The IBSi Global FinTech Innovation Awards 2024 celebrated excellence and innovation in the banking and financial services industry, attracting over 400 submissions from 100 organizations worldwide. Among the winners, Infosys Finacle emerged as a standout technology partner, powering transformative projects that set new benchmarks for the global FinTech ecosystem.
Arab National Bank: Revolutionizing Core Banking
Category: Best Core Banking Implementation
Arab National Bank (ANB), in collaboration with Infosys Finacle, was recognized for upgrading to the latest version of the Finacle core banking platform. This modernization effort delivered:
- Enhanced Scalability: Supporting future growth and large-scale operations.
- Flexibility and Digital Innovation: Enabling faster product launches and seamless integration with third-party platforms.
- Operational Efficiency: Reducing technical debt and improving customization speed.
ANB’s transformation fortified its competitive edge, future-proofing its digital infrastructure for long-term growth.
Newcastle Permanent: A Digital Onboarding Breakthrough
Category: Most Innovative Digital Onboarding Rollout
Australia’s Newcastle Permanent was celebrated for its digital-first Online Account Opening (OAO) initiative, developed using Infosys Finacle’s solutions. Key achievements include:
- 484% Growth: Online accounts surged within two years of rollout.
- Customer Engagement: Enhanced user experience through a seamless onboarding process.
- Agile Development: Accelerating the rollout with iterative improvements.
This initiative positioned Newcastle Permanent as a leader in the Australian banking landscape, demonstrating the power of digital transformation.
NaBFID: Transforming Digital Lending in India
Category: Best Digital Lending Implementation
India’s National Bank for Financing Infrastructure and Development (NaBFID) received accolades for implementing a cutting-edge digital lending platform with Infosys Finacle. Highlights of the project include:
- Cloud-Native Solutions: Ensuring agility, scalability, and resilience.
- High Uptime: Achieving a remarkable 99.95% system availability.
- Data-Driven Decision Making: Leveraging robust analytics to streamline lending operations.
NaBFID’s platform is closing the gap in long-term infrastructure financing, contributing to sustainable economic development in India.
Regional Investment Corporation: Innovation in Cloud Deployment
Category: Best Innovative Cloud Deployment
Australia’s Regional Investment Corporation transformed its lending model using Infosys Finacle’s cloud-native solutions. The project delivered:
- 20% Faster Decision-Making: Streamlined operations with zero downtime.
- Projected $35 Million Benefits: Over the next decade, supporting agricultural growth.
- Sustainability Focus: Empowering farm businesses with low-interest loans.
This initiative highlights the role of cloud technologies in driving efficiency and scalability while supporting sustainable business practices.
Driving Industry Transformation
The IBSi Global FinTech Innovation Awards continue to underscore the pivotal role of technology in redefining banking and financial services. Projects powered by Infosys Finacle demonstrate how innovative digital solutions can address diverse challenges, from streamlining onboarding to enabling infrastructure financing and boosting operational resilience.
With a proven track record of delivering impactful solutions, Infosys Finacle solidifies its position as a global leader in FinTech innovation, partnering with banks worldwide to achieve transformative results.
