Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NSE, BSE, NYSE: INFY), today announced the winners of the annual Infosys Finacle Innovation Awards 2021. Close to 270 nominations were received from 50 banks globally, across ten award categories. An expert jury comprising global banking and technology leaders evaluated the nominations based on Innovation Quotient, Benefit Quotient and Complexity Quotient, to decide the winners. In its seventh edition, the award program recognized financial institutions across the world, for breakthrough innovations and novel approaches that create new value for their stakeholders.
Infosys Finacle Innovation Awards 2021 recognized initiatives that impacted the banking business across ten award categories - Product Innovation, Channel Innovation, Customer Journey Reimagination, Corporate Banking Digitization, Ecosystem-led Innovation, Process Innovation, Transformation Excellence, Modern Technologies-led Innovation, Business Model Innovation, and COVID Response Innovation. Given the backdrop of the global pandemic, the categories of Business Model and COVID Response Innovation, were newly introduced this year, reflecting the emergent operational and innovation demand on banks.
For the full list of award winning banks, innovations and their reactions, please click here.
Commenting on the innovations nominated for the awards program, Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle, said, "We are living in times of unprecedented change. An era that demands relentless customer-centric innovation to stay competitive and relevant. The Covid-19 pandemic has further pushed the situation into overdrive, forcing banks to embrace innovative business models, drive customer-centric value streams, and scale organizational capabilities for the digital era. The nominees and winners in the Infosys Finacle Innovation Awards 2021 clearly display efforts in this direction, creating some of the most impactful technology-led banking innovations around the world. The scale and variety of nominations this year indicate the sustained investment and focus on innovation by banks worldwide. My heartiest congratulations to all the recognized banks, and I wish them continued success in 2021 and beyond."
John Carroll, Head of International and Transactional Banking, Santander UK, said, "Santander Global Connect allows us to help UK businesses of all sizes to seamlessly manage their international transaction and cash management banking needs, as well as to develop and grow relationships with existing customers and support the international growth needs of new customers. There has never been a more important and exciting time for businesses to consider international expansion. The tool is crucial to assist both customers and our own international banking strategy, now and in the future."
Ravindra Pandey, Deputy Managing Director & Chief Information Officer, State Bank of India, Global IT Centre, said, "State Bank of India is proud of having launched uniform, user-friendly and feature-rich yono Global Mobile Banking application for the customers of SBI's international operations, in eight countries so far. The technology change has already started globally where everything is evolving around mobility and mobile and Internet are becoming intrinsic part of our daily routine. We thank our tech partner, Infosys Finacle, for having converted our digital vision into reality. We are sure that our yono Global mobile application will meet our customers' expectations of 'Banking on the Go' with ease and convenience."
Anton Nicolaisen, Chief Executive, Standard Lesotho Bank, said, "Our future is towards being every person's platform of choice that offers more than just financial services. This future-ready state requires technology that fuels innovation and ensures our services are safe, reliable, and convenient. Our innovation strategy puts our clients at the center of everything that we do, enabled by technology platforms, data environment, ecosystems, partnerships, and the workforce of the future. The cloud-native Infosys Finacle universal banking solution is therefore significant for the success of our strategy."
About Infosys Finacle
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights-driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.
Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others.
To know more, visit www.finacle.com
Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements 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 COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, 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, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. 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, 2021. 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.
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