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Top 10 most digitally advanced banks

As an ongoing digital transformation sweeps across the financial sector, traditional banks are increasingly embracing new digital innovations. FinTech magazine analyses the top 10 most digitally advanced banks based on Juniper Research’s Futureproofing Digital Banking

10 | BNP Paribas

BNP Paribas is the world’s eighth-largest bank by assets. The company’s 2017-2020 business development plan lays out aims to significantly grow its investment in technology to US$3.2bn over that period. “More and more of our clients want to do operations online rather than face-to-face,” Jean-Laurent Bonnafé, Chief Executive at BNP Paribas, told the Financial Times. In line with consumer demands, the investment strategy is enabling BNP to accelerate the transition to digital banking while cutting costs by closing physical branches.

HQ: Paris, France

No. of employees: 202,624 (2018)

Chief Digital Officer: Gregory Desfosses

CEO: Jean-Laurent Bonnafé

Website: http://www.bnpparibas.co.uk/en/

9 | JP Morgan Chase

Of the world’s leading financial institutions, JP Morgan Chase has one of the biggest technology budgets. In 2018, according to Research and Markets, the company allocated US$10.8bn for tech spending, with $5bn being set aside for fintech investment. As part of its digital transformation roadmap, JP Morgan Chase’s mobile offering is regularly updated to reflect customer demand for personalisation and ease of use; the firm frequently collaborates with fintech leaders to keep it at the forefront of technological changes; and it is involved in exploring, investing in and developing technologies in areas including blockchain, AI, Big Data, cloud and robotics.

HQ: New York, USA

No. of employees: 256,105 (2018)

Digital Chief Experience Officer: Meng Chee

CEO: Jamie Dimon

Website: https://www.jpmorganchase.com/

8 | Banco Santander

Spanish banking giant Santander announced in April this year that it will invest €20bn in technology over the next four years, significantly upping the ante in its transformational efforts. Through itsinvestment strategy, Santander is expanding its customer-facing digital offering in many ways, including: the introduction of an open-market international payments service, dubbed Pago FX; the expansion of its Brazilian subsidiary, Getnet, to deliver a Global Merchant Services Platform; and a platform that will ease international trading for SMEs.

HQ: Boadilla del Monte, Spain

No. of employees: 202,713 (2018)

CEO: José Antonio Alvarez

Website: https://www.santander.co.uk/

7 | HSBC

According to the South China Morning Post in April 2018, HSBC invested US$2.3bn in its global digital capabilities between 2015 and 2017. HSBC also set aside $200mn for investment in fintech opportunities. In 2019, the results of its investment are apparent to retail, business and corporate customers alike. HSBC has integrated SWIFT’s global payments innovation (GPI) service into its HSBCnet Track Payments feature, customers are able to log into their account via biometric security options such as fingerprint and face ID, and it has launched an app known as MyDeal which gathers data from capital markets transactions for easy viewing.

HQ: London, UK

No. of employees: 235,217 (2018)

Chief Digital Officer: Markus Antonios

CEO: Noel Quinn

Website: https://www.hsbc.co.uk/

6 | Barclays

Over the past decade, Barclays has been investing heavily in its technological capabilities and digital offerings. In the UK, where it is headquartered, the firm’s Digital Eagles programme has been digitally upskilling the public since 2013; its mobile banking app is the most popular in the UK; it has deployed a Paym-compatible payment facility known as Ping It which enables money to be transferred to friends and family with just a mobile number; and branches around the country have been retrofitted with self-service machines to expedite simple banking processes for millions of customers.

HQ: London, UK

No. of employees: 79,900 (2018)

Managing Director – Global Head of Digital Strategy: Megan Caywood

CEO: Jes Staley

Website: https://www.barclays.co.uk/

5 | Bank of America

5. Bank of America

Bank of America’s digital transformation has yielded a number of exciting solutions for its customers. Erica, its AI-powered financial digital assistant, completed 50mn client requests in its first year of operations, while incremental upgrades to its online and mobile banking capabilities ensure its customers have a seamless, tactile experience with all of its services. In May of this year, the app was recognised by research firm Forrester as a leader in the USA, with Erica’s integration being a core component of the app’s success.

HQ: Charlotte, NC, USA

No. of employees: 205,000 (2019)

Chief Operations and Technology Officer: Catherine Bessant

CEO: Brian Moynihan

Website: https://www.bankofamerica.com/

4 | UniCredit

In order to create the “bank of tomorrow”, UniCredit established a Transformation and Innovation advisory board in January 2019. Comprised of internal and external experts, the board includes Theresa Payton, former White House CIO, and Eileen Burbidge, special fintech envoy to Her Majesty’s Treasury in the UK, among others. At present, it is in the midst of its Transform 2019 strategy which seeks to modernise its operational model through branch closures, adopting a lean structure, and reviewing its products and services to ensure customers have access to market-leading solutions.

