Gartner Announces Winners of the 2018 Gartner Eye on Innovation Award Americas

Recipients Selected at Gartner Symposium/ITxpo 2018, October 14-18
in Orlando

ORLANDO, Fla.–(BUSINESS WIRE)–Gartner, Inc. has announced the winners of the 2018 Gartner Eye on
Innovation Award for financial services in the Americas. The award
recognizes innovative use of digital technology-enabled capabilities,
products or services to highlight “best-in-class” financial industry
initiatives launched within the past 12 months and to offer insight
about developments in digital innovation.

The finalists presented their case studies during Gartner
Symposium/ITxpo
, which is taking place here through Thursday, and
BMO Bank of Montreal was selected as the regional 2018 Gartner Eye on
Innovation Award Americas winner by the attendees at the event. Allstate
and Liberty Mutual Insurance were also named as award recipients.

Regional Winner:

BMO Bank of Montreal — BMO Bank of Montreal created an entirely
new way to pay bills by applying machine learning capabilities to
recognize the biller, payee, account number, amount and due date across
a range of corporations and statement formats. This technology uniquely
addressed customer pain points to enable full adoption of digital bill
payments. The solution is currently in beta testing against hundreds of
bills and Canadian digital banking users. Results show a 90 percent
acceptance rate among the test demographic, and a significant cost
savings with bill-payment-related call volumes and branch visits having
been reduced by more than 350 percent.

Additional Award Recipients:

Allstate — Partnering with a major ride-sharing innovator to
provide commercial insurance coverage led Allstate to revolutionize its
commercial insurance products, claim creation and handling processes,
and all underlying technology. Allstate had to launch a solution to
begin taking claims on the set policy effective date, which was only
three weeks upon entering into the agreement. A small team of business
and technology associates was formed, and they developed an application
programming interface (API) to enable integration between the claims
systems to ingest claims from an external party. They used test-driven
development with continuous integration and delivery practices to
rapidly develop a JAVA, RESTful API in the cloud. They leveraged
internal security patterns and gateway technologies to create secure B2B
connectivity between the ride-sharing company and Allstate, thereby
reducing claim creation clerical effort and handling times. This
solution, which was delivered in 21 days, has opened a wealth of
opportunities for new commercial auto policy types, revenue streams for
transportation network carriers and other shared economy organizations
with disruptive business models.

Liberty Mutual Insurance — Based on employee feedback, Liberty
Mutual Insurance sought to create a best-in-class work environment where
employees’ technical interactions were as personalized, timely and
intuitive as in their everyday lives, ultimately helping them become
more productive and engaged. The company built a digital assistant into
a unified platform that focuses on simplifying the employee experience
by integrating across all the systems within Liberty Mutual to aggregate
tasks, approvals, need-to-know information and more — based on
employees’ individual needs, defined by role, department and location.
The assistant includes a chatbot with intelligent search capabilities.
By understanding who employees are and their context, the chatbot
provides answers to questions that are personalized to each employee,
eliminating the need for employees to siphon through multiple documents
and knowledge base resources to find the information they need. This
technology has resulted in each employee, on average, saving more than
five minutes per week, and with 50,000 employees, that equates to $6
million worth of reclaimed productivity for the company.

Finalists:

Banco do Brasil S.A. — To avoid financial damages, legal risks
and image issues stemming from electronic fraud, Banco do Brasil
implemented machine learning techniques with mass customization in its
development of predictive analytical models representing the legitimate
transaction behavior of its 55 million clients. Deployment of this
solution led to enhanced fraud detection along with a significant
reduction in operational losses.

Capital One — The lack of an easy, secure, reliable way for
businesses to verify their consumers’ identities online led Capital One
to pioneer the first bank-provided digital identity API in the United
States. Capital One’s Identity Services was designed to make digital
identity management easier, safer and more transparent for consumers and
businesses alike. The company developed and commercialized a real-time,
intelligent identity-proofing platform to deliver a trusted identity
ecosystem where businesses can leverage Capital One’s advanced identity
verification capabilities and consumers can regain control of how and
where their identity is being used. This is the first time a U.S. bank
has extended its verification capabilities to external businesses across
industries, creating value for both businesses and consumers by
facilitating trusted interactions that are easy to use, secure and
reliable.

Citi — Citi needed a way to engage with customers at scale to
better understand their wants and needs and ultimately leverage
technology to improve the customer experience. Citi launched the
groundbreaking beta-testing community Canvas, designed by Citi. The
objective of Canvas was to create a platform open to all Citi customers
for Citi’s digital and innovation teams to test their solutions in
real-world conditions and receive timely feedback in a less
resource-intensive way. Canvas allows rapid development and testing of
new features, products and customer experiences at low cost through
common components in a secure, controlled environment. As a result, Citi
is bringing features to market faster and customers are helping to shape
what’s next for the company. The marketing around the Canvas launch
reached more than 10 million people and drove an 11 percent increase in
favorability of the Citi brand.

Comerica Bank — Retail Banking at Comerica partnered with its
internal Innovation Team and a startup called Mursion to use virtual
reality (VR) to simulate engagement with customers in virtual Retail
Banking Promise Centers. The VR training experience focused on
simulating “real-world” situations that Comerica Retail Banking
employees were likely to encounter in a Promise Center. Training
participants interacted with one to three emotive avatars controlled by
a human actor with voice modulation capabilities using a video-enabled
laptop or an HTC Vive VR headset, providing participants with the
ability to simulate conversations with customers in a safe environment.
As a result, participants were able to develop confidence in their
abilities and knowledge without the fear of failure, the experience was
immersive and engaging, and the outcomes were proven to be superior to
traditional training methods.

Liberty Mutual Insurance — The Liberty Mutual Cognitive
Technology team set out to solve multiple business problems and improve
the customer and employee experience using new conversational
interfaces. The team developed a digital assistant, known as the
Enterprise Bot Platform, alongside several supporting elements to help
others within the company achieve similar goals. The functionality of
this platform continues to expand, and the company is realizing
significant financial benefits. A digital agent designed to handle
repeatable calls related to insurance claims, for example, used to cost
an average of $8 per call and now costs $0.25, reducing call costs by 97
percent.

Nationwide Advisory Solutions — With its target audience of
independent registered investment advisors (RIAs) and fee-based advisors
averse to traditional insurance products due to cost, complexity and
limited choice, Nationwide Advisory Solutions pioneered a highly
personalized, responsive and adaptable technology engine called the
Analytics-Driven Advisor Experience. Employing real-time data
management, analytics and artificial intelligence, this intelligent
technology stack provides immediate personalization hypertargeted to
each advisor, delivering precisely the appropriate educational content
and products designed to help them make more informed decisions, grow
their business and aid in their clients’ financial goals.

Award submissions were assessed using a robust and dynamic framework to
ensure that the assessment process is pertinent and objective. The
Gartner Awards Framework (GAF) is utilized as a structured model of
assessment that enables the participating organizations to be
benchmarked against world-class performance standards. The GAF consists
of specialized assessment modules pertaining to the evaluation criteria
for each of the submissions. The criteria and subcriteria provide a
robust set of requirements that are used as the methodology for
benchmarking and learning among the participating organizations.

The identification of a Gartner award winner or finalist is not an
endorsement by Gartner of any company, vendor, product or service.

About Gartner Symposium/ITxpo
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Gartner
Jennifer Garfinkel, +1 571-303-3485
jennifer.garfinkel@gartner.com

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