Global Banks Compete for Game-Changing Product, Service and Business Model Innovation
Online PR News – 17-August-2012 – Bangalore – CHICAGO, August 16, 2012: BAI and Finacle™ from Infosys announced the finalists of the prestigious global awards program that recognizes and supports innovation in the retail banking industry. Nine financial institutions were chosen, from around the world, for their breakthrough innovations driving organizational growth and profitability. From this elite group, winners will be selected to receive the 2012 BAI - Finacle Global Banking Innovation Awards. Now in its second year, the awards program celebrates game-changing achievements in key categories:
Product and Service Innovation Award recognizes banks that have substantially improved an existing product or service or developed and introduced a new product or service that has engaged customers, unleashed new revenue opportunities and/or improved the bank's competitiveness. Finalists listed in alphabetic order include:
First National Bank, a Division of FirstRand Bank Limited (South Africa)
OCBC Bank (Singapore)
Channel Innovation Award recognizes banks that have made marked changes or improvements within the distribution network to either existing channels (such as, branch, ATM, mobile, etc.) or have introduced a new channel or distribution strategy that has benefited customers and/or the organization. Finalists listed in alphabetic order include:
OCBC Bank (Singapore)
Disruptive Innovation in Banking Award recognizes banks that redefine business-as-usual in retail banking and its broader global impact. Finalists listed in alphabetic order include:
Alior Bank (Poland)
Fidor Bank AG (Germany)
"These finalists exemplify the best of the best from around the world," says Debbie Bianucci, president and chief executive officer of BAI. "Their accomplishments reflect the innovative ways in which banks are enhancing the customer experience to expand existing relationships and attract new ones. These awards are an opportunity to celebrate the creativity and originality of banks worldwide. More than 150 nominations were submitted from over 30 countries in the second year of this global awards program, reflecting the rich diversity of solutions. We congratulate these finalists and look forward to recognizing the winners and their achievements."
Haragopal Mangipudi, Global Head ‐ Finacle, Infosys said: "Innovation can make a greater difference in this environment. It is the core driver of consumer engagement and competitive differentiation. It can help propel banks on the path to accelerated growth and increased customer loyalty. This awards program is a worldwide platform for collaboration & sharing new ideas and winning approaches. As the innovation partner for global financial institutions, we are honored to recognize the finalists for their originality, and we applaud their outstanding efforts in building tomorrow’s banks today."
One winner, in each of the three categories, and one overall winner will be selected by the Innovation Circle Judging Panel, a distinguished international group of prominent industry thought-leaders, academics and retail banking professionals. Winners will be announced at the BAI and Finacle Global Banking Innovation Awards Ceremony on October 9, at BAI Retail Delivery 2012 in Washington, D.C. Held October 9-11, 2012, BAI Retail Delivery is the retail banking industry's premier annual conference and expo that draws thousands of senior-level bank executives from more than 40 countries. Banks, solutions providers and others wishing to learn more about the 2012 BAI - Finacle Global Banking Innovation Awards, 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, ground-breaking 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
About Finacle™ Universal Banking Solution
Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency. This proven and effective framework for multi-disciplinary change enables banks to shift their strategic and operational priorities.
Finacle solutions address the core banking, e-banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks worldwide. Several powerful and differentiating features make Finacle one of the most comprehensive, flexible and scalable universal banking solutions in its class. These solutions, when associated with Finacle services, empower banks to maximize their opportunities for growth, while minimizing the risks that come with large-scale business transformation.
For more information, visit (http://www.infosys.com/finacle/mediaroom/press-releases/Pages/retail-banking-innovation-awards.aspx)
BAI, Chicago, USA
Infosys Ltd, India