Latest news with #Celent
Yahoo
2 days ago
- Business
- Yahoo
BMO Recognized with 2025 Celent Model Bank Award for Payments Innovation
TORONTO and CHICAGO, June 19, 2025 /CNW/ - BMO today announced it has received the 2025 Celent Model Bank Award for Payments Innovation for five digital payments and client experience initiatives across Canada and the U.S. Digital Card Controls Suite – Canada: BMO Digital Card Controls Suite is a quick solution for clients facing pressing issues such as a lost wallet, damaged cards, or forgotten PINs. With this convenient solution, clients are empowered to manage their cards anywhere and at any time. Unified Push Provisioning – Canada: BMO's Unified Push Provisioning integration enables clients to access their debit or credit cards securely through multiple Google platforms including digital wallets, an automated fill on Google Chrome's web browser as well as save card payment information across stores powered by Google's checkout platform. In addition to improving client experiences, it enhances security through tokenization and enables enhanced fraud checks and seamless connectivity. Enhanced Transaction Details – Canada: The debit and credit enhanced transaction details initiative helps clients make real financial progress by ensuring they are equipped with valuable information to recognize their transactions and have a better understanding of their personal financial management. Available for both debit and credit purchases, clients can quickly convert transactions to installments, gain insights into their spending habits and access more information about a transaction. Direct Deposit Setup and Soft Credit Pull – U.S.: By embedding a direct deposit setup, clients can seamlessly connect their payroll system to their new BMO accounts, activate and fund their accounts and enjoy BMO's offerings instantly. The bank's soft pull inquiry process enables clients to receive real-time and accurate credit eligibility decisions, empowering clients to assess credit eligibility and explore credit options with confidence. FundsNow – U.S.: A check deposit solution, FundsNow grants users immediate and guaranteed access to their eligible mobile-deposited checks, eliminating the need for in-person branch visits. Clients can feel confident when accessing their funds conveniently and confidently on their own terms and in the channel of their choice. "This recognition exemplifies BMO's commitment to delivering great banking experiences across Canada and the United States," said Peter Poon, Head, Digital Self-Service, Innovation and Technology, BMO. "By continuously innovating across our digital payments ecosystem with leading partners like Google, we are helping clients make real financial progress on their terms and with confidence." BMO continues to pave the way as a digitally enabled, future-ready bank, focused on delivering leading digital experiences that help customers make real financial progress. These awards represent another step in BMO's Digital First journey and build on the bank's strong track record of industry recognitions. For more information about the awards please visit: For more information on BMO's tools and resources available to help customers set, track, and manage their personal finances please visit: About BMO Financial Group BMO Financial Group is the seventh largest bank in North America by assets, with total assets of $1.4 trillion as of April 30, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society. SOURCE BMO Financial Group View original content:
Yahoo
3 days ago
- Business
- Yahoo
Celent reveals 2025 Model Banks
Celent, the leading research, advisory and consulting firm focussed on technology for financial institutions globally, has announced its 2025 Model Bank winners. The 2025 Model Bank programme attracted 140 nominations from around the world. Every region was well represented with the nominations well balanced across all asset tiers. Of the 18 winning banks, six are headquartered in the US and three in Canada. India and the UK each have two winners with institutions from the Philippines, Chile, Brazil, Vietnam and Romania also recognised. A common theme across all categories is the winning banks success in combining technology, talent, and processes to modernise platforms, enhance customer value, and lead with impact. From leveraging advanced tech to embracing Generative AI alongside human expertise, these institutions are setting new standards in efficiency, product innovation, and service delivery. JP Morgan Payments launched several concurrent initiatives that markedly improved its end-to-end payments and treasury services, driving business value for corporate clients and ecosystem partners. Specifically, the bank is recognised for the success of four initiatives, namely: Payments Development Portal: a strategic digital platform to connect developers with JPM's payments infrastructure. Integrated Solutions Plugin: an embedded banking solution integrating popular middle-market resource planning systems. API Multibank Reporting: a reporting product that recognises multibank reporting by using the API connectivity channel to retrieve information from non-JPM accounts. Cash Flow Intelligence: an AI-driven analytics and cash forecasting solution providing visibility into clients' cash flows. Celent has released an interview with JPMorgan's Lisa Davis, Managing Director, Head of Digital and Design Commercialization, for a deeper dive into the initiative and the team behind its success. And Celent subscribers can access the full length case study report on 2025 marks the third time that a global US-headquartered bank is recognised as the model bank of the year. Bank of America was the winner of the primary Celent award in 2018 with Citi winning in 2019. Other recent winners include 2013 BBVA Compass; 2014 Commercial Bank of Africa; 