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Press Releases

Winners of Infosys Finacle Client Innovation Awards 2017 Announced

Bengaluru – December 08, 2017: Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), has announced the winners of the Infosys Finacle Client Innovation Awards for 2017. In its fourth year, the awards recognize banks that deliver breakthrough innovations in banking products, customer service, process design and distribution channels capitalizing on Finacle solutions.

Over 160 nominations were received across eight categories such as Product Innovation, Channel Innovation, Customer Service Innovation, Process Innovation, Innovative Custom Components, Project Management, API based Innovation and Emerging Technologies-led Innovation. The nominations 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, Chief Business Officer and Global Head of Infosys Finacle, said, “Digitization, coupled with the influx of new players, is leading the emergence of new business models and accelerating the pace of innovation across the banking industry. In its fourth year, the Infosys Finacle Client Innovation awards program recognizes the innovations by our clients, in developing differentiated products and delivering a world class experience to their customers. It is heartening to see the Finacle suite of solutions lending itself well to our clients’ aspirations to reimagine banking and cement their primacy in their customers’ financial ecosystem.”

List of awardees and initiatives:

PRODUCT INNOVATION

Large Bank

Winners – Emirates NBD for ‘Liv: first lifestyle digital bank in UAE for millennial’
Winners – Bancolombia for their digital banking platform ‘Nequi:
Highly Commended – ICICI Bank for ‘Government Internet Banking (GIB)’, ‘Samsung Pay’ and ‘Truecaller Pay’
Highly Commended – Bank Muscat for ‘bm Wallet’

Mid-size Bank

Winners – Wema Bank for ‘ALAT by Wema, a fully digital bank’

Small Bank

Winners – Société Générale for ‘Advanced global trade finance operations’
Highly Commended – MauBank for ‘Cardless Transactions’

EMERGING TECHNOLOGIES LED INNOVATION

Large Bank

Winners – ICICI Bank for ‘Automation of trade finance and remittances leveraging blockchain’ ‘Robotic Process Automation’ and ‘CHATBOT Services’
Winners – Emirates NBD for ‘Automation of trade finance and remittances leveraging blockchain’

Mid-size Bank

Winner – Bank Sohar for ‘Insights driven banking’
Highly Commended – Hatton National Bank for ‘HNB Fitness App’

Small Bank

Winners – Nations Trust Bank for ‘FriMi – Sri Lanka’s first digital bank’
Highly Commended – The Industrial Bank of Kuwait ‘ Hyper converged virtualized solution

API BASED INNOVATION

Large Bank

Winners – ICICI Bank for ‘Automated Advisory Platform’, ‘API led business partnerships’, ‘’Day to day real-time process automation’
Highly Commended – Union Bank of the Philippines for ‘Rafa, the banking chatbot’

Mid-size Bank

Winners – IndusInd Bank for ‘Instant account opening leveraging APIs’

Small Bank

Winners – RBL Bank for ‘API based trade finance solution for corporates’
Highly Commended – PMC Bank for ‘Hot Marking ATM/Debit Card Using Mobile Banking App’

INNOVATIVE CUSTOM COMPONENTS

Large Bank

Winners – Standard Bank for ‘Offering value added services on channels’
Highly Commended – Stanbic IBTC Bank for ‘Developing a centralized pricing architecture’

Mid-size Bank

Winners – IndusInd Bank for ‘Genlimo service - parallel processing of transactions
Highly Commended – Fidelity Bank for ‘Teller Enhancements

Small Bank

Winners – Cosmos Cooperative Bank ‘Custom components for enhanced operational efficiency’

CHANNELS INNOVATION

Large Bank

Winners – ICICI Bank for ‘Insta banking integration’
Highly Commended – Equity Bank for ‘Eazzynet EquiLoan – a paperless loan processing platform’
Highly Commended – Standard Bank ‘Instant Money’

Mid-size Bank

Winners – RAKBANK for ‘Convergence project: building a digital banking platform’
Winners – Kotak Mahindra Bank for ‘Digital account opening’
Winners – Abu Dhabi Islamic Bank for ‘Building a digital banking experience’
Highly Commended – Housing Bank for Trade and Finance for ‘International remittances on mobile app’

INNOVATION IN PROJECT MANAGEMENT

Large Bank

Winners – DBS Bank for ‘Core transformation for Hong Kong Operations’
Highly Commended – Standard Bank for ‘Golden Eye’ project, ‘Africa core banking and digital channels transformation’

Mid-size Bank

Winners – UCO Bank for ‘Anybody can code’ program
Highly Commended – Bank Sohar for ‘Digital Banking Transformation’

PROCESS INNOVATION

Large Bank

Winners – United Bank for Africa for ‘Teller process optimization’
Highly Commended – Union National Bank for ‘Automating limit monitoring process’

Mid-size Bank

Winners – Kotak Bank for ‘Cash Management System Platform’ and ‘DIGI service requests automation’
Winners – The Federal Bank for ‘Instant Account Opening’
Highly Commended – Andhra Bank for ‘Optimizing credit card issuance process
Highly Commended – Bank Dhofar for ‘Driving Business Excellence through Lean Six Sigma’

Small Bank

Winners – Golomt Bank for ‘Delivering brilliant omnichannel experiences’

CUSTOMER SERVICE INNOVATION

Large Bank

Winners – Axis Bank for ‘Providing class leading customer experience with advanced wealth management offering”
Winners – Union Bank of India for ‘Re-engineering customer service’
Highly Commended – United Bank for Africa for ‘Email Moni’

Small Bank

Winners – Asia Green Development Bank for ‘AGD Pay’
Winners – Cosmos Cooperative Bank for ‘TABBANC MicroATM

Please refer the annexure at the bottom of the release for quotes from banks recognized at the Infosys Finacle Client Innovation Awards 2017.


