americans.
- TCF Financial Corp. + D3 Banking Technology: As part of TCF's digital transformation, the Wayzata, Minnesota-based bank leveraged D3's digital banking platform to improve the customer experience, including a re-designed and intuitive mobile banking app; easier ways to deposit checks, pay bills and transfer money; and advanced budgeting and savings tools.
- Citizens Financial Group + Fundation Group: Citizens Financial, of Providence, Rhode Island, partnered with Fundation, of Reston, Virginia, to digitize the credit delivery process across all channels for small business loans and lines of credit.
The winners of the 2018 Best of FinXTech Awards will be announced at the FinXTech Annual Summit, brought to you by Bank Director and Promontory Interfinancial Network, in Scottsdale, Arizona on May 10, 2018. This event brings together senior executives from across the financial space to focus on new growth strategies and opportunities available to banks today.
About Bank Director
Since 1991, Bank Director has served as a leading information resource for the directors and officers of financial institutions. Through its monthly Bank Director magazine, executive-level research, annual conferences, and its website, BankDirector.com, Bank Director reaches the leaders of the institutions that comprise America's banking industry. Bank Director is headquartered in Brentwood, Tennessee. More information can be found at BankDirector.com.
About Promontory Interfinancial Network, LLC
Chosen by more than 3,000 financial institutions nationwide, Promontory Interfinancial Network is the leading provider of FDIC-insured deposit placement services. Banks of all sizes can use the company's balance-sheet management solutions to build multi-million-dollar relationships, reduce collateral requirements, purchase funding, manage liquidity, and buy or sell loans.
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