KBC wins trophy for ‘Best New Service or Product’ at Efma Accenture Global Distribution & Marketing Innovation Awards
KBC, a bank-insurer in Belgium, has won the Best New Service or Product award at the fourth annual Efma Accenture Global Distribution & Marketing Innovation Awards for financial services.
The award recognises the impact of KBC’s new blockchain solution – Digital Trade Chain (DTC) – which facilitates secure international trade, focused on SMEs.
This digital platform manages, tracks and protects domestic and international trade transactions, providing follow up for the entire trade process from order to payment, displaying it in an at-a-glance flowchart and guaranteeing payment when all contractual agreements have been met.
“Thanks to blockchain technology, we now have the possibility to create a shared platform where importer, exporter and their respective banks can digitally and securely finalise agreements and easily follow up the status of their trade transactions,” said Koen Vierendeels, business unit manager of trade finance at KBC. “By having all parties on one single platform, every party can instantly follow-up the status of the transaction.”
KBC received its award at the 2016 Innovation Awards ceremony, hosted by Efma and Accenture in Barcelona on 26 October (www.efma.com/innovations/innovation-awards-2016).
“We’d like to congratulate KBC on winning the Best New Service or Product award at the fourth annual Efma Accenture Global Distribution & Marketing Innovation Awards,” said Vincent Bastid, CEO of Efma. “It’s great to see a bank offering SMEs a compelling alternative to complex letters of credit where risk is shared and everyone has complete visibility of the trade.”
The fourth annual Efma Accenture Global Distribution & Marketing Innovation Awards for financial services saw more than 200 financial institutions from 61 countries submit over 460 case studies of innovations within 10 categories: Customer Experience; Digital Marketing; Physical Distribution; Digital Distribution; Payments and Wallets; Salesforce Change Management; Big Data, Analytics and AI; Best New Service or Product; Global Innovator; and Most Disruptive Innovation.
The winners were selected by a combination of votes from a panel of judges comprised exclusively of senior retail bankers from around the world and online votes from Efma members. All submitted innovation case studies are stored on a portal, forming a global financial services innovation repository, which is accessible to all within the industry.
To learn more about these innovations, watch the replay of the awards ceremony in Barcelona at www.efma.com/webcastawardsceremony16 and continue following the conversation on Twitter at #DMIAwards16.