Bank of Valletta has won the Financial Innovation Award for 2008, one of the most prestigious annual awards organised by the ifs School of Finance in UK for the financial services industry.
Present at the annual awards ceremony in London on Wednesday, Bank of Valletta was declared winner of the 'Most Effective Customer Segmentation Strategy' award highlighting the bank's focus on growing customers relations.
The panel of judges commented that within the closely-fought group, Bank of Valletta emerged as winner on the basis that its model is the one most closely aligned to the strategic values of the project, making remarkable use of management information and resulting in maximal customer impact, making the customer feel valued. The other short-listed nominees were Coutts & Co, HSBC Bank, LTSB Asset Finance and Stroud & Swindon Building Society.
BoV was particularly proud to clinch the award as it highlighted its forward-looking spirit. The bank takes a market-driven approach to promote long-term relationships with its customers and builds brand new relationships basing its model on different customer-value propositions designed to promote loyalty.
The award also compliments the recognition that other foreign institutions are giving the bank and gives credit to the sterling work carried out by its employees to improve customer experience.
The award is also supplemented by the success achieved in the first phase of the project implementation, during which period, the bank also managed to secure 100 per cent customer retention.
"This year marks the 11th anniversary of the Financial Innovation Awards, their longevity just one mark of their success in becoming established as the leading awards for the financial services industry," Chris Ray, director of marketing, events and alumni at the ifs School of Finance, said.
"Our rigorous and objective judging process, coupled with the fact that we received a record number of entries from organisations in the UK, Europe, the Americas and Australia, means that any organisation that has won an award has truly excelled against global competition."