Winners of Infosys Finacle Client Innovation Awards 2017 Announced

Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys has announced the winners of the Infosys Finacle Client Innovation Awards for 2017. In its fourth year, the awards recognize banks that deliver breakthrough innovations in banking products, customer service, process design and distribution channels capitalizing on Finacle solutions.

Over 160 nominations were received across eight categories such as Product Innovation, Channel Innovation, Customer Service Innovation, Process Innovation, Innovative Custom Components, Project Management, API based Innovation and Emerging Technologies-led Innovation. The nominations 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, Chief Business Officer and Global Head of Infosys Finacle, said, “Digitization, coupled with the influx of new players, is leading the emergence of new business models and accelerating the pace of innovation across the banking industry. In its fourth year, the Infosys Finacle Client Innovation awards program recognizes the innovations by our clients, in developing differentiated products and delivering a world class experience to their customers. It is heartening to see the Finacle suite of solutions lending itself well to our clients’ aspirations to reimagine banking and cement their primacy in their customers’ financial ecosystem.”

List of awardees and initiatives:

PRODUCT INNOVATION
Large Bank	Winners – Emirates NBD for ‘Liv: first lifestyle digital bank in UAE for millennial’ Winners – Bancolombia for their digital banking platform ‘Nequi: Highly Commended – ICICI Bank for ‘Government Internet Banking (GIB)’, ‘Samsung Pay’ and ‘Truecaller Pay’ Highly Commended – Bank Muscat for ‘bm Wallet’
Mid-size Bank	Winners – Wema Bank for ‘ALAT by Wema, a fully digital bank’
Small Bank	Winners – Société Générale for ‘Advanced global trade finance operations’ Highly Commended – MauBank for ‘Cardless Transactions’
EMERGING TECHNOLOGIES LED INNOVATION
Large Bank	Winners – ICICI Bank for ‘Automation of trade finance and remittances leveraging blockchain’ ‘Robotic Process Automation’ and ‘CHATBOT Services’ Winners – Emirates NBD for ‘Automation of trade finance and remittances leveraging blockchain’
Mid-size Bank	Winner – Bank Sohar for ‘Insights driven banking’ Highly Commended – Hatton National Bank for ‘HNB Fitness App’
Small Bank	Winners – Nations Trust Bank for ‘FriMi – Sri Lanka’s first digital bank’ Highly Commended – The Industrial Bank of Kuwait ‘ Hyper converged virtualized solution
API BASED INNOVATION
Large Bank	Winners – ICICI Bank for ‘Automated Advisory Platform’, ‘API led business partnerships’, ‘’Day to day real-time process automation’ Highly Commended – Union Bank of the Philippines for ‘Rafa, the banking chatbot’
Mid-size Bank	Winners – IndusInd Bank for ‘Instant account opening leveraging APIs’
Small Bank	Winners – RBL Bank for ‘API based trade finance solution for corporates’ Highly Commended – PMC Bank for ‘Hot Marking ATM/Debit Card Using Mobile Banking App’
INNOVATIVE CUSTOM COMPONENTS
Large Bank	Winners – Standard Bank for ‘Offering value added services on channels’ Highly Commended – Stanbic IBTC Bank for ‘Developing a centralized pricing architecture’
Mid-size Bank	Winners – IndusInd Bank for ‘Genlimo service - parallel processing of transactions Highly Commended – Fidelity Bank for ‘Teller Enhancements
Small Bank	Winners – Cosmos Cooperative Bank ‘Custom components for enhanced operational efficiency’
CHANNELS INNOVATION
Large Bank	Winners – ICICI Bank for ‘Insta banking integration’ Highly Commended – Equity Bank for ‘Eazzynet EquiLoan – a paperless loan processing platform’ Highly Commended – Standard Bank ‘Instant Money’
Mid-size Bank	Winners – RAKBANK for ‘Convergence project: building a digital banking platform’ Winners – Kotak Mahindra Bank for ‘Digital account opening’ Winners – Abu Dhabi Islamic Bank for ‘Building a digital banking experience’ Highly Commended – Housing Bank for Trade and Finance for ‘International remittances on mobile app’
INNOVATION IN PROJECT MANAGEMENT
Large Bank	Winners – DBS Bank for ‘Core transformation for Hong Kong Operations’ Highly Commended – Standard Bank for ‘Golden Eye’ project, ‘Africa core banking and digital channels transformation’
Mid-size Bank	Winners – UCO Bank for ‘Anybody can code’ program Highly Commended – Bank Sohar for ‘Digital Banking Transformation’
PROCESS INNOVATION
Large Bank	Winners – United Bank for Africa for ‘Teller process optimization’ Highly Commended – Union National Bank for ‘Automating limit monitoring process’
Mid-size Bank	Winners – Kotak Bank for ‘Cash Management System Platform’ and ‘DIGI service requests automation’ Winners – The Federal Bank for ‘Instant Account Opening’ Highly Commended – Andhra Bank for ‘Optimizing credit card issuance process Highly Commended – Bank Dhofar for ‘Driving Business Excellence through Lean Six Sigma’
Small Bank	Winners – Golomt Bank for ‘Delivering brilliant omnichannel experiences’
CUSTOMER SERVICE INNOVATION
Large Bank	Winners – Axis Bank for ‘Providing class leading customer experience with advanced wealth management offering” Winners – Union Bank of India for ‘Re-engineering customer service’ Highly Commended – United Bank for Africa for ‘Email Moni’
Small Bank	Winners – Asia Green Development Bank for ‘AGD Pay’ Winners – Cosmos Cooperative Bank for ‘TABBANC MicroATM