Global Banking Innovation Awards Announced

BAI and Finacle™ to recognize excellence across Product, Service and Business Model Innovation

CHICAGO – July 13, 2011: BAI and Finacle™ from Infosys announce the launch of a prestigious new global awards program to recognize and support innovation in the retail banking industry. The 2011 BAI Finacle Global Banking Innovation Awards highlight the best in class organizations from around the world that demonstrate breakthrough innovation that positively impacts customers and organizational profitability. The awards program provides a unique platform for innovators to gain worldwide visibility as leaders in transforming the retail banking industry.

The global awards program is designed specifically to honor banks for g ame-changing products, services, practices and other achievements. Leading organizations from around the world will compete for the prestigious recognition. Nominations will be solicited from across the globe – the Americas, Europe, Middle East and Africa (MEA) and Asia Pacific (APAC).

Award winners and finalists will be banks that are distinguished for their accomplishments in key categories:

  • Product Innovation Award recognizes a new product that has excited customers, created new revenue opportunities or improved the bank’s competitiveness in the market
  • Service Innovation Award recognizes excellence in providing an integrated customer experience across channels including mobile, online, social media and branch.
  • Disruptive Innovation Award recognizes global impact in terms of redefining business-as-usual in retail banking. Disruptive innovations are radical in nature.
  • Most Innovative Bank of the Year Award recognizes an ongoing commitment to innovation and the advancement of retail banking. The top nominations from the other three categories are eligible to receive this award.

Award winners and finalists will be honored at a special ceremony and luncheon at BAI Retail Delivery 2011 to be held in Chicago, October 11 – 13, 2011. This annual conference and expo is the retail banking industry’s premier event, drawing hundreds of exhibitors and thousands of senior-level bank executives from more than 50 countries.

“Innovation is so vital to the retail banking industry,” says Debbie Bianucci, president and chief executive officer of BAI,“particularly as banks look for fresh, new ways to enhance the customer experience to expand customer relationships and build loyalty with existing customers while attracting new ones. This global awards program will give banks a robust platform to spotlight their innovations and to learn from what other organizations around the world are doing. The inaugural year of the program is an exciting time as energy builds around the creativity and originality shown by the participants.”

According to Haragopal Mangipudi, Global Head – Finacle™, Infosys, “In an increasingly competitive environment, innovation will be the core engine for future growth. As banks prepare to capitalize on the opportunities unleashed by the digital economy, rapid innovation will drive consumer engagement and competitive differentiation. As innovation partner for global banks, Finacle is proud to unveil this award along with BAI and reinforce our continued commitment to foster new thinking and applaud banking innovation.”

Nominations can be submitted by banks, solutions providers, industry partners and others, but only banks are eligible to receive the awards. The call for global nominations begins today and can be submitted online at www.baiglobalinnovations.com, until August 19, 2011. All nominations are reviewed by the Innovation Circle Judging Panel, a distinguished group of prominent industry analysts, consultants, academics and retail banking professionals from around the world. This objective, third-party panel is responsible for selecting the finalists and winners.

Banks, solutions providers and others wishing to learn more about BAI-Finacle Global Banking Innovation Awards 2011, please visit www.baiglobalinnovations.com.

About BAI

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 scalable 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.

Press Contact

For further information, please contact:

Infosys Press Office – Asia Pacific
Joya Ahluwalia
Infosys Ltd
+9180 41057527
Joya_Ahluwalia@infosys.com

Jeannette Weiland
BAI
1 312 683-2319
jweiland@bai.org