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:
- 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’
- 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’
- 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
- 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.
To know more, visit www.edgeverve.com
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations 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 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, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in the United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2016. 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. In addition, please note that the date of this press release is November 4, 2016, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. 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.
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Paul de Lara
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