From collaborative software development to running risk calculations on lightning fast graphics chips, IT teams from all corners of the banking world have proven more inventive than ever over the past 12 months. The Banker's Innovation in Banking Technology Awards celebrates those behind the industry's brightest ideas.

From revamping the humble ATM to eradicating time-consuming coin transactions, the banking world's technology teams have surpassed themselves over the past 12 months when it comes to problem solving and money saving. The Banker's Innovation in Banking Technology Awards celebrates those behind the industry's brightest ideas.

As the financial crisis continues, many banks cutting back on spending are targeting their IT budgets. Despite this, IT teams around the globe are performing admirably under great pressure.

Michelle Price, ­technology editor of The Banker, outlines the new forces and trends shaping the Technology Awards.

Each year, The Banker ’s Technology Awards gather entries from around the world and this year was no exception with more than 300 entries covering all regions from Asia, America, Europe and the BRIC economies – a record. The variety of entries has demonstrated that banks worldwide are rising to the twin challenges of meeting customer demands and regulatory requirements by implementing new solutions and innovating across channels and markets. This year’s awards recognise these successes and identify the most likely technologies that banks should be watching carefully for the next year.

Technology use in financial services globally has moved towards a phase of implementation, a fact that is reflected in the high number of projects (as opposed to entirely new systems) that are rewarded here.

The response to The Banker Technology Awards 2005 has been excellent, with more than 180 entries submitted by banks and vendors. This year’s winners have been outstanding.

As global banking and regulatory requirements continue to grow, so too does the demand for innovative technology solutions. The days of in-house software development are limited as more and more organisations look for packaged technology solutions that can be easily implemented and integrated to solve real business problems. Keeping up with technology innovations is important if businesses are to remain agile.