IBS Intelligence announces its Global Fintech Innovation Awards 2024 results

IBS Intelligence Global Fintech Innovation Awards 2024 – celebrating the pinnacle of innovation in Banking and Fintech.

Mumbai, India | London, UK – IBS Intelligence (IBSi) proudly announces the winners of its Global FinTech Innovation Awards (GFIA) 2024. The awards celebrate excellence and transformative achievements in banking and financial technology by honouring banks, financial institutions, and technology providers who have driven innovation and impact through advanced technology implementations and the adoption of emerging technologies.

The sixth edition set a new benchmark for GFIA with submissions reaching over 400 – a remarkable 60% jump compared to last year. This surge in participation came from 155 banks and financial institutions and 90 technology vendors, reflecting heightened global interest from both tech vendors and banks.

The competition was intense, underscoring the innovation driving the industry. Notably, some of the most competitive categories—Core Banking, Digital Banking, Digital Lending, Digital Onboarding, and Use of AI/ML—received over 30 submissions each. The sheer volume and exceptional quality of this year’s entries led to several joint winners across categories, showcasing the remarkable caliber of projects submitted.

Nikhil Gokhale, Director – Research and Digital Properties at IBS Intelligence, commented, “The GFIA 2024 underscores the importance of leveraging innovation to navigate the ever-changing digital landscape. This year’s winners embody resilience, adaptability, and creativity, pushing the boundaries of what is possible in the financial world. Congratulations to all winners for shaping a future defined by technological excellence and customer-centricity.”

Evaluated meticulously by the IBSi team, the achievements of the winners highlight the cutting-edge advancements shaping the future of financial technology and stand as an inspiration for continued innovation across the global fintech ecosystem. The winners for 2024 are:

Best Conventional Banking Technology Implementations

1. Best Core Banking Implementation

Best Program Vision: 10x Banking | Sindhudurg Bank & Kiya.ai
Best Tools & Practices Adopted: NiuPay & Skaleet | Silverlake Axis
Most Impactful Project: LHV Bank & Tuum | Gulf Bank & Oracle Financial Software Services
Best Project Implementation: Arab National Bank & Infosys Finacle

2. Best Digital Channel/Platform Implementation

Best Program Vision: Revive Capital & Basikon | Gulf Bank & Profinch Solutions
Best Tools & Practices Adopted: International Development Bank AE & Azentio Software | Emirates Development Bank & Tagit
Most Impactful Project: Plumery | Standard Chartered Bank & audax Financial Technology
Best Project Implementation: ABSA Bank & Kiya.ai | Axis Bank & OPEN Financial Technologies

2.1. Best Digital Channel/Platform Implementation | Mobile

Best Program Vision: Commercial Bank of Dubai & Tata Consultancy Services
Best Tools & Practices Adopted: National Bank Of Fujairah & i-Exceed
Most Impactful Project: Ajman Bank & Codebase Technologies
Best Project Implementation: Consolidated Bank Ghana & Modefin

3. Best Retail Payments System Implementation

Best Program Vision: HDFC Bank & Mindgate Solutions
Best Tools & Practices Adopted: National Bank Of Fujairah & Pinelabs
Most Impactful Project: Wink Pay & Codebase Technologies
Best Project Implementation: Prosa & PayNways Inc. | Commercial Bank of Dubai & NEST Technologies

4. Best Payment Hub/Wholesale Payments Implementation

Best Program Vision: Score & Secure Payment & Skaleet
Best Tools & Practices Adopted: Commercial Bank of Dubai & Volante Technologies
Most Impactful Project: The Payment Firm & SaaScada | TransBnk Solutions

5. Best Digital Lending Implementation

Best Program Vision: Alpha Arabia Finance Company & Azentio Software | NaBFID & Infosys Finacle
Best Tools & Practices Adopted: Ambit Finvest & Nucleus Software | Cash Plus & Profile Software
Most Impactful Project: Hastings Financial Services & Provenir

6. Best Transaction Banking Implementation

Best Program Vision: ABN AMRO Bank & Commercial Banking Applications (CBA)
Most Impactful Project: Mashreq Bank & Profinch Solutions

7. Best Trade Finance Implementation

Best Project Implementation: ECOWAS Bank for Investment and Development & Kiya.ai

8. Best Supply Chain Finance Implementation

Best Program Vision: Credit Europe Bank & Finverity
Most Impactful Project: Jio Finance Limited & Veefin Solutions
Best Project Implementation: Mahindra Finance & Uncia

9. Best Treasury Implementation

Best Program Vision: LPBank & Finastra
Best Tools & Practices Adopted: ECOWAS Bank for Investment and Development & Kiya.ai
Most Impactful Project: Alinma Bank & Murex
Best Project Implementation: ECL Finance Limited & Credence Analytics.

