About the program
These are exciting but tumultuous times for business. Ubiquitous digitization is giving way to fragmented value chains across industries. New technologies, new consumer expectations, new competitors and new regulations are challenging established business advantages on an ongoing basis. In this environment, enterprises must innovate continually to create value in order to enjoy sustained success.
The Infosys Finacle Client Innovation Awards program recognizes and celebrates the best of such innovations by clients around the world. These innovations have been carefully chosen for their impact on banking products and services, customer journeys, processes, distribution channels, and business models leading to additional revenue and profit for their respective banks.
Categories
Product Innovation
Nominate your best product innovations for the decade gone by
This category, a special one for 2020 awards program, celebrates an exciting product success story in the last decade. It looks to recognize banks that have succeeded in rolling out innovative products that not only match their customers’ digital lifestyles, but also drive sustainable growth for their organizations.
Channel Innovation
Think innovations across channels
Over the years, there has been unprecedented growth in the number of channels, applications and devices used by banking customers. It is therefore imperative for banks to deliver insights-driven, personalized customer experiences and deepen engagement across traditional, modern and emerging channels. This award category felicitates banks that provide their customers convenience, speed, personalization, and accessibility on a device and channel of their choice – assisted, unassisted or third party.
Customer Journey Reimagination
Think about unbundling and re-bundling the value chain
Digital age customers are well-informed, sophisticated, and connected. They demand personalized, simple and frictionless experiences throughout their engagement journeys. Fortunately, banks can tap a lot of digital technologies to fulfil these expectations. This award recognizes organizations that have reimagined their customer journeys to inspire the rest of the industry.
Corporate Banking Digitization
Think comprehensive or targeted corporate digitization programs
Digital technology is shaking up the competitive landscape and economics of corporate banking. As enterprises in all industries digitize rapidly, they need banks that can match their expectations of a sound value proposition, tailored solutions and highly efficient delivery of banking services. This category of the Infosys Finacle Client Innovation Awards recognizes those financial institutions that are rethinking the corporate banking value chain by leveraging advanced technologies.
Ecosystem-Led Innovation
Think ecosystem, complementary products, APIs powered ecosystem
Few services have permeated their customers’ digital lives like banking has. Banks are no longer purveyors of just banking services; they fulfill a range of banking-adjacent and non-banking needs either singly or in partnership with members of their ecosystems. This award category seeks to honor banks that are engaging more deeply with customers by becoming an inseparable part of their daily lives.
Process Innovation
Think process re-imagination, digitization and automation
Efficient operating models and delightful customer experiences would not exist without well-designed, flexible and adaptable processes in the background. Finacle felicitates banks that have mastered the process re-engineering puzzle to set the right foundation for customer growth [V1]in this award category.
Transformation Excellence
Think tech-led transformations
Digital transformation sits high on the agenda for financial institutions as a way to improve customer engagement, reduce costs, and defend against new and traditional competitors. In this category we recognize banks that have set an example for executing a best-in-class transformation program amidst various prevailing complexities in their organization and across the financial ecosystem.
Modern Technologies led Innovation
Think cloud, blockchain, AI, Open APIs, Mixed Reality
The convergence of game-changing technologies such as Cloud, Blockchain, Open APIs, IoT, and Mixed Reality is bringing our imagination of tomorrow’s banking to life. This particular award recognizes banks that are architecting the future by making the most of emerging technologies.
Award Details
Evaluation Criteria
- Award nominations would be judged based on the following criteria:
- Innovation Quotient (IQ): 35% weightage
- Benefits Quotient (BQ): 40% weightage
- Complexity Quotient (CQ): 25% weightage
Important Dates
- 21st February 2020: Last date for filing nominations
- Award ceremony will be held on 21st April 2020, at Finacle Forum
Jury: A distinguished panel of judges from the Finacle Client Advisory Board Working Group
Innovation Showcase
All the winning entries will be documented into an Innovation Showcase booklet capturing highlights of the winning initiative. The intention is to further the objective of peer learning for the Finacle community.
Quotes from Previous Award Winners
Ajit Kumar Rath,Executive Director, Andhra Bank
We are delighted to know that Andhra Bank is being honoured at the Infosys Finacle Client Innovation Awards 2019 for our new initiatives. At our Bank, we
always aim at developing innovative and differentiated products for enhancing customer experience. Our journey with Infosys Finacle for more than a decade has provided us great opportunities to develop various customer centric products and value added services. Our goal is to enable user friendly and simple banking experiences to customers, improving turn-around-time of services and achieving eficient internal operations by leveraging technology platforms. We thank Infosys for recognizing our efforts in Process Innovation, Accelerated Digital Transformation and Emerging Technologies led Innovations
Leigh Gibson, Tech Area Lead, Customer Self Service (CSS) Tribe
Infosys Finacle and ANZ Bank have been key strategic partners for over 10 years. We are currently working on a significant upgrade to our Internet Banking platform and it is exciting to continue collaborating by creating more shared services, leveraging containerization, increasing automation and building out our CI/CD pipeline. The recognition of our work with Mountebank, and co-contribution of code back into the Open Source community by ANZ Bank and Infosys is also a great step forward in energizing our engineering culture.
