Infosys Finacle Innovation Awards 2023 Winners Announced

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Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, today announced the winners of the annual Infosys Finacle Innovation Awards 2023. The program that recognizes financial institutions that are on their path of inspiring better banking by taking novel approaches to differentiate themselves and staying ahead of the competition. It celebrates banks who never stop their relentless drive to keep creating ‘better’ value for their customers and stakeholders.

The theme for this year’s awards was “Inspiring Better Banking,” and a total of 200+ nominations were submitted by banks worldwide, spanning across ten different award categories. An expert jury comprising global banking and technology leaders evaluated the nominations based on Innovation Quotient, Benefit Quotient and Complexity Quotient, to decide the winners. In the 8 editions of the program, the Infosys Finacle Innovation Awards have received over 1200+ banking innovations from various countries worldwide.

The Infosys Finacle Innovation Awards 2023 acknowledged outstanding initiatives that made a significant impact on the banking industry across ten distinct award categories: Product Innovation, Channel Innovation, Maximizing Customer Engagement, Corporate Banking Innovation, Ecosystem-led Innovation, Process Innovation, Transformation Excellence, Modern Technologies-led Innovation, Business Model Innovation, and a newly introduced ESG-led Innovation category. The inclusion of the ESG-led Innovation category reflects the increasing awareness and commitment of businesses towards environmental sustainability, inclusivity, and accountability.

Commenting on the innovations nominated for the awards program, Sanat Rao, Chief Business Officer & Global Head, Infosys Finacle, said “The significant number and diverse range of nominations received this year indicate the enduring commitment and emphasis on innovation by banks worldwide. The banking sector is undergoing unprecedented change, requiring banks to continually respond to market demands with customer-centric innovations in a bid to maintain their competitiveness and relevance. The Infosys Finacle Innovation Awards 2023 celebrates banks that prioritize innovation-led digital transformation. The nominees and winners in the awards program exemplify the relentless pursuit of the participating banks in delivering enhanced value to their customers and stakeholders. I extend my warmest congratulations to all the recognized banks and wish them continued success in 2023 and beyond.”

Here is the list of recognized banks

Quote excerpts from recognized banks:

Vivek Gupta, President & Head (Wholesale Banking Products), Axis Bank Limited said “Axis Bank is expressing its digital ambitions using APIs. The widest API suite across cash management and trade with plug-n-play integration capabilities have enabled corporates to enhance working capital efficiencies. Our ecosystem solutions integrate physical and financial value chains via reimagined E2E digital customer journeys and a mobile-first MSME platform. Our Transaction Banking APIs including those on our Corporate Developer Portal and strategic partnerships are demonstrating a strong product-market fit and scaling up at a rapid pace.”

Rajesh Nair, Executive Vice President and Head Platforms and Operations Group – IT, Axis Bank Limited said “Axis Bank’s focus is on AI-led innovation as part of its digital transformation strategy. The bank has been leveraging technologies such as AI, RPA, etc. to digitally transform several business operations including account opening, trade services, loan disbursals, fraud detection, card operations, cheque clearing, etc. For core banking, Infosys is always the go-to partner with their product offerings and in-depth knowledge of the banking needs helps us in keeping pace with the growing market needs. Looking at the recent exponential activity and interest in ChatGPT and GPT4 based applications, we have started exploring use-cases that can be adopted at Axis Bank to gain a competitive edge.”

Ahmed Omar Al Ojaili, General Manager – Technology, Bank Muscat said “Technology advancements in the financial sector are changing the future of banking, and Bank Muscat has progressed seamlessly from traditional to innovative digital banking to enhance customer experience and provide new banking options. This transformation has been made possible by our partnership with a global leader in next-generation digital services and consulting so as to provide the best digital banking experience for our customers in a convenient and secure manner. Hence, we are delighted to be recognized at the Infosys Finacle Client Innovation Awards 2023 for our continuing digital transformation.”

Sudhiranjan Padhi, Chief General Manager and Rajesh Ram, General Manager – DBD, Bank of India said “QR is undoubtedly the most popular payment method today, to harness this Team BOI decided to issue QR Kits , end to end till delivery to its all active Current, Savings, Cash Credit accounts using Finacle. Branch as source points, Finacle as tool and Print-Delivery vendors as agents are thus enabling and strengthening payment infrastructure. With no manual intervention, HMCQR has reduced TAT, and increased customer satisfaction, ease significantly.”