HQ: Milan, Italy

No. of employees: 97,775 (2018)

Group Chief Transformation Officer and Deputy COO: Finja Carolin Kütz

CEO: Jean Pierre Mustier

Website: https://www.unicreditgroup.eu/en.html

3 | RBS Group

The partly state-owned RBS Group has been hard at work rejuvenating its customer offering with the latest in tech and fintech solutions. Through 2018, RBS implemented an array of technologies to improve the customer experience, including: Bankline, a solution which streamlines payments, offers customisable dashboards and expanded navigational functions for corporate and retail banking customers; a Talking ATM solution which enables blind and partially-sighted customers to operate ATMs independently; RPA solutions added to its back end that are expediting customer queries through intelligent data handling; and the introduction of secure digital applications for loans that provide answers within 24 hours.

HQ: Edinburgh, Scotland

No. of employees: 67,000 (2018)

Chief Digital Officer, MD Digital Banking and Transformation: Frans Woelders

CEO: Ross McEwan

Website: https://www.rbs.com/

2 | DBS Bank

With the tagline ‘Live more, bank less’, DBS Bank’s transformational aims are clear: to make its processes as simple, secure and efficient as possible for its customers. In December 2016, Forbes called DBS the ‘Best Digital Bank in the World’ and, in 2019, Harvard Business Review named it in the top 10 most transformative companies in the world. Through a goal of ‘making banking invisible’, the company has adopted what it calls a startup mentality; casting off traditional banking models in favour of integrating digital technology through all of its operations and applying customer centricity into every stage of their journeys.

HQ: Singapore, Singapore

No. of employees: 24,174 (2017)

Executive Director Platform Transformation: Pippa McNaughton-Smith

CEO: Piyush Gupta

Website: https://www.dbs.com/default.page

1 | BBVA

Named by Juniper as the world’s most digitally mature bank, BBVA’s transition to digital banking is certainly garnering incredible success. Solutions have been developed across customer journeys based on the top fifty reasons they enter a branch, with the resultant streamlined, effective products being reusable across its operational markets. According to CEO Onur Genç in 2019, the bank’s digital sales accounted for 57% of its total in Q1, and the bank is on course to have 50% of its customers registered for mobile banking by the end of the year. Digital is driving business growth too, with 4.6mn active digital clients representing an 8% increase since 2017.

HQ: Bilbao, Spain

No. of employees: 137,968 (2015)

Chief Digital Officer: Derek White

CEO: Onur Genç

Website: https://www.bbva.com/en/

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10 | BNP Paribas

BNP Paribas is the world’s eighth-largest bank by assets. The company’s 2017-2020 business development plan lays out aims to significantly grow its investment in technology to US$3.2bn over that period. “More and more of our clients want to do operations online rather than face-to-face,” Jean-Laurent Bonnafé, Chief Executive at BNP Paribas, told the Financial Times. In line with consumer demands, the investment strategy is enabling BNP to accelerate the transition to digital banking while cutting costs by closing physical branches.

HQ: Paris, France

No. of employees: 202,624 (2018)

Chief Digital Officer: Gregory Desfosses

CEO: Jean-Laurent Bonnafé

Website: http://www.bnpparibas.co.uk/en/

9 | JP Morgan Chase

Of the world’s leading financial institutions, JP Morgan Chase has one of the biggest technology budgets. In 2018, according to Research and Markets, the company allocated US$10.8bn for tech spending, with $5bn being set aside for fintech investment. As part of its digital transformation roadmap, JP Morgan Chase’s mobile offering is regularly updated to reflect customer demand for personalisation and ease of use; the firm frequently collaborates with fintech leaders to keep it at the forefront of technological changes; and it is involved in exploring, investing in and developing technologies in areas including blockchain, AI, Big Data, cloud and robotics.

HQ: New York, USA

No. of employees: 256,105 (2018)

Digital Chief Experience Officer: Meng Chee

CEO: Jamie Dimon

Website: https://www.jpmorganchase.com/

8 | Banco Santander

Spanish banking giant Santander announced in April this year that it will invest €20bn in technology over the next four years, significantly upping the ante in its transformational efforts. Through itsinvestment strategy, Santander is expanding its customer-facing digital offering in many ways, including: the introduction of an open-market international payments service, dubbed Pago FX; the expansion of its Brazilian subsidiary, Getnet, to deliver a Global Merchant Services Platform; and a platform that will ease international trading for SMEs.

HQ: Boadilla del Monte, Spain

No. of employees: 202,713 (2018)

CEO: José Antonio Alvarez

Website: https://www.santander.co.uk/

7 | HSBC

According to the South China Morning Post in April 2018, HSBC invested US$2.3bn in its global digital capabilities between 2015 and 2017. HSBC also set aside $200mn for investment in fintech opportunities. In 2019, the results of its investment are apparent to retail, business and corporate customers alike. HSBC has integrated SWIFT’s global payments innovation (GPI) service into its HSBCnet Track Payments feature, customers are able to log into their account via biometric security options such as fingerprint and face ID, and it has launched an app known as MyDeal which gathers data from capital markets transactions for easy viewing.