2015 Fidor Bank; 2016 Boston-headquartered lender, Eastern Bank; 2017 CaixaBank; 2020 Royal Bank of Canada; 2021 Varo; 2022 Teachers Federal Credit Union and 2023 ICICI Bank. The award citation recognises Aditya Birla Capital as being in the vanguard and excelling in three critical areas: implementing emerging technology at scale, effectively ideating and collaborating, and realizing the 'R' in ROI. Celent has released a highlight reel of the initiative, along with a one-page overview. In addition, it has published a full-length case study report for each of the model banks recognised that is available for Celent's subscribers on Banco do Brasil's launch of ARI (Área de Recomendações Inteligentes) is notable for two reasons. Firstly, this is one of the few customer-facing GenAI projects in production in the industry. Secondly, it addresses a key pain point for small business customers, namely how to get clear and timely advice to help them better run their companies. A highlight reel of Banco do Brasil's initiative, along with a one-page overview, is available at BancoEstado, the largest bank in Chile by customer base, has demonstrated successfully that it is possible for a large bank to move off a mainframe-based legacy core banking system to next-gen core platforms. The bank adopted a phased migration approach, shifting 14 million customers over a few years to Mambu, a next-generation, cloud-native digital core, running both platforms in a parallel without impacting the customer, a massive undertaking. The project is close to completion, with BancoEstado seeing strong cost and innovation speed benefits. A highlight reel summarising the BancoEstado initiative is available via this link. Celent selected Bank of America's CashPro Data Intelligence for this year's Model Bank Award for developing an Edge in Actionable Analytics. The bank has demonstrated a commitment to engage with its corporate client community and develop self-service, rich data and analytics tools that help all corporate clients meet their working capital and operational goals. A highlight reel summarising the Bank of America initiative is available via this link. BMO is recognised for six recent initiatives spanning the entire client lifecycle, from sales and onboarding to servicing and support. The six initiatives address specific client pain-points around payments and were executed with care and attention, and collectively merit recognition. A highlight reel summarising the BMO case study is available via this link. Citi launched a new unified API and integration experience, Citi Developer Portal, delivering innovation across client experience, operational efficiency, and business impact, earning the bank the 2025 Celent Model Bank Award for Corporate Integration. According to Celent, Citi's Developer Portal initiative highlights the importance of adopting a client-first approach, designing solutions based on how clients experience Citi as a single entity, rather than developing within traditional product silos. It also demonstrates the bank's commitment to delivering a world class developer experience while helping clients accelerate time-to-value with scalable, more secure, and user-friendly integration options. By combining self-service design, embedded certificate provisioning, pre-built integrations, and a solution-oriented marketplace, the portal sets a high standard for enterprise API platforms in the financial industry and demonstrates a clear understanding of client pain points. A highlight reel summarising the initiative is available via this link. The bank's MTF platform was approaching end of life, along with its underlying software and infrastructure. Its age was causing many challenges, not least that the platform was failing to meet the bank's functional, business, customer, resilience, and security needs. There was also a recognition that the bank would also need to prepare for widespread ISO 20022 adoption. The customer onboarding and file testing processes were a major pain point. They were inefficient and time-consuming, and reliant on excessive back-and-forth communication, creating lengthy, frustrating customer experiences. Citizens Bank implemented a robust, next-generation, cloud-based business integration platform from SEEBURGER that was flexible, scalable, secure, and resilient as well as provided traditional secure file transfer capabilities. A highlight reel summarising the initiative is available via this link. The bank increased loan growth and improved operating efficiency by expanding addressable markets in consumer lending through the implementation of AI-based, automated underwriting. A custom credit model–coupled with process redesign to maximise its impact–improved customer experience, expanded approvals in previously unscorable/credit invisible populations, and improved risk management. A highlights reel summarising the initiative is available via this link. The bank has evolved its lending to actively use data and ML decisioning models across all stages of the small and medium-sized enterprise (SME) customer lifecycle, such as customer acquisition, credit underwriting, cross-sell, upsell, and portfolio risk management. Data is taken directly from the verified source by leveraging digital public infrastructure instead of from customers. This has brought operational efficiency in addition to increased predictive lift from machine learning models. The highlights reel is available via this link. Nationwide's existing Faster Payments infrastructure was, complex, and heavily integrated with various payment channels and processing systems. Rather than just upgrading its technology, Nationwide set an ambition to go further, embracing next-generation payments and reinventing customer experiences at speed and scale. Nationwide chose to modernise its payment processing infrastructure by