Nurun Nahar Begum, Chief Technology Officer, BRAC Bank Limited said “BRAC Bank has always been at the forefront of technological innovation. Finacle customization has enhanced trade finance capabilities, significantly reduced TAT, improved customer experience and ensured regulatory compliance. It has ensured faster service delivery, enhanced efficiency and productivity and helped grab a bigger slice of the trade finance market. Our clients have been able to keep pace with the fast-changing trade business landscape. We will continue to harness best-in-class technology to serve our customers better.”

Jan Dayro, Head of Cash Management Services Division, China Bank said “True to our commitment to always deliver world-class solutions, we at China Bank, had successfully launched two alternative collection options: Automatic Debit Arrangement and Direct Debit Arrangement via our very own China Bank Online. These products enabled a number of top corporations in the Philippines to improve efficiency and timeliness on their receivables collection from their subscribers. At the heart of these initiatives, is our Finacle Core Bank platform allowed us to seamlessly connect different components of these product innovations. As we enter this era of fast paced and technologically driven bank products and services, our pledge to keep up and even be at the forefront in bringing innovative solutions for corporate partners will always be our primary motivation to push forward. Innovation coupled with top notch security features will without a doubt keep China Bank as one of the top-of-mind banks not only for corporate giants but for the MSME segment as well.”

Masihul Huq Chowdhury, Managing Director & Chief Executive Officer, Community Bank said “Selection of Finacle CBS by Community Bank has enabled the Bank for seamless customer service ensuring the highest level of compliance as in line with global standard. Our activities are centered around digital-led product and process innovations. Thanks to a robust open API platform of Finacle CBS that immensely contributed to our operational excellence and cost efficiency. It also helped the Bank to optimally maintain regulatory compliance and standard of governance. With our process reengineering, we have already served more than 100 thousand customers across the country using a central asset operations model by disbursing retail loans within the shortest possible time. Furthermore, collection of loan repayments using the MFS partner’s channel is now a reality.”

Sai Tien TAN, Managing Director, Core Banking, Consumer Banking Group Technology, DBS Bank said “We’re encouraged by our win at the Infosys Finacle Innovation Awards 2023, which spurs us to continue developing digital solutions that meet the needs of our customers. Thank you, Infosys, for the recognition.”

R Venkattesh, Head-IT, HR, Operations & Chief Information Officer, DCB Bank said “DCB Zippi+ is a Brand new native digital banking app, now available for free on Android and iOS. It provides a fully digital onboarding experience for customers to start a relationship with DCB Bank. With a brilliant range of products, including savings accounts and fixed deposits, Customers can open accounts seamlessly without having to visit branches. The app enables customers to manage their accounts, view the details of their account , and perform transactions. It also offers instant closure and pre-closure options for fixed deposits. DCB ZIPPI+ is Powered by APIs and backed by the Finacle Core Banking System, DCB Zippi+ delivers a highly scalable and intuitive platform. Join the future of banking with DCB Zippi+ .”

William Sekabembe, Chief Commercial Officer and Executive Director, DFCU Bank said “Investment clubs are widely used in Uganda for pooling savings for trusted peer groups and helping them pursue opportunities to grow their investments. Through our dfcu Bank Investment Club App platform, we have empowered over 40,372 SACCOS in Uganda, by optimizing their Savings Group operations & allowing seamless convenience through its intuitive interface. This achievement showcases the versatility and reliability of Finacle as the operational Core Banking System, providing a solid foundation for our ground-breaking customer solution.”

Tammy TSE Pak Kin, Senior Vice President, Head of Information Technology, Fubon Bank HK Ltd said “Our Innovation strategy is centered around delivering exceptional experiences to our customers, and we have found that collaborating with Infosys Finacle has been instrumental in achieving this goal. Through this collaboration with Infosys Finacle we have been able to leverage base product features available in the Finacle solution to create innovative products which meets our customer expectations and also ensure quick time to market. We look forward to Finacle helping us make ourselves into a more relevant bank for our customers’ growing digital needs.”

