The deadline to submit nominations has now been extended until May 10, 2022 for Aite-Novarica Group's Fraud & AML Impact Awards. The winners will be announced in July and honored on September 19, 2022 at Aite-Novarica Group's Fifth Annual Financial Crime Forum.
The winners of Aite-Novarica Group’s Impact Awards in Fraud & AML are leading the industry and pioneering new and disruptive financial crime products and capabilities. Their innovations are bringing the financial services industry one step closer to triumphing over fraud, money laundering, and other illicit activity. They are the firms that others will follow.
Award submissions will be evaluated by a panel of internal Aite-Novarica Group advisors and external industry experts drawn from financial institutions and the media. Evaluation criteria include level of innovation, competitive advantage, market needs/drivers, impact and value, and future roadmap.
The categories for consideration under the Impact Awards in Fraud & AML program are:
Fraud Award Categories
- Best Authentication: New solutions or innovations that deliver best-in class identity proofing and/or user authentication (Note: nominated solution may be transparent to the user and not require user action or it may require user action).
- Best Orchestration: New solutions or innovations that deliver leading multi-faceted, integrated suites of tools and technologies that provide identity proofing, user authentication, and/or transaction fraud monitoring.
- Best Transaction Fraud Monitoring and Decisioning: New solutions or innovations that deliver superior transaction fraud analytics, monitoring, detection, and case management solution that protect the financial transaction.
- Best Digital Identity Verification: New solutions or innovations that deliver exceptional individual identity verification in a digital (aka non-face-to-face) environment leveraging PII and non-PII information.
AML Award Categories
- Best Know Your Customer/Business (KYC/KYB): New solutions, innovations, or datasets streamlining and enriching the KYC processes underlying the onboarding, servicing, and ongoing risk profiling and due diligence of individual and corporate customers.
- Best AML Transaction Monitoring: New solutions, innovations, or datasets that elevate ongoing risk-based AML transaction monitoring to detect suspicious or unusual activity indicating potential money laundering, terrorist financing, or other illicit activity.
- Best Sanction/Watchlist Screening: New solutions, innovations, or datasets that optimize the risk-based checking of individuals, entities, and incoming and outgoing payments and transactions, against sanctions, Politically Exposed Person, and adverse media lists as well as other risk relevant information.
- Best Financial Crime Investigation and Reporting: New solutions, innovations, or datasets that transform and modernize the tasks and processes supporting prioritizing, decisioning, and documenting suspicious activity and watchlist filtering alert investigations, as well as developing and submitting necessary reporting to senior management and regulatory authorities.
Requirements for Participation:
- Any vendor, financial institution, or fintech firm can submit a nomination.
- There are no restrictions in terms of size or location of nominated firm.
- Nominated innovations must be in production and must have been implemented within the last two years (i.e., in production after January 1, 2020).
- All nominees must be willing to allow Aite-Novarica Group to publicly announce and describe their innovation should they win.
[Note: A follow-up briefing may be requested by Aite-Novarica Group to aptly develop the appropriate communications and reporting].
- Award submissions must be received by May 10, 2022.
Check out the Impact Briefs profiling the winners of our 2021 Fraud & AML Impact Awards:
The 2021 winners for Fraud Innovation:
- Prove for User Experience
- Nuance Communications for Operational Efficiency
- Socure Sigma Synthetic Fraud for Risk Mitigation
Hear about the awards process and brief Q&As with executives at the winning firms in the below videos:
Nominations are now being accepted through March 18, 2022 for Aite-Novarica Group's Third Annual Digital Wealth Management Impact Awards. The winners will be announced in early May and will be honored during Aite-Novarica Group's Wealth Innovation Executive Forum & Awards on May 24, 2022.
What is an Impact Award?
Customer needs and expectations continue to evolve and financial institutions must strive to stay one step ahead. Their capabilities and breadth of product portfolio must go beyond what has traditionally been offered to address new market challenges and capture new opportunities. Aite-Novarica Group’s Impact Awards are designed to recognize and celebrate innovation achieved by financial institutions leveraging technology to surpass the status quo. Award recipients are leading the industry by identifying and implementing new products, capabilities, and/or levels of automation and effectiveness that are bringing our industry one step closer to next generation financial services. They are the financial institutions, regardless of size, that others will follow.
Categories for Consideration:
1. Digital Investment Management Offering: Investment management offering delivered on a largely
self-service basis to retail investors, with or without a human advice component being part of the value
2. Financial Wellness: Digital tools that deliver financial coaching and connectivity to financial services to
help individuals feel better about their finances today and more prepared to meet future needs and
3. Digital Asset Offering: Digital capabilities that promote access, sales, and distribution of alternative
investments to private clients. Alternatives include any or all of the following: private equity, hedge
funds, digital currencies, tokenized assets, cryptocurrencies.
4. Digital Client Engagement: Platform that allows advisors to deliver a differentiated value proposition
and enhanced client service through digital channels, enables deeper understanding of clients’ needs,
and acts as an interface for better relationship building.
a. Advisor Focused
b. Client Focused
c. Risk Management
5. Digital Reporting:
a. Sustainable Investing Impact Reporting: Digital capabilities that allow private clients to see and
feel the environmental and social impact of their investment portfolios.
b. HNW Client Reporting: Digital reporting capabilities that provide high-net-worth clients with a
comprehensive picture of the state of their finances and how they have changed, including their
non-financial assets and liabilities.
6. Sales Enablement/Prospecting: Capabilities for digital engagement, marketing automation, and/or
curated content distribution on a regulatory compliant platform to assist wealth management firms and
advisors with enhancing the efficiency, effectiveness, and monitoring of their new client development
and prospecting efforts.
7. Digital Initiative of the Year: Digital transformation project completed within the last 18 months.
8. Digital Startup of the Year: Digital startup launched within the last 3 years.
Requirements for Participation:
1. Financial institution offerings that are primarily digital-based and meet the stated criteria of the
2. Nominated offerings must be in production.
3. All nominees must be willing to allow Aite-Novarica Group to publicly announce and describe their
initiative should they win.
Submissions are now open to all wealth management firms worldwide.
The winners will be announced in early May and will be recognized during Aite-Novarica Group's
Wealth Innovation Executive Forum & Awards on May 24, 2022.