Andrew Brown, COO, Australian Military Bank
The Australianised Finacle banking suite, implemented in a fully Software as a Service (SaaS) model has provided Australian Military Bank (AMB) with significant operational benefits and cost efficiencies, along with enhanced security and scalability. Twelve (12) months on from go live, AMB is well positioned to utilise the open Application Programming Interfaces (APIs) and cloud based infrastructure to provide further efficiencies; which will result in quicker turnaround times for members, automating routine activities to free up staff to take on more challenging work and, having the ability to integrate with open source APIs which will enable our bank to realise its strategy of being a digital first modern banking institution.
Kaspar Situmorang, EVP Digital Center Of Excellence, Bank Rakyat Indonesia
With the presence of Pinang, Bank BRI Group is able to reach more volumes of customers in Indonesia at high speed (from application to disbursement in less than 10 minutes without a face to face meeting). Pinang is BRI’s radical innovation catering to the ultra-micro customers creating a seamless and economical on boarding process. The reimagined process provides a faster, cheaper and safer digital lending in Indonesia. With the persistent support of the Infosys management and the robust Infosys Finacle digital banking suite, BRI’s vision of accelerating Indonesia financial inclusion is one step closer
Ahmed Al Musalmi, CEO, Sohar International
With a deep understanding of global dynamics and trends, our bank has embarked on a new journey to transform banking beyond the mere provision of financial services to become a leading Omani service company that helps customers grow and prosper. With many milestones already achieved in a short span of time as part of our new five-year strategy, we are truly delighted to be recognized by Infosys Finacle Client Innovation Awards 2019 with representations across 300+ clients globally. This achievement is a reflection of our new brand personality of being Sharp, Human and Unstoppable, and our spirit of innovation and entrepreneurship to bring the best of the world to our customers, offering them more velocity, more value and more vision in an everchanging world.
Shalini Warrier, COO, Federal Bank
Federal Bank is a pioneer in path-breaking digital innovations and efficiently utilises technology to meaningfully leverage its operations. Over the years, the Bank has transformed itself into a technologically innovative organization that offers services beyond par. ‘Digital at the Fore, Human at the Core’ has been one of our guiding mantras in our endeavour to create delightful customer experiences. In partnership with Infosys, the Bank has been able to create several innovative financial products and this award from Infosys recognizes one of such products. We will continue to raise the bar and script new success stories on the wings of Technology.
Satish Kumar Gupta, Managing Director and Chief Executive Officer, Paytm Payments Bank
We, at Paytm Payments Bank, provide various facilities to our customers like Savings Account, Current Account, Automatic Fixed Deposits through sweep out, Digital Debit Cards etc. We have ensured that these banking services are available to customer at any time, any place, in consumer’s language and on their mobile phones itself. All our initiatives have been taken to fulfill our vision of financial inclusion. Our Core Banking System is provided by Infosys Finacle and we are happy that the jury at Client Innovation Awards have selected us as finalists in various award categories. We continue to work towards our endeavor of bringing half a billion Indians to mainstream economy and we are looking forward to the journey ahead to achieve this goal.
Sankarson, CIO, RBL Bank
We are happy to have been recognized at the Infosys Finacle Client Innovation Awards 2019. RBL Bank, has always aimed to offer a seamless experience to its customers on the digital platform. This award strengthens our commitment further and drives us to develop cutting edge solutions. We have been leveraging a comprehensive set of features to address the evolving needs of our diverse customer segments. Digital transformation is changing the banking landscape, we are happy to be in a unique position to understand the customer requirements and deliver effective solutions.
Adrian Vermooten, Executive Head Customer Channels, Standard Bank
2018 has been a year of many firsts for Standard Bank in Africa Regions but these milestones and tremendous accolades we have received cannot be underestimated. They are without a doubt attributable to many years of work, focus and a continuous crafting of our Digital vision into the DNA of our people so that together we can build the Digital Bank that matters to both our staff and customers
Abdulla Qassem, Group Chief Operating Officer, Emirates NBD
Emirates NBD is proud to receive these awards from Infosys Finacle. This reflects the continued success of the bank’s digitisation agenda and our steadfast commitment to continuously improving our IT applications, architecture and cloud capabilities to drive internal IT agility and operational efficiency, while providing the best digital innovation for our customers