Ratna Raj Bajracharya, Chief Executive Officer, Global IME Bank said “Digital transformation is far beyond just moving from the traditional to a digital world. The entire concept of digital transformation strategy is a vital process of how we analyze, interact, and satisfy our customers, transforming ourselves from product-centric to customer-centric. We embrace digital transformation as an ongoing journey and we are excited for future possibilities it holds for us. Our partnership with Finacle will remain the cornerstone in this process, as usual.”

Mr. Mandakh SAINBILEG, Chief Executive Officer, Golomt Bank said “Sharing is caring! Open banking APIs developed by using SOA architecture and functions of Finacle Core banking system and its business model are all about sharing each other. We provide not only Open banking platform but also our technical knowledge and business experience, to our customers and co-operating companies in order to create healthy and integrated ECO system that brings next level banking services.”

Amol Date, Senior Vice President, Digital Product Management, Digital Solutions & Factory, HDFC BANK said “Finacle WMS is a state of the art multi entity platform providing Wealth Management features. It has enabled seamless onboarding journey, portfolio consolidation across various asset classes like MF, Equity, Bonds, Insurance, Structures, PMS & Private Equity and more. The product integrates easily with multiple surround systems to help provide advance analytics reports to clients for effective monitoring & review.”

Suresh Kishinchand Khatanhar, Deputy Managing Director IDBI Bank said “For the past two decades, IDBI Bank has relied on Finacle as its Core Banking Platform, establishing a long-standing and robust partnership with Infosys Finacle. This enduring relationship is exemplified by the introduction of the cutting-edge product, ‘Ultra-Saver Home Loan,’ built upon the foundation of Finacle. This innovative offering is strategically positioned to enhance and fortify IDBI Bank’s home loan business segment.”

Biswabrata Chakravorty, Chief Information Officer, IndusInd Bank said “IndusInd Bank has embarked on a strategy to engage best of breed technology solutions for a secure and scalable Digital Banking architecture. The bank is committed to a path to build and deploy digital native capabilities by developing competencies in its digital center of excellence – to enable agility, scalability and from a client point of view highly personalized and friction free experiences. Finacle has been an integral part of our digital stack and has enabled innovative customer offerings. Leveraging the Finacle Digital Accelerator paired with the bank’s omni channel Banking stack and centralized capabilities for communications – the bank has been able to offer a differentiated client experience.”

Mohammad Muzaffar Wani, Deputy General Manager, Information Technology and BPR, J&K Bank Ltd. said “Our two and a half decades long partnership with Infosys Finacle has continuously fueled innovation programs and powered technology evolution at J&K Bank. The association has been helping us deliver enriched customer service experience and increased operational efficiency. Technology transformation is at the forefront of our strategy. We firmly believe that by embracing latest technologies in partnership with industry leaders like Infosys Finacle, we can further improve the Banking experience and deliver unparalleled value to our customers.”

Mr. Sekhar Rao, MD & Chief Executive Officer (Interim), Karnataka Bank said “Karnataka Bank was among the early adopters of CBS Finacle, powered by Infosys Finacle which helped the Bank to drive digital transformation under Transformation Journey, KBL VIKAAS. The 2nd phase, ‘KBL NxT’ is focusing on Digital initiatives using the emerging technologies like, APIs, Data Analytics, Account Aggregator, OCEN etc. Analytical Centre of Excellence also was established as part of KBL NxT, with a focus to improve the business using Analytics. With various Digital applications and services, Bank is aiming towards becoming, ‘Digital Bank of Future’.”

G R Dilli Babu, chairman, Karnataka Gramin Bank said “Karnataka Gramin Bank is in the forefront in implementation of I T solutions. We have been recognized as one of the leaders among the comity of RRBs. Bank has been able to serve the clientele base which is predominantly rural by associating with Finacle and leveraging the facilities available in the Finacle software. The recognition to the Bank propels us to innovate further. We look forward to the continued innovations from Finacle which would enable us to serve our clints in a better way.”