10. Best Wealth Management & Private Banking Implementation

Best Project Implementation: Techcom Securities Joint Stock Company

11. Best Investment & Fund Management Implementation

Best Program Vision: Liberum Wealth & Profile Software
Best Project Implementation: Acko General Insurance Ltd & Credence Analytics

12. Best Risk Management Implementation

Best Program Vision: Grasshopper & Alloy
Most Impactful Project: Banco Continental & Topaz | LPBank & Finastra
Best Project Implementation: Canara Bank | TATA Capital & ACT21 Software

13. Best Quality Assurance/Quality Engineering Execution

Most Impactful Project: Mashreq Bank & Expleo
Best Project Implementation: HDFC Life & QualityKiosk Technologies

14. Best Islamic Banking Implementation

Best Program Vision: Ajman Bank & Codebase Technologies
Most Impactful Project: Alinma Bank & Murex
Best Project Implementation: Alizz Islamic Bank & Finonyx | Silverlake Axis

15. Best Card Management System Implementation

Best Project Implementation: Alliance Bank (M) Berhad

Best Adoption of Emerging Technologies

1. Most Innovative Digital Onboarding rollout

Best Program Vision: Maldives Islamic Bank & Solid Tree | Standard Chartered Bank & audax Financial Technology
Best Tools & Practices Adopted: Bank of Khartoum & Modefin | Axis Bank & OPEN Financial Technologies
Most Impactful Project: Newcastle Permanent & Infosys Finacle | Perfios Software
Best Project Implementation: Wio Bank

2. Most Innovative Use of AI /ML

Best Program Vision: Axis Bank
Best Tools & Practices Adopted: Emirates NBD
Most Impactful Project: Canara Bank
Best Project Implementation: HDFC Life & QualityKiosk Technologies

3. Most Innovative API / Open Banking Model

Best Program Vision: Equitas Small Finance Bank & Neokred
Best Project Implementation: Perfios Software

4. Most Innovative use of Process Automation

Most Impactful Project: ABN AMRO Bank & Commercial Banking Applications (CBA)
Best Project Implementation: Kafalah & Kiya.ai | Housing Bank & Bluering

5. Most Innovative Intelligent Document Processing

Most Impactful Project: System Holdings & Intellect Design Arena
Best Project Implementation: Shriram General Insurance Company & X-Biz Tech ventures

6. Most Innovative use of Blockchain in Banking

Best Project Implementation: TransBnk Solutions

7. Most Innovative Cloud Deployment

Best Tools & Practices Adopted: BKN301 & Finastra | Banco Continental & Topaz
Most Impactful Project: Salt Bank & Engine by Starling
Best Project Implementation: Regional Investment Corporation & Infosys Finacle

8. Most Innovative Digital Wallets Deployment

Most Impactful Project: EswatiniBank & Modefin

9. Most Innovative Data Services/Data Warehouse Project

Best Tools & Practices Adopted: Union Bank of Philippines & Expleo

10. Most Innovative Insurtech Implementation

Most Impactful Project: Al Fujairah National Insurance Co. & Azentio Software
Best Project Implementation: Manulife & Perfios Software

11. Most Effective Cybersecurity Deployment

Best Tools & Practices Adopted: Commercial Bank of Dubai
Most Impactful Project: Caixa Econômica Federal & Topaz

12. Most Effective Compliance / RegTech Deployment

Best Tools & Practices Adopted: Nippon India Mutual Funds & Credence Analytics | Gulf Bank & Gieom
Best Project Implementation: The Nainital Bank & Kiya.ai

13. Most Effective Bank-FinTech Partnership

Best Tools & Practices Adopted: Newtek & Apiture
Best Program Vision: Knight Fintech
Best Project Implementation: FAB & Fenergo

14. Best ESG Implementation

Best Program Vision: HSBC UK & Ecolytiq

About IBS Intelligence

Established in 1991, UK-headquartered IBS Intelligence is the leading global pure-play Financial Technology research, news analysis, and advisory firm. IBSi’s Sales League Table is considered the global industry barometer ranking leading banking technology suppliers. Its research reports comprehensively cover international suppliers across all Banking Technology & Financial Technology systems and are also distributed by Thomson Reuters, Bloomberg, and S&P Capital IQ.

Cedar-IBSi’s FinTech Lab has been home to global FinTechs who need a “soft-landing” opportunity in India and the MENA region. Since 2018, the Cedar-IBSi lab has been home to global technology companies of different shapes and sizes, each of whom have used membