Winners of 2016 Infosys Finacle Client Innovation Awards announced

Now in its third year, the awards recognize banks that leverage Finacle solutions to deliver breakthrough innovations in banking products, customer service, process design, and distribution channels.

Nominations were received across six categories, namely Product Innovation, Channels Innovation, Customer Service Innovation, Process Innovation, Innovative Custom Components, and Project Management.

This year saw a total of 160 nominations, which were evaluated on the following three criteria - degree of innovativeness (35% weightage), benefits reaped (40% weightage), and complexity of the initiative (25% weightage).

Commenting on the awards, Sanat Rao, Global Head of Infosys Finacle, EdgeVerve said, “Banking is changing faster than ever. Rapidly evolving consumer preferences, disruptive technologies and fintech start-ups are challenging existing practices and business models. Against this background, it is admirable to see so many of our clients embracing breakthrough innovations leveraging our industry-leading banking solution suite to deliver differentiated products and personalized experiences.”

The following banks were named as winners in the various categories at the 2016 Infosys Finacle Client Innovation Awards:

Product Innovation

·         Winner: ICICI Bank for introducing innovative products like ‘Cashless payment on online purchases at the time of delivery’, API based Smartkeys on iMobile and NFC based cashless ‘Tap and Pay’ solution

·         Winner: RAKBANK for ‘Home in One’ offering

·         Runner-up: Union Bank of the Philippines for ‘UShare initiative’ and ‘Mobile Money Cash Management’

·         Runner-up: Tamilnad Mercantile Bank for ‘TMB Family Banking’

Customer Service Innovation

·         Winner: Emirates NBD for ‘Emirates NBD Pay’ and Emirates ID Authority (EIDA) initiative

·         Runner-up: ICICI Bank for ‘mVisa and Tax Payment’ on iMobile

·         Runner-up: Sampath Bank for ‘Instant Loan’

Channel Innovation

·         Winner: Emirates NBD for ‘open API framework’

·         Runner-up: Union Bank of the Philippines for ‘PartnerPay’

·         Runner-up: ICICI Bank for ‘Money2India Europe’

Innovative Customs Components

·         Winner: Sampath Bank for ‘Automated Teller Safe’

·         Runner-up: ICICI Bank for ‘ICORE-India Single Screen project’, a unified dashboard for enhancing branch user productivity

·         Runner-up: Bank of Baroda for ‘Enhancing customer experience by connecting Finacle to multiple third party web portals’

Process Innovation

·         Winner: United Bank for Africa for ‘Leveraging APIs for transaction authentication and reconciliation’ for corporate customers

·         Winner: ICICI Bank for eMF (electronic Mutual Fund) and ‘Personal Discussion App’

·         Runner-up: State Bank of India for automation of End of Day (EoD) process

·         Runner-up: Kotak Mahindra Bank for end-to-end digitization of savings account activation

Project Management

·         Winner: United Bank for Africa for clustered roll outs to achieve multi- country, multi-lingual upgrade of Finacle solution across 19 countries in the shortest span of time

·         Winner: ICICI Bank for best practices on upgrade to Finacle 10 across multiple foreign country operations

·         Runner-up: MauBank for technology transformation after merger of Mauritius Post and Cooperative Bank (MPCB) and National Commercial Bank (NCB)