Awards Recognize Innovative Excellence in the Retail Banking Industry
DENVER, CO–(Marketwired – Nov 5, 2013) – BAI and Infosys today announced the winners of the 2013 BAI – Finacle Global Banking Innovation Awards. Now in its third year, the prestigious global awards program recognizes innovation in the retail banking industry. This year’s winners received their awards at a special ceremony today at the BAI Retail Delivery Conference in Denver, Colo.
The winning financial services companies were chosen from more than 200 entries from over 30 countries for breakthrough innovations that positively impact customers. They were selected by the Innovation Circle Judging Panel, a distinguished international group of prominent industry thought-leaders and retail banking professionals. Awards were presented in each of the following categories: Product and Service Innovation, Channel Innovation, Innovation in Internal Process Improvement, Innovation in Societal and Community Impact, Disruptive Innovation in Banking, Honorable Mention for Disruptive Business Model, and Most Innovative Bank of the Year.
- CaixaBank, located in Spain, and Hana Bank, located in South Korea, were honored as co-winners of the Product and Service Innovation Award. CaixaBank developed “SegurCaixa Auto,” a comprehensive auto insurance mobile application that allows easy access to travel assistance services (including geolocation), declaration loss due to an accident, policy information, traffic news, location of petrol stations and even reminders about where the insured vehicle is parked. “One Click Mortgage,” developed by Hana Bank, is Korea’s first fully online mortgage product, eliminating the need for applicants to visit branches. The platform includes five easy online steps; e-application, e-underwriting, e-signing, e-document and e-closing.
- The award for Channel Innovation was won by Alior Bank S.A., located in Poland, for their “Online Credit Process.” This unique channel provides a comprehensive online, paperless solution for purchase of a product or service on participating retailers’ sites from applying for and obtaining a loan to the payment of that loan, all in one process without logging off from the online store.
- The award for Innovation in Internal Process Improvement was won by ZUNO Bank, located in the Slovak Republic, for “ZUNO: The multi-country direct banking standardization in the CEE region.” This unique greenfield implementation of a direct bank utilizes a system that not only centralizes and standardizes all major processes, but that also supports the rapid growth of the number of users via a 24/7 operational model. Built from the ground up, the system has since been optimized to serve several countries through a single instance of applications, database and common infrastructure.
- Standard Bank of South Africa earned the Innovation in Societal and Community Impact Award for “Standard Bank–AccessBanking.” Designed specifically for the underbanked, this alternative, cost-effective ecosystem was created to support mobile acquisition and banking services in underserved communities, driving financial inclusion in the country. The ecosystem allows customers to make deposits, withdrawals and balance transfers at thousands of community-based retail outlets.
- The Disruptive Innovation in Banking Award was given to Hana Bank for “Hana N Wallet,” a new strategic payment platform that removes conventional concepts like account numbers by enabling customers to use their mobile number as their virtual account.
- Jibun Bank Corporation, located in Japan, was awarded an Honorable Mention for Disruptive Business Model for “Jibun Bank Apps for Smartphone” which provide full banking services through mobile devices. Created as a 50/50 joint venture between Bank of Tokyo-Mitsubishi UFJ and KDDI (the second largest mobile telecommunication operator in Japan), this lean and agile infrastructure with only 157 staff members supports more than 1.5 million mobile customers.
- CaixaBank was named the Most Innovative Bank of the Year Award in recognition of its ongoing creativity in delivering value to customers beyond the transaction and continuing to demonstrate innovative thinking and solutions around the customer experience and customer engagement.
“This year’s winners set a high bar for what can be achieved through innovation in improving the customer experience and access to services,” says Debbie Bianucci, president and chief executive officer of BAI. “Whether it is introducing a new payment platform or designing products specifically for underbanked customers, their creativity and originality can inspire us all. We congratulate these banks on their achievements and look forward to future innovations from these leaders and other financial services companies around the world.”
According to Haragopal Mangipudi, Global Head – Finacle, Infosys, “These are great examples of forward-thinking institutions. They deserve accolades for delivering innovative and pragmatic solutions that better customer experience. As our work and research clearly shows, there is a fascinating shift taking place. Consumers are demanding convenience, speed and personalization — along with competitively priced products. Institutions that are slow to respond to these market drivers risk being overtaken in an ever increasingly competitive market.”
To learn more about the 2013 BAI – Finacle Global Banking Innovation Awards and nominations for the 2014 awards, please visit www.baiglobalinnovations.com.
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, visit www.bai.org.
Infosys is a global leader in consulting, technology and outsourcing solutions. As a proven partner focused on building tomorrow’s enterprise, Infosys enables clients in more than 30 countries to outperform the competition and stay ahead of the innovation curve. With $7.4bn in annual revenues and 155,000+ employees, Infosys provides enterprises with strategic insights on what lies ahead. We help enterprises transform and thrive in a changing world through strategic consulting, operational leadership and the co-creation of breakthrough solutions, including those in mobility, sustainability, big data and cloud computing.
Certain statements in this release concerning our future growth prospects are forward-looking statements, 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 our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2013 and on Form 6-K for the quarter ended June 30, 2013. 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.