shifting to a cloud-native, event-driven architecture. The highlights reel summarising the initiative is available via this link. The RBC Clear initiative is a new market entry in the US cash management market that required not just a new client experience, but a completely new technology stack. RBC acknowledged that this vision would require a new technology stack, free from outdated legacy systems. By designing with today's technology, the bank could reimagine process flows to meet client desires, rather than being constrained by legacy product and application architecture, and increase its speed of delivery. The citation recognises the bank's success in bringing a bold vision to life: entering a new market with a next-generation technology platform. The results not only meet client needs, but also lower the bank's cost of funding. A highlights reel summarising the initiative is available via this link. The award recognises Salt Bank's success in rapidly launching a new digital bank as well as the wider implications its approach has for the industry. Salt Bank is a new mobile-first digital bank that launched in Romania in 2024, with the development of the bank platform and organisation built in under 12 months. To achieve this, Salt Bank was one of the first banks to leverage Engine by Starling, a next-generation cloud and microservices-based banking platform that enables it to provide functional richness, a strong customer experience, and innovative services. The highlights reel is available via this link. Celent recognises TD's Small Business Dashboard and Tap to Pay on iPhone as representing exceptional discovery of distinct customer needs and innovation. The bank leveraged consumer-digital technologies to deliver truly impactful solutions for small business clients. Partnerships with proven third party solution providers combined to form a complimentary offering producing strong results. The bank took a customer-centric approach to product design that included extensive research to identify specific pain points experienced by its small business clients. In addition, the bank pursued an early-adoptor position in the area of payments technology, where it knew it would have difficulty playing catch up later. The highlights reel is available via this link. UK-headquartered Coop Bank launched Go Get Paid, a facility offering invoicing, payments, and accounting functionality to small businesses. Celent reports that it is notable for two reasons. Firstly, the service is available to all small businesses in the UK (including customers of other banks), which has helped to support customer acquisition. Secondly, the proposition takes advantage of open banking payment initiation APIs at the core of the service, demonstrating the value of this functionality to support product innovation. The highlights reel is available via this link. The bank teamed up with Samsung to launch The Samsung Finance+ initiative, the bank's first entry into the point of sale lending market. The partners developed an instant gadget loan programme with a fully digital customer experience. Customers can purchase Samsung gadgets with 0% interest loans, even without a credit card, making technology more accessible to a broader audience, including those new-to-credit. The solution represents a win-win for end customers, Samsung and its dealers, and the bank. To assess the credit worthiness of new-to-credit customers, the bank had to develop a different approach, leveraging alternative data, its own models, and specialist partner solutions aimed at elevating the loan payments to the top of the customer's payments hierarchy. By partnering with Infosys Finacle, the bank was able to demonstrate technology readiness and agility, a crucial factor in winning the competitive bid for UnionBank to become the financing partner of Samsung Finance+ in the Philippines. The highlights reel is available via this link. Techcombank's enterprise-wide robotic process automation (RPA) initiative, exemplifies a strategic transformation in Vietnam's digital banking sector. Launched in 2022, the initiative aimed to enhance efficiency, reduce costs, and improve customer experience by automating high-volume, repetitive tasks across 11 divisions, including finance, risk management, and customer services. Partnering with Akabot, Techcombank implemented a scalable automation framework, achieving 95–99% automation rates by 2024 and cumulatively saving 586,000 working hours. The program's success was driven by three pillars: process re-engineering, change management, and a dedicated automation centre of excellence. The highlights reel is available via this link. Wells Fargo Vantage, the bank's next-generation digital banking platform, is recognised for delivering a dynamic, persona-driven experience tailored to business clients' unique needs, including industry, size, operational context, and lifecycle. As a result, Vantage can support companies that range from start-ups to multinationals with complex workflows—all in one platform. The project was highly complex and involved integrating 65 fragmented systems with a modular, scalable framework using advanced technologies like micro-frontends, APIs, AI/machine learning, and GraphQL. Celent recognises the bank's success in delivering across all the critical dimensions of digital banking transformation: acting on the voice of the customer and selecting and implementing the most effective advanced technologies. The highlights reel is available via this link. "Celent reveals 2025 Model Banks" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Wire
4 days ago
- Business
- Business Wire
AmTrust Wins Celent Model Insurer Award for Digital Customer Experience
