Winners of 2016 Infosys Finacle Client Innovation Awards Announced

 Bangalore – November 4, 2016: Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), recently announced the winners of the 2016 Infosys Finacle Client Innovation Awards. Now in its third year, the awards recognize banks that leverage Finacle solutions to deliver breakthrough innovations in banking products, customer service, process design, and distribution channels.

Nominations were received across six categories, namely Product Innovation, Channels Innovation, Customer Service Innovation, Process Innovation, Innovative Custom Components, and Project Management. This year saw a total of 160 nominations, which were evaluated on the following three criteria – degree of innovativeness (35% weightage), benefits reaped (40% weightage), and complexity of the initiative (25% weightage).

Commenting on the awards, Sanat Rao, Global Head of Infosys Finacle, EdgeVerve said, “Banking is changing faster than ever. Rapidly evolving consumer preferences, disruptive technologies, and fintech start-ups are challenging existing practices and business models. Against this background, it is admirable to see so many of our clients embracing breakthrough innovations leveraging our industry-leading banking solution suite to deliver differentiated products and personalized experiences.”

The following banks were named as winners in the various categories at the 2016 Infosys Finacle Client Innovation Awards:

Product Innovation

  • Winner: ICICI Bank for introducing innovative products like ‘Cashless payment on online purchases at the time of delivery’, API based Smartkeys on iMobile and NFC-based cashless ‘Tap and Pay’ solution
  • Winner: RAKBANK for ‘Home in One’ offering
  • Runner-up: Union Bank of the Philippines for UShare initiative and ‘Mobile Money CashManagement’
  • Runner-up: Tamilnad Mercantile Bank for ‘TMB Family Banking’

Customer Service Innovation

  • Winner: Emirates NBD for ‘Emirates NBD Pay’ and Emirates ID Authority (EIDA) initiative
  • Runner-up: ICICI Bank for mVisa and Tax Payment on iMobile
  • Runner-up: Sampath Bank for ‘Instant Loan’

Channel Innovation

  • Winner: Emirates NBD for ‘open API framework’
  • Runner-up: Union Bank of the Philippines for PartnerPay
  • Runner-up: ICICI Bank for Money2India Europe

Innovative Customs Component

  • Winner: Sampath Bank for ‘Automated Teller Safe’
  • Runner-up: ICICI Bank for ‘ICORE-India Single Screen project’, a unified dashboard for enhancing branch user productivity
  • Runner-up: Bank of Baroda for ‘Enhancing customer experience by connecting Finacle to multiple third party web portals’

Process Innovation

  • Winner: United Bank for Africa for ‘Leveraging APIs for transaction authentication and reconciliation’ for corporate customers
  • Winner: ICICI Bank for eMF (electronic Mutual Fund) and ‘Personal Discussion App’
  • Runner-up: State Bank of India for automation of End of Day (EoD) process
  • Runner-up: Kotak Mahindra Bank for end to end digitization of savings account activation

Project Management

  • Winner: United Bank for Africa for clustered roll outs to achieve multi- country, multi-lingual upgrade of Finacle solution across 19 countries in shortest span of time
  • Winner: ICICI Bank for best practices on upgrade to Finacle 10 across multiple foreign country operations.
  • Runner-up: MauBank for technology transformation after the merger of Mauritius Post and Cooperative Bank (MPCB) and National Commercial Bank (NCB).

On winning many awards at the 2016 edition of Infosys Finacle Client Innovation Awards, Abhijit Singh, General Manager, Business Technology Group, ICICI Bank, said, “ICICI Bank continues to be at the forefront of technological innovation to provide simplicity and convenience in banking. In line with its philosophy of ‘khayaal aapka’ the Bank has strived to expand its digital horizon by taking the lead in introducing path-breaking innovations, including internet & mobile banking, Tab Banking services, Touch Banking branches which are available 24X7 , banking on social media, ‘Software Robotics’ and near-field communication among others. We are happy that some of our recent initiatives have been recognized at this year’s Infosys Finacle Client Innovation Awards. Going forward, we hope to continue the momentum and deliver more such innovative services to offer our customers with a rewarding banking.”

About EdgeVerve Systems Ltd

EdgeVerve Systems, a wholly owned subsidiary of Infosys, develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients’ growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying. Today EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom.

Finacle, part of the product company EdgeVerve Systems, a subsidiary of Infosys, is a universal banking solution, and the choice of financial institutions across 94 countries and serves over 848 million customers – estimated to be nearly 16.5 percent of the world’s adult banked population. Over a billion bank accounts are powered by Finacle globally.

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For further information, please contact:


Asia Pacific
Sarah Gideon
Infosys, India
+91 80 4156 3998

Paul de Lara
Infosys, UK
+44 2075162748

Pilar Wolfsteller
Infosys, USA
+1 (510) 944 4596