Published Date: July 14, 2020
Bengaluru, India – July 14, 2020: Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, today announced the winners of the annual Infosys Finacle Client Innovation Awards 2020. In its sixth edition, the awards recognize breakthrough innovations in digital banking and their impact on key banking business areas.
Close to 300 nominations were received from banks, across eight award categories. This was the highest number of nominations since the awards program was instituted. The eight award categories are – Product Innovation, Channel Innovation, Customer Journey Reimagination, Corporate Banking Digitization, Ecosystem led Innovation, Process Innovation, Transformation Excellence and Modern Technologies led Innovation. An expert jury comprising of global banking and technology leaders evaluated the nominations on the basis of three criteria – Innovation Quotient, Benefits Quotient, and Complexity Quotient.
The winners include banks across six continents. The winning entries came from – incumbent and emerging banks; global, local and regional banks; traditional and digital-only banks – reflecting the universal focus on innovation.
Commenting on the innovation stories nominated for the awards program, Sanat Rao, Chief Business Officer and Global Head of Infosys Finacle, said, “The old adage ‘Innovate or perish’ has never been more applicable than now. Traditional banking business practices were already under scrutiny for relevance and competitive advantage, the ongoing global pandemic has further accentuated the situation, underlining the need for deep flexibility for adaptive innovation. The nominees and winners in the Finacle Client Innovation Awards 2020 clearly display that capability, creating some of the most impactful technology led banking innovations from across the world. The scale and variety of nominations this year, indicate the sustained investments and focus on innovation by banks across the globe. My heartiest congratulations to all the recognized banks and I wish them continued success in 2020 and beyond.”
Michael Vallance, Managing Director & Head of Transaction Banking, Santander Corporate and Commercial Bank – “We are delighted that Infosys Finacle has recognized Santander Corporate & Commercial for our digital transformation projects delivering new customer centric international and domestic payments services for our UK clients. Working with Infosys Finacle, we have redesigned our digital channels around our customers’ needs to offer a simple and informative payments experience. Our vision is to use customer insights to provide proactive digital prompts and notifications, allowing our customers to make and manage their payments more efficiently and securely. By incorporating Infosys Finacle into our technology strategy, we have been able to create operating efficiencies across products and channels to accelerate digital transformation, introduce new customer features and take advantage of emerging technologies”
Jayash Patel, Head of Liv. by Emirates NBD – “We are honored and absolutely delighted to be recognized for our efforts on a global platform such as Infosys Finacle. We congratulate and thank the incredible dedication, trust and support that we continuously receive from our customers and partners. As ongoing digital transformation continues to sweep across the financial sector, we look forward to continue to reimagine banking in the region by bringing innovation, finance and lifestyle together.”
Craig Bouwer, Head Client Journeys, Personal and Business Banking Africa Regions, Standard Bank – “It is an honour for Standard Bank’s digital [unsecured] lending platforms to be recognized at the Infosys Finacle Client Innovation Awards 2020. As Africa’s largest bank by assets, we have undertaken to bring innovation to every aspect of our IT systems and the employee experience to enable rich interactions with our customers. Being able to reach customers across our African footprint in innovative and convenient ways is now more important than ever. Our partnership with Infosys is supportive of our vision to become a fully automated, and universal financial services organisation.”
To access the list of award winning banks, details of their recognized innovations and quote from winning banks, please click here.
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights-driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.
Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking Solution, on average, enjoy 7.2% points lower costs-to-income ratio than others.
To know more, visit www.finacle.com
Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements 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 COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, 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, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. 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, 2019. 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. 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.