NEW YORK--(BUSINESS WIRE)--AmTrust Financial Services, Inc. ('AmTrust' or the 'Company') has been recognized by Celent as a winner of a Model Insurer award for Digital Customer Experience. Celent is a global research and advisory firm for the financial services industry. The Company won the award for its groundbreaking platform: AmTrust Genius, an AI-powered quoting solution that's redefining how brokers and agents generate insurance quotes. Built into the AmTrust Online broker portal, AmTrust Genius uses Large Language Model (LLM) technology to instantly extract key risk details from different data sources including quotes, proposals, or existing policies. What once required tedious manual keying is now automated – saving time, reducing errors and accelerating deal flow. The platform also suggests cross-selling opportunities tailored to small business' needs. Each quote is benchmarked and enhanced with GenAI-driven, recommendations – giving brokers a clear, personalized rationale for every coverage and limit. 'AmTrust's initiative is a prime example of transformative efficiency in the insurance sector," said Nathan Golia, Senior Analyst at Celent. 'Considering the time savings plus the potential business value of getting these competitive quotes done more quickly and easily, it's nothing short of a slam-dunk to leverage this technology for such a drastic quality-of-life improvement.' 'We sincerely appreciate this award from Celent which recognizes our differentiated approach to providing competitive quotes,' said Ariel Gorelik, AmTrust's Global Chief Operating Officer. 'We lead with a spirit of continuous innovation and are always working on new technologies to improve the user experience. With AmTrust Genius, we are providing our agents and brokers a quick and easy-to-use submission system for Workers' Compensation, Businessowners, and Cyber insurance policies.' Celent's annual Model Insurer Awards recognize the best practices of technology usage in different areas critical to success in insurance. Nominations are submitted by insurance carriers and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence. Celent's annual award program recognizes insurance carriers as 'model insurers' for their outstanding technology initiatives. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. About AmTrust Financial Services, Inc. AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York, offers specialty property and casualty insurance products, including workers' compensation, business owner's policy (BOP), general liability and extended service and warranty coverage. For more information about AmTrust, visit
Yahoo
4 days ago
- Business
- Yahoo
AmTrust Wins Celent Model Insurer Award for Digital Customer Experience
Recognized for Quick and Easy AI-Powered Quoting Platform NEW YORK, June 18, 2025--(BUSINESS WIRE)--AmTrust Financial Services, Inc. ("AmTrust" or the "Company") has been recognized by Celent as a winner of a Model Insurer award for Digital Customer Experience. Celent is a global research and advisory firm for the financial services industry. The Company won the award for its groundbreaking platform: AmTrust Genius, an AI-powered quoting solution that's redefining how brokers and agents generate insurance quotes. Built into the AmTrust Online broker portal, AmTrust Genius uses Large Language Model (LLM) technology to instantly extract key risk details from different data sources including quotes, proposals, or existing policies. What once required tedious manual keying is now automated – saving time, reducing errors and accelerating deal flow. The platform also suggests cross-selling opportunities tailored to small business' needs. Each quote is benchmarked and enhanced with GenAI-driven, recommendations – giving brokers a clear, personalized rationale for every coverage and limit. "AmTrust's initiative is a prime example of transformative efficiency in the insurance sector," said Nathan Golia, Senior Analyst at Celent. "Considering the time savings plus the potential business value of getting these competitive quotes done more quickly and easily, it's nothing short of a slam-dunk to leverage this technology for such a drastic quality-of-life improvement." "We sincerely appreciate this award from Celent which recognizes our differentiated approach to providing competitive quotes," said Ariel Gorelik, AmTrust's Global Chief Operating Officer. "We lead with a spirit of continuous innovation and are always working on new technologies to improve the user experience. With AmTrust Genius, we are providing our agents and brokers a quick and easy-to-use submission system for Workers' Compensation, Businessowners, and Cyber insurance policies." Celent's annual Model Insurer Awards recognize the best practices of technology usage in different areas critical to success in insurance. Nominations are submitted by insurance carriers and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence. Celent's annual award program recognizes insurance carriers as 'model insurers' for their outstanding technology initiatives. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. About AmTrust Financial Services, Financial Services, Inc., a multinational insurance holding company headquartered in New York, offers specialty property and casualty insurance products, including workers' compensation, business owner's policy (BOP), general liability and extended service and warranty coverage. For more information about AmTrust, visit View source version on Contacts AmTrust Financial ServicesChaya CooperbergEVP, Chief People and Communications (646) 458-3332 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Roamly Wins Celent 2025 Model Insurer Award for Innovation Execution, Recognized for Breakthrough AI-Powered Innovation in Insurance Technology