Ariunbold Buyan-Ulzii, Vice President, Chief Information Officer, Khan Bank said “As the leading bank in Mongolia, we are committed to delivering exceptional experiences to our valued customers. The Digital Engagement Hub (DEH), which is powered by the Infosys Finacle banking system, has been customized to meet the bank’s and our customers’ needs, and enables the bank to compete effectively in the fast-paced digital economy and the customers to access their financial accounts across various integrated channels.”

Bishwambhar Neupane, Deputy Chief Executive Officer, Machhapuchchhre Bank Limited said “Having an aspiration of being Smart Bank, Machhapuchchhre Bank limited is continuously driving its strategies to embrace digital transformation, to foster collaboration with various fintech, to build costumer centric product and services, to empower agile system development activities, to fulfill regulatory and compliance standards and to optimize efficiencies of various banking operations and processes. Partnering with Infosys Finacle, bank has achieved competitive advantage to perform seamless integration with all systems and enriched features of Finacle has enabled bank to expedite the digital transformation process.”

Gyanendra Prasad Dhungana, Chief Executive Officer, Nabil Bank Limited said “The versatility of the Finacle platform allowed Nabil Bank to create simplified, straight-thru processes for our customers. We were able to create meaningful customer journeys – from account opening to instantly disbursing digital loans through nBank, Nabil’s mobile banking platform. Nabil Bank’s partnership with Infosys is a key component in executing the Bank’s strategy of going digital, and delivering a neo banking experience to customers.”

Paytm Payments Bank spokesperson said “We are delighted to receive this prestigious award for innovation. We are committed to providing accessible, convenient, and innovative banking options to all of our customers with the highest standards of compliance and operational excellence.”

Greg O’Leary, Program Director, Digital Banking, Permanent TSB said, “At Permanent TSB we have been serving the needs of our customer for over 200 years with an ambition to be ‘Ireland’s best personal and small business bank’. Through our Digital Banking Transformation we have sought to fundamentally improve the Customer Experience of our digital everyday banking offerings for existing and future customers. Our partnership with Infosys Finacle has enabled us to leverage their leading digital capabilities to build an exciting digital banking experience for our customers.”

Hemant Verma, Chief Technology Officer, Punjab National Bank said “Technology Advancement is an ongoing phenomenon and so is our zeal to improve our digital offerings. With the help of our technology partner Infosys Finacle, we have been able to deliver many new functionalities in Mobile banking application – PNB One as well and has made PNB One a Super App. Recently, Bank has successfully delivered many end to end journeys for the customers. One such journey is e-OTS (Express OTS), a first-of-its-kind innovation in the banking industry.”

Peter Robert, Chief Operating Officer, RAKBANK said “Our partnership with Infosys Finacle exemplifies our dedication to continuous improvement and our relentless pursuit of innovation. This is a significant milestone in RAKBANK’s innovation strategy, as we strive to deliver cutting-edge solutions and enhanced experiences to our valued customers. Together, we are poised to revolutionize the way our customers interact with our bank, providing them with greater convenience, flexibility, and efficiency. With Infosys Finacle’s proven track record and our shared vision for customer-centricity, we are confident in our ability to drive sustainable growth and create lasting value for our customers, stakeholders, and communities we serve.”

Ravi Pichan, Chief Information Officer, RBL Bank said “One of the key pillars of RBL Bank’s digital strategy is to bring innovative banking products to market with zero-disruption. Infosys has been an important partner in this journey and hosting our CBS(Finacle) on a cloud native architecture with a rich API economy positions us to swiftly drive scalability, launch new products and enhance customer experience.”

Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer, RCBC said “Finacle’s solutions continue to be a valuable ingredient to the success of RCBC’s digital transformation. RCBC emerged as one of the fastest growing banks after we leaped from eighth in 2018 to fifth position by end of 2022 among the Philippines’ largest privately-owned banks in terms of assets. Through Finacle, we are empowered and equipped to serve all underserved and unbanked Filipinos in hard-to-reach and disconnected rural areas with world-class and financially life-optimizing services.”

Majid Muhammad, Chief Information Officer, Resimac Ltd said “Resimac’s business model composes value chains out of market capabilities. Applying this philosophy to our technology platforms, Resimac embarked on a multi-year, multi-vendor systems modernization and innovation program to provide a platform for future growth. Partnering with Infosys Finacle gave the opportunity to scale our transformation and leverage industry leading platforms and capabilities. Implementing Finacle laid our future growth foundations and enables Resimac to deploy a significant uplift in digital capabilities to our customers.”

