Recap of Model Awards Program 2023 | Building the Emergent Enterprise

Celent celebrated the 17th year of our “Innovation & Insight” event. The event recognizes outstanding innovation in the financial services industry, honoring best-in-class initiatives in banking, insurance, brokerage, wealth management, risk professionals, and market infrastructure.

A look back at the 2023 program

If you were unable to attend the live session or would like to revisit any of the presentations, the following content is available on-demand with a simple registration:

• Replays of keynote plenary sessions: an introduction by Celent's new (virtual) analyst; an overview of the 2023 event by our Chief Research Officer and the keynote theme “The Emergent Enterprise;” and a conversation between Celent’s Head of Corporate Banking and partner at Oliver Wyman about the evolving FI technology ecosystem, the significance of data, and how to embed innovation within a business.
• Overview of the Model Awards program, including announcements of the Model Bank, Model Buy Side, Model Sell Side, Model Insurer, Model Risk Manager, and Model Wealth Manager award winners.
• Visionary videos of the winners talking about their projects.
• Detailed case study reports on Model Award-winning projects (for Celent clients only).

Keynote theme "The Emergent Enterprise"

“How did you go bankrupt?” “Two ways. Gradually and then suddenly.” (Ernest Hemingway’s The Sun Also Rises)

These words, fortunately, are not prophetic but reflect the experience of one fictional character in Hemingway’s novel. At least for now, the financial services industry is still growing, not failing, and seems to be “gradually” fulfilling people’s need forinformation security more digitally.

The financial industry is constantly evolving, and today’s financial services ecosystem will be very different from that of 30 years ago. Since the inception of fintech, changing demographics, purchasing behavior, regulations, and technology are pushing financial institutions beyond their traditional business boundaries. Particularly in forms of business such as embedded finance, financial institutions no longer exist in isolation, but coexist as part of a broader ecosystem that spans a variety of industries.

Connectivity with external parties, such as customers, service providers, and even competitors, is a key source of competitive advantage. At the heart of this is technology, with leading institutions competing for the latest technologies such as APIs, cloud, all things “data,” microservices, and artificial intelligence/machine learning (AI/ML).

Celent calls these trends “building the emergent enterprise,” and this year’s plenary session explored the concept further. The 2023 award-winning projects showcased innovative approaches that successfully draw on these concepts.

What's next for LLM?

Over the years, certain events have forced all of us to revisit our assumptions about the maturity of technology. While not the newest technology concept, large language models (LLMs) have reached this point in recent months with the latest releases of OpenAI’s ChatGPT, Google’s Bard, and Meta’s LLaMA. If you look at what Celent demonstrated in this webinar—such as the video using both Synthesia’s avatars and OpenAI’s ChatGPT—these technologies, in combination with other AI technologies, have the potential to fundamentally change the way customer experience and advice are delivered across the industry. And it is not hard to imagine that they will open up new possibilities for operating models in the business.

While it remains to be seen where and how these technologies will evolve, Celent is closely watching the potential utility of LLMs in the financial industry and is communicating this through a series of blogs and reports. More information will be forthcoming in the coming months.

LLM will allow skilled people to focus on value-added work and analyze vast amounts of heterogeneous data to gain new insights and produce more solid information. On the other hand, the risks include the potential for people to lose their jobs, the possibility that technology may return nonsense that needs to be identified and eliminated, and the need for effective detection efforts because fraud will become easier.

Announcing Celent's 2023 Model Award-Winning Projects

What happens when the latest technology is leveraged to its fullest to optimize all aspects of a financial institution’s operations?

Celent's annual Model Awards recognize outstanding technologies in the financial services industry to answer this question. The winning projects for 2023 provide examples of how technology can drive innovation. This year Celent selected 47 winning projects out of approximately 260 submissions from 170 financial institutions in nearly 50 countries.

Access award winner case studies videos and reports in each category:

• Celent Model Buy Side and Sell Side Award winners
• Celent Model Wealth Manager 2023 Award winners
• Celent Model Risk Manager 2023 Award winners
• Celent Model Bank 2023 Award winners
• Celent Model Insurer 2023 Award winners

Your company is next in line.

Applications for the Celent Model Awards Program 2024 will open on June 28 and close on October 13.

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(Japanese version is coming soon)

Model Award Program｜Japanese Webinar Series

(JP) Model Award 2023 Program Overview | Global Trends and Award Winners

• Part 1: Securities and Risk Management Program
• Part 2: Banking Program
• Part 3: Insurance Program

(JP) Case Studies of Model Award 2023 Winning Projects

• Model Buy Side | Nissay Asset Management
• Model Sell Side | Societe Generale
• Model Wealth Manager | Bank of America Merrill Lynch
• Model Risk Manager | HSBC
• Model Bank | ICICI Bank
• Model Insurer | Max Life Insurance