SCOTTSDALE, AZ, May 15, 2018 — Bank Director and Promontory Interfinancial Network have announced the winners for the 2018 Best of FinXTech Awards at the FinXTech Annual Summit in Scottsdale, Arizona – an event which brings together senior executives from across the financial industry to explore growth opportunities through partnerships, collaboration and investments. Awarded annually, the Best of FinXTech Awards recognize institutions that exemplify how collaborative efforts can lead to innovative solutions and growth in the banking industry. This year, winners were announced in three categories: Startup Innovation, Innovative Solution of the Year and Best of FinXTech Partnership.
Most Innovative Solution of the Year Winner: 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.
Best of FinXTech Partnership Winner: Citizens Financial Group + Fundation Group
• Citizens Bank’s digital lending capability makes it easier for small business customers to apply for and receive credit. Provided through a collaboration with Fundation, the platform enables small businesses to apply for credit through a simple application across all customer channels, including online and retail branches. Fundation also offers credit to some customers that do not meet bank credit guidelines, helping Citizens meet more of its SMB customers’ credit needs.
Startup Innovation Winner: Radius Bank + Alloy
• Radius Bank partnered with FinTech Alloy to help transform Radius into a digital-first bank. By using Alloy’s smart identity platform and API, Radius delivers a superior experience to their new customers signing up online – offering an instant decision in 98% of the cases, while reducing onboarding fraud by 50%.
“The characteristics of the banks recognized – curious, resourceful and ambitious – reflect their shared desire to develop products and services to delight their customers,” said Al Dominick, CEO of Bank Director and FinXTech. The judging criteria acknowledged stand-out performance based on innovation, growth by revenue, customers or reputation, and strength of integration. The awards were given to three banks and their technology partners.
“This year’s winners best showcased how forward-looking banks and nimble technology companies are combining their strengths to create new opportunities for our industry,” said Mark Jacobsen, president and CEO of Promontory Interfinancial Network.
The additional seven finalists recognized at the Summit included ChoiceOne Bank + Autobooks, MVB Financial Corp. + BillGO, Pinnacle Financial Partners + Built Technologies, Seacoast Bank + SmartBiz Loans, TCF Financial Corp. + D3 Banking Technology, USAA + Clinc and U.S. Bancorp + SpringFour, Inc.
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 sweep 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.
Contact: Michelle King, chief marketing officer of Bank Director, (615) 777-8465, [email protected].