Best-in-Class Banks Compete for Top Spots in Product, Service and Business Model Innovation
Bangalore, London, New York, September 22, 2011: BAI and Finacle™ from Infosys announce the finalists in a prestigious new global awards program to recognize and support innovation in the retail banking industry. The 16 financial institutions were chosen from around the world for their breakthrough innovation that positively impacts customers and organizational profitability. From this elite group, winners will be selected to receive the 2011 BAI – Finacle Global Banking Innovation Awards.
The awards celebrate game-changing achievements in key categories, and at least five finalists within each category have been chosen:
- Product Innovation Award recognizes a new product that has excited customers, created new revenue opportunities or improved the bank’s competitiveness in the market. Finalists shown in alphabetical order by region include:
- UBank, APAC (Australia)
- Fidor Bank AG, Europe (Germany)
- Citi Handlowy, Europe (Poland) — Finalists for Two Products
- Akbank, Europe (Turkey)
- Service Innovation Award recognizes excellence in providing an integrated customer experience across channels including mobile, online, social media and branch. Finalists shown in alphabetical order by region include:
- Punjab National Bank, APAC (India)
- ASB Bank, APAC (New Zealand)
- DBS Bank, APAC (Singapore)
- OCBC Bank, APAC (Singapore)
- “la Caxia,” Europe (Spain)
- Disruptive Innovation Award recognizes global impact in terms of redefining business-as-usual in retail banking. Disruptive innovations are radical in nature. Finalists shown in alphabetical order by region include:
- Bank of America, Americas (USA)
- Citibank, Americas (USA)
- Coastal Federal Credit Union, Americas (USA)
- ActivoBank, Europe (Portugal)
- Bankinter, Europe (Spain)
- First National Bank, a Division of FirstRand Bank Limited, MEA (South Africa)
“The level and scope of innovation in the retail banking industry is remarkable, and these finalists exemplify the best of the best from throughout the world,” says Debbie Bianucci, president and chief executive officer of BAI. “The inaugural year of this global awards program has set a new standard for creativity and originality. More than 200 nominations were submitted from over 40 countries, showcasing the rich diversity of solutions. We salute these finalists for their leadership in innovation, and we look forward to recognizing the winners for their accomplishments.”
As Haragopal Mangipudi, Global Head – Finacle, Infosys, emphasizes, “Today, it is imperative that banks address what customers care about most now and quickly re-evaluate ways in which greater measurable value can be generated. Recognizing and honoring innovation can help propel banks along the path to growth and increased customer loyalty. This awards program provides a robust platform for sharing of new ideas and approaches. We are proud to be part of this global recognition, and congratulate these finalists for their outstanding efforts.”
One winner in each of the three categories and one overall winner will be selected by the Innovation Circle Judging Panel, composed of prominent industry academics, consultants and retail banking professionals from around the world. The winners will be announced at the BAI and Finacle from Infosys Awards Ceremony and Brunch on October 11, 2011 at BAI Retail Delivery in Chicago, Illinois. Held October 11-13, 2011, BAI Retail Delivery is the retail banking industry’s premier annual conference and expo that draws thousands of senior-level bank executives from more than 50 countries.
Banks, solutions providers and others wishing to learn more about the 2011 BAI-Finacle Global Banking Innovation Awards,please visit www.bai.org/globalinnovations.
BAI is the financial services industry’s partner for breakthrough information and intelligence needed to innovate and stay relevant in an evolving marketplace. For more than 85 years, BAI has focused on advancing the industry by offering unbiased education and research. BAI’s offerings are as diverse as the industry, and include premier events such as BAI Retail Delivery Conference & Expo, groundbreaking research and performance metrics, professional learning and development programs, and in-depth editorial coverage through BAI Banking Strategies.
For more information, go to www.BAI.org
About Finacle™ Universal Banking Solution
Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency. This framework for multi-disciplinary change, enables banks to shift their strategic and operational priorities.
Finacle solutions address the core banking, e-banking, mobile banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks worldwide. Several powerful and differentiating features make Finacle one of the most comprehensive, flexible and scalasxble universal banking solution in its class. These solutions, when associated with Finacle services, empower banks to maximize their opportunities for growth, while minimizing the risks that come with large-scale business transformation. For more information, visit www.edgeverve.com/finacle.
About Infosys Ltd
Many of the world’s most successful organizations rely on the 133,000 people of Infosys to deliver measurable business value. Infosys provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow’s enterprise.
For more information about Infosys (NASDAQ: INFY), visit www.infosys.com.
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