Infosys Finacle Wins Four International Banking Excellence Awards

Infosys Finacle, jointly with its clients, has won four awards for banking technology excellence by The Asian Banker. The awards stand testimony to Infosys Finacle’s new age digital banking solutions and implementation excellence that powers digital transformation strategy of banks across 94 countries.

ICICI Bank, Emirates NBD and Infosys Finacle awarded Most Innovative Application of Emerging Technology – In a pioneering project, ICICI Bank and Emirates NBD partnered with Infosys Finacle to pilot the first blockchain-based network for international remittances and trade finance. The new framework replicates the paper-intensive international trade finance process as an electronic decentralized ledger, which enables all the parties within the framework to access a single source of information in real-time. The framework is also equipped to send real-time financial messages to the recipient bank allowing the remittance transaction to take place instantaneously. Overall, this facilitates quicker, transparent and secure transactions.

China Banking Corporation and Infosys Finacle win Best Core Banking Implementation Project in Mid-size Bank segment – China Banking Corporation migrated to Infosys Finacle core banking system in a notable shift from their legacy system to an open platform. With a single customer information file (CIF), service oriented architecture and integrated systems, the bank is now empowered with an advanced platform to power its digital strategies. The new platform has helped the bank benefit from a significant increase in the deposit growth and its cross-sell rates. Post migration, China Banking Corporation witnessed a 16% growth in deposits and a 12% improvement in loan growth year-over-year. The bank is able to better target customers, provide real time processing and have faster time to market.

United Bank for Africa and Infosys Finacle win Best Core Banking Implementation Award, Africa – United Bank for Africa, one of the largest banks in Africa, migrated to the latest version of Finacle solutions across its operations in 19 countries. The multi-country transformation, covering the implementation of the latest versions of Finacle core banking, online banking and treasury systems in three languages (English, French and Portuguese), was completed in a record span of 25 months. The project automated processes and integrated customer information that significantly lowered the transaction processing time by over 30% and the account opening time to two minutes, thereby, helping the bank become more customer centric and agile.

Emirates Islamic Bank and Infosys Finacle win Best Core Banking Implementation Award, Middle East – Emirates Islamic Bank successfully completed the implementation of Finacle Islamic banking solution integrating over 30 systems and various business processes for improved customer experience. The collaboration strengthened customer service and the risk management capability of the bank. The project seamlessly enabled higher efficiency in processing, quicker time to market and faster account opening. The new solution has improved efficiency in processing of payments by 80% with minimal manual intervention.

Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation, and accelerate growth in the digital world. Today, Finacle is the choice of banks across 94 countries, and serves over 848 million consumers – estimated to be nearly 16.5 percent of the world’s adult banked population.

Finacle solutions address core banking, online banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 banks in the world reveals that institutions powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.