A technology-first insurance company is redefining how actuaries and enterprises scale embedded insurance. AUSTIN, Texas, June 18, 2025 /PRNewswire/ -- Roamly, a global leader in digital insurance technology and solutions, has been named a Celent 2025 Model Insurer Award winner for the category Innovation Execution by Celent, a global research and advisory firm in financial services. The 19th annual award recognizes Roamly for driving AI-powered innovation in insurance technology through the development of its proprietary Actuarial Rater™, a breakthrough tool that is transforming how actuaries manage and deploy rating plans across complex, multi-state environments. The Celent Model Insurer Award celebrates Roamly as a winner in the Innovation Execution category for exemplifying excellence in innovation, insurance expertise, and technology execution. Roamly was selected for its laser focus on solving real-world insurance challenges with practical, scalable tools that elevate the performance of the industry. "The Actuarial Rater™ changes everything. What used to take months of cross-functional coordination, regulatory review, and custom engineering can now be done in days. We built the tool to empower actuaries to move faster, smarter, and with less dependency on IT," said Brad Simmons, General Manager of Roamly. "We deployed AI to breakthrough operational bottlenecks to deliver business impact more efficiently while maintaining the accuracy and reliability that insurance operations demand. It's one of the clearest examples of our mission to modernize insurance infrastructure for the next generation of mobility." Celent Insurance Director Juan Mazzini added, "The Actuarial Rater software development stands out due to its innovative AI-driven no-code rating module that empowers actuaries to independently deploy rates. This dramatically reduces implementation timelines and resource requirements, allowing for rapid market responsiveness. The combination of a strong technological foundation and significant business benefits makes it a Model Insurer Award recipient." A core software module within Roamly's Enterprise Platform, the Rater is part of a digital platform built for insurance carriers and marketplaces looking to embed insurance into digital customer experiences or launch turnkey insurance programs under their own brand. From travel and mobility marketplaces to niche auto programs, Roamly Enterprise helps partners grow revenue, manage compliance, and stand up new offerings faster than ever before. As more digital platforms look to offer insurance directly within their user experiences, Roamly is leading the shift toward embedded insurance. Whether it's enabling mobility marketplaces to offer coverage at checkout or helping traditional carriers modernize their distribution, Roamly's platform makes embedding insurance seamless, scalable, and profitable. "The insurance industry loves buzzwords like 'digital transformation,' but actuaries are still using the same processes built decades ago. We approached this differently—we studied actuaries' real pain points and unmet needs around working more efficiently through the administrative components, then built the Rater around that reality instead of forcing them to adapt to our technology," said Kelly Lau, Head of Product at Roamly. "That level of problem solving around agility simply didn't exist before. We innovated this solution for our own operations, but the entire industry faces this same challenge—and now we can help other companies achieve the same agility. " Celent's Model Insurer Awards recognize best-in-class use of technology across the global insurance industry. Nominees undergo a rigorous evaluation process based on three criteria: measurable business benefits, innovation relative to the industry, and technology or implementation excellence. Best known for its direct-to-consumer suite of specialty insurance products—including RV, boat, and motorcycle coverage—as well as its enterprise technology platform that enables partners to unlock new revenue and scale programs, Roamly is a core business within the Outdoorsy Group. Outdoorsy Group is a travel and hospitality company that integrates marketplace technology, insurance, and real estate to deliver unforgettable outdoor experiences.. The Celent award underscores Roamly's deep industry expertise, developed through years of working with leading national carriers such as Progressive (NYSE: PGR), Safeco, and Foremost, and by continuously advancing its digital-first Roamly Enterprise platform. Through its technology and deep domain expertise, Roamly is reshaping how insurance products are built, distributed, and optimized at scale. To see how the Actuarial Rater™ fits within Roamly's enterprise platform or to request a demo, visit About Roamly Roamly is a global leader in digital insurance technology and solutions, redefining how consumers and businesses protect what matters most. Roamly Enterprise offers a technologically advanced platform that provides insurance companies with AI-enabled software modules to develop insurance products, increase speed to market, and mitigate risk. From pricing and underwriting to policy and claims management the product agnostic platform also provides consumers with a digital-first quote to bind experience. Operating in the U.S., Canada, and Europe with global insurance partners, Roamly is where the insurance industry and technology intersect to enhance the consumer experience. Learn more at About Outdoorsy Group Founded in 2015, Outdoorsy Group has pioneered access to the outdoors by building the world's leading outdoor travel ecosystem. Its businesses include the largest outdoor travel and hospitality marketplace; the Outdoorsy Destination Network, a growing portfolio of campgrounds and glamping retreats; and Roamly, its proprietary insurtech that powers embedded insurance across digital marketplaces and platforms. Media Contact: Lydia Daveylydia@ View original content to download multimedia: SOURCE Roamly Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