Ajith Salgado, Chief Information Officer, Sampath Bank said “Sampath Bank is always committed to deliver top-notch IT solutions and has been pioneering IT innovations in the Sri Lankan banking industry for last 3 decades. Finacle Core Banking System is an integral component of the bank’s success story and winning at the Infosys Finacle Innovation Awards 2023 is a great honor and inspiration for the bank to continue its innovative culture.”

Sujeet Dhakal, Chief Information Officer, Sanima Bank said “We are honored to get recognized at the Infosys Finacle Innovation Award for the second time. We at Sanima Bank are embracing the technological changes and Infosys Finacle has played a pivotal role in our digital transformation journey so far. Our dedicated Technical Innovation team is persistently working towards leveraging the digital technology for achieving the operational efficiency and at the same time giving our valued customers with the simplified banking experience.”

Ananda Seneviratne, Managing Director, Siyapatha Finance PLC said “Siyapatha drives financial empowerment through innovation and customer-centric solutions. By leveraging cutting-edge technology and embracing a culture of innovation, Siyapatha aims to deliver exceptional experiences to its customers. Infosys Finacle has been instrumental in our innovation journey through its collaboration that provides access to advanced banking platforms and solutions resulting in enhanced digital banking experience to its customers.”

Arti Dhole, Chief Information Officer, The Cosmos Co-operative Bank Ltd said “We are honored and delighted that Infosys Finacle has recognized our efforts for our digital transformation project “Nextgen Digital lending platform” delivering new customer centric lending solution. As ongoing digital transformation continues to sweep across the financial sector our vision is to provide the improved customer experience by allowing our customers to have fast and convenient yet efficient and secure loan application process. Our partnership with Infosys Finacle is supportive of our vision to become a universal financial service organization being able to reach out to customers across the regions in innovative and convenient ways. By incorporating Infosys Finacle into our technology strategy, we have been able to accelerate digital transformation, introduce new customer features and take advantage of emerging technologies.”

Babu Thomas, Senior Vice President and Head-Information Technology, The Federal Bank Limited said “Federal Bank sets the standard for ground-breaking digital advancements, harnessing technology to revolutionize its operations. As we evolve, we strive to go beyond expectations, ‘Digital at the Fore, Human at the Core’ continues to be our guiding mantra in our endeavor to create delightful customer experiences. Our collaboration with Infosys Finacle has yielded a plethora of inventive financial solutions, and this accolade serves as a testament to our commitment. Together with our partners, we will continue to redefine excellence and script remarkable achievements.”

Vinod G. Dadlani, GM & Chief Executive Officer, The Kalupur Commercial Co-Op. Bank Ltd. said “KCCB Bank has been successfully collaborating with Infosys Finacle for over 8 years. We are glad and proud to be recognized by the Finacle Innovation Program with the award in Process Innovation Category. Finacle’s ease of customization enabled us to come up with solutions that speed up daily operations at our branches and through channels, something that our clients value and appreciate. This also allowed us to develop new products with options that appeal to our target customers and enhanced our reputation as a market innovator.”

Sony A, Senior General Manager & Chief Information Officer, The South Indian Bank Ltd said “The bank’s digital strategy is instituted on the 4 pillars of INPF i.e., Indulge (customer self-service), Nudge (assistance to be nudged to go digital), Purge (remove redundant processes using automation) and Forge (impactful Fintech partnerships). Partnering with Infosys for the Finacle platform has powered the seamless digital “new-gen banking” experience we strive to offer our customers and stakeholders.”

Anil Kuril, Chief Technology Officer & Vertical Head, Union Bank of India said “With a relentless focus on innovation, Union Bank of India has harnessed the potential of technology to revolutionize the way banking services are delivered. By leveraging Finacle’s advanced solutions, Union Bank has unleashed a wave of innovation, empowering their customers with seamless digital experiences, personalized services, and enhanced efficiency. Bank’s commitment to stay at the forefront of technological advancements continues to shape the future of banking, creating a seamless synergy between technology and customer-centricity.”