A global challenge in financial technology

When ATB Financial decided to launch a challenge to the industry, it wanted to make things big. The Alberta Financial Institution was looking for digital platforms that could transform the customer experience, and so invited tech companies from around the world to present their ideas at its Customer Onboarding Global Innovation Challenge 2017 (Global Challenge innovation in customer integration).

This was the first competition of its kind in the financial technology sector in North America. The aim was to strengthen ATB’s position in the field of innovation and to find like-minded partners who could come up with innovative ideas to address four distinct imperatives:

  1. Create a uniform Know Your Customer (KYC) process across all ATB channels and devices.
  2. Automate and streamline the process of integration and customer satisfaction.
  3. Better manage the interaction and flow of information within the supplier ecosystem.
  4. Leverage advanced and emerging technologies to support future identity management innovations, such as ready-to-wear technology and biometrics.

After establishing the competition format in collaboration with ATB and our Matchi team, we presented the innovation challenge to the global financial technology market through Matchi’s technology platform. We promoted it through a massive social media marketing campaign. More than 50 companies from 14 countries came forward and took part in the contest until the final presentation. A group of ATB technical experts in the fields of business, technology and innovation then evaluated the solutions proposed on the Matchi platform according to various criteria: applicability, scalability, capacity for expansion, transformation potential and the ability to strengthen the ATB brand.

In the end, six finalists were selected, and the Australian company Avoka, which presented a fast, secure and forward-thinking solution for customer integration, topped the list.

“The challenge has sparked a real momentum for innovation across the globe,” said Wellington Holbrook, Transformation Manager at ATB. “I was pleased to see the variety and sophistication of the proposals, demonstrating the richness of the financial technology ecosystem,” he continues. We look forward to working with Avoka to create a great experience for Albertans doing business with ATB. ”

We organized and launched a global industry competition that brought together some of the brightest innovators on the Matchi platform and helped ATB build its position as a leader in innovation. Ultimately, Avoka had the opportunity to undertake a proof of concept with an innovative financial institution, and ATB, which seeks to provide efficient banking services to the public, has an important competitive advantage.

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