HQ: London, UK

No. of employees: 235,217 (2018)

Chief Digital Officer: Markus Antonios

CEO: Noel Quinn

Website: https://www.hsbc.co.uk/

6 | Barclays

Over the past decade, Barclays has been investing heavily in its technological capabilities and digital offerings. In the UK, where it is headquartered, the firm’s Digital Eagles programme has been digitally upskilling the public since 2013; its mobile banking app is the most popular in the UK; it has deployed a Paym-compatible payment facility known as Ping It which enables money to be transferred to friends and family with just a mobile number; and branches around the country have been retrofitted with self-service machines to expedite simple banking processes for millions of customers.

HQ: London, UK

No. of employees: 79,900 (2018)

Managing Director – Global Head of Digital Strategy: Megan Caywood

CEO: Jes Staley

Website: https://www.barclays.co.uk/

5 | Bank of America

5. Bank of America

Bank of America’s digital transformation has yielded a number of exciting solutions for its customers. Erica, its AI-powered financial digital assistant, completed 50mn client requests in its first year of operations, while incremental upgrades to its online and mobile banking capabilities ensure its customers have a seamless, tactile experience with all of its services. In May of this year, the app was recognised by research firm Forrester as a leader in the USA, with Erica’s integration being a core component of the app’s success.

HQ: Charlotte, NC, USA

No. of employees: 205,000 (2019)

Chief Operations and Technology Officer: Catherine Bessant

CEO: Brian Moynihan

Website: https://www.bankofamerica.com/

4 | UniCredit

In order to create the “bank of tomorrow”, UniCredit established a Transformation and Innovation advisory board in January 2019. Comprised of internal and external experts, the board includes Theresa Payton, former White House CIO, and Eileen Burbidge, special fintech envoy to Her Majesty’s Treasury in the UK, among others. At present, it is in the midst of its Transform 2019 strategy which seeks to modernise its operational model through branch closures, adopting a lean structure, and reviewing its products and services to ensure customers have access to market-leading solutions.

HQ: Milan, Italy

No. of employees: 97,775 (2018)

Group Chief Transformation Officer and Deputy COO: Finja Carolin Kütz

CEO: Jean Pierre Mustier

Website: https://www.unicreditgroup.eu/en.html

3 | RBS Group

The partly state-owned RBS Group has been hard at work rejuvenating its customer offering with the latest in tech and fintech solutions. Through 2018, RBS implemented an array of technologies to improve the customer experience, including: Bankline, a solution which streamlines payments, offers customisable dashboards and expanded navigational functions for corporate and retail banking customers; a Talking ATM solution which enables blind and partially-sighted customers to operate ATMs independently; RPA solutions added to its back end that are expediting customer queries through intelligent data handling; and the introduction of secure digital applications for loans that provide answers within 24 hours.

HQ: Edinburgh, Scotland

No. of employees: 67,000 (2018)

Chief Digital Officer, MD Digital Banking and Transformation: Frans Woelders

CEO: Ross McEwan

Website: https://www.rbs.com/

2 | DBS Bank

With the tagline ‘Live more, bank less’, DBS Bank’s transformational aims are clear: to make its processes as simple, secure and efficient as possible for its customers. In December 2016, Forbes called DBS the ‘Best Digital Bank in the World’ and, in 2019, Harvard Business Review named it in the top 10 most transformative companies in the world. Through a goal of ‘making banking invisible’, the company has adopted what it calls a startup mentality; casting off traditional banking models in favour of integrating digital technology through all of its operations and applying customer centricity into every stage of their journeys.

HQ: Singapore, Singapore

No. of employees: 24,174 (2017)

Executive Director Platform Transformation: Pippa McNaughton-Smith

CEO: Piyush Gupta

Website: https://www.dbs.com/default.page

1 | BBVA

Named by Juniper as the world’s most digitally mature bank, BBVA’s transition to digital banking is certainly garnering incredible success. Solutions have been developed across customer journeys based on the top fifty reasons they enter a branch, with the resultant streamlined, effective products being reusable across its operational markets. According to CEO Onur Genç in 2019, the bank’s digital sales accounted for 57% of its total in Q1, and the bank is on course to have 50% of its customers registered for mobile banking by the end of the year. Digital is driving business growth too, with 4.6mn active digital clients representing an 8% increase since 2017.

HQ: Bilbao, Spain

No. of employees: 137,968 (2015)

Chief Digital Officer: Derek White

CEO: Onur Genç

Website: https://www.bbva.com/en/

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