Tuesday, 21 July 2020

Breakthrough Digital Banking Innovations

Breakthrough Digital Banking Innovations Recognized in
Infosys Finacle Client Innovation Awards 2020

Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, today announced the winners of the annual Infosys Finacle Client Innovation Awards 2020. In its sixth edition, the awards recognize breakthrough innovations in digital banking and their impact on key banking business areas. 

Close to 300 nominations were received from banks, across eight award categories. This was the highest number of nominations since the awards program was instituted. The eight award categories are – Product Innovation, Channel Innovation, Customer Journey Reimagination, Corporate Banking Digitization, Ecosystem led Innovation, Process Innovation, Transformation Excellence and Modern Technologies led Innovation. An expert jury comprising of global banking and technology leaders evaluated the nominations on the basis of three criteria – Innovation Quotient, Benefits Quotient, and Complexity Quotient.

The winners include banks across six continents. The winning entries came from - incumbent and emerging banks; global, local and regional banks; traditional and digital-only banks – reflecting the universal focus on innovation.  

Commenting on the innovation stories nominated for the awards program, Sanat Rao, Chief Business Officer and Global Head of Infosys Finacle, said, “The old adage ‘Innovate or perish’ has never been more applicable than now. Traditional banking business practices were already under scrutiny for relevance and competitive advantage, the ongoing global pandemic has further accentuated the situation, underlining the need for deep flexibility for adaptive innovation.  The nominees and winners in the Finacle Client Innovation Awards 2020 clearly display that capability, creating some of the most impactful technology led banking innovations from across the world. The scale and variety of nominations this year, indicate the sustained investments and focus on innovation by banks across the globe. My heartiest congratulations to all the recognized banks and I wish them continued success in 2020 and beyond.”

Michael Vallance, Managing Director & Head of Transaction Banking, Santander Corporate and Commercial Bank – “We are delighted that Infosys Finacle has recognized Santander Corporate & Commercial for our digital transformation projects delivering new customer centric international and domestic payments services for our UK clients. Working with Infosys Finacle, we have redesigned our digital channels around our customers’ needs to offer a simple and informative payments experience. Our vision is to use customer insights to provide proactive digital prompts and notifications, allowing our customers to make and manage their payments more efficiently and securely. By incorporating Infosys Finacle into our technology strategy, we have been able to create operating efficiencies across products and channels to accelerate digital transformation, introduce new customer features and take advantage of emerging technologies”

Jayash Patel, Head of Liv. by Emirates NBD – We are honored and absolutely delighted to be recognized for our efforts on a global platform such as Infosys Finacle. We congratulate and thank the incredible dedication, trust and support that we continuously receive from our customers and partners. As ongoing digital transformation continues to sweep across the financial sector, we look forward to continue to reimagine banking in the region by bringing innovation, finance and lifestyle together.”

Craig Bouwer, Head Client Journeys, Personal and Business Banking Africa Regions, Standard Bank – “It is an honour for Standard Bank’s digital [unsecured] lending platforms to be recognized at the Infosys Finacle Client Innovation Awards 2020. As Africa’s largest bank by assets, we have undertaken to bring innovation to every aspect of our IT systems and the employee experience to enable rich interactions with our customers. Being able to reach customers across our African footprint in innovative and convenient ways is now more important than ever. Our partnership with Infosys is supportive of our vision to become a fully automated, and universal financial services organisation.”

To access the list of award winning banks, details of their recognized innovations and quote from winning banks, please click here.

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