About Infosys Finacle

Infosys Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 94 countries and serves over 848 million customers – estimated to be nearly 16.5 percent of the world’s adult banked population.

Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.

To know more, visit www.finacle.com

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2017. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.


Media contacts:

For further information, please contact: PR_Global@infosys.com

Annexure

Klaas Kruger, Chief Information Officer, Africa Regions, Standard Bank: “Our journey with Infosys Finacle over the past years had many highlights. We are delighted with the progress made on our Finacle core banking deployments across the African continent, the momentum we now have rolling out digital solutions on our channels and the value we can extract from the core banking solution by rationalizing legacy systems onto the Finacle platform. Working with the Infosys team we built many innovative solutions on Finacle, amongst others: pricing, credit collections, workflow and leasing. We are proud of the Standard Bank and Infosys Finacle staff for what they have achieved in delivering solutions that enables our business across the group. We are looking forward to the journey ahead and to continue building on the partnership into the future.”

Andrés Vásquez, Director, Bancolombia Nequi: “We place top value in innovation because we have full awareness that the best strategy to disrupt and transform the financial ecosystem it's by combining innovation with user centered design. Thus, being a part of the Infosys Client Innovation Awards, means a lot and tells us the we are going on the right path.”

Mohan Shenoi, President & Chief Operating Officer, Kotak Mahindra Bank: "It is indeed heartening to know that Kotak Mahindra Bank is being recognized at the Infosys Finacle Client Innovation Awards 2017. Delighting our customers by simplifying day-to-day banking and introducing innovative products using technology is our core philosophy. In this endeavour, we will continue to raise the bar.”

Renuka Fernando, Chief Executive Officer Nations Trust Bank: “Nations Trust Bank is on a quest for excellence in customer experience through innovation. We are passionate about embracing technology to serve our customers because we anticipate the future of banking to be digital and are preparing for it. Therefore, we are extremely pleased to have been shortlisted for the Infosys Finacle Client Innovation Awards 2017. Our efforts to embrace the future include the launch of FriMi, Sri Lanka’s first digital bank encompassing a fully integrated payment and lifestyle platform, offering 100% digital sign up for interest bearing accounts and transaction, payment and money transfer capability through a smartphone.”

Dennis D. Omila, SVP & Chief Information Officer, Union Bank of the Philippines: “We would like to thank Infosys Finacle for this Client Innovation Award 2017. This affirms UBP's commitment to elevating lives through inclusive and sustainable prosperity. At UBP, the heart and soul of our Digital Transformation and Innovation is Financial Inclusion, also in alignment with the BSP's Fintrastructure program.”

Evelyne Collin, Chief Executive and Chief Country Officer, Société Générale India: “Société Générale India is delighted to receive the “Infosys Finacle Client Innovation Award” and thanks Infosys Finacle for this recognition. Innovation is one of the core values of Société Générale and this award is a new illustration of our commitment in this area. Because of Finacle’s unique and flexible architecture, we could leverage the software to do various enhancements which simplified our internal operations and thus constantly improved our customer experience.”

Mridul Sharma, EVP & Head Technology, IndusInd Bank Ltd: “Providing a best in class client experience through digital enablement of products and services has become increasingly important. IndusInd Bank has been at the fore-front of customer centric, technology backed innovations. This recognition at Finacle client innovation awards is a testimony to our success.”

CA Milind Kale, Chairman, Cosmos Cooperative Bank: “Cosmos bank’s Board envisaged that the journey of banking is moving from actual to virtual and it is bound to change the face of Banking Industry. With the changing dynamics of the banking industry and introduction of digital banking, there was a need to move towards service oriented Architecture. We have always worked towards giving our customers the best of services and contributing to the Co-operative movement. Our partnership with Infosys Finacle has enabled these innovations.”

Daw Mi Mi Sein, Chief Financial Officer, Asia Green Development Bank: “AGD Bank is honoured to receive this recognition from Infosys Finacle. We have made investments such as the adoption of the Finacle solutions across our system that has reduce time taken for transactions to take place and provide vital information that help our senior managers make decisions quickly. Innovation is ingrained in our values and this award affirms our efforts. AGD Bank will continue to introduce cutting-edge products and services that improve the banking experience of our customer and lower the barriers of accessing financial products.”

Sidath Wijeratne, Chief Digital Officer, Hatton National Bank: “HNB Fit is a life-style banking product aimed at the well-being of our valued customers whilst increasing the bank's savings base. This innovative product combines three distinct technologies, i.e. Mobile App, Wearable Device and Core Banking platform where Finacle played a key role in making this possible through seamless automation. HNB, as the largest private commercial bank in Sri Lanka is proud to be associated with Infosys Finacle for partnerships that enhances the digital journey of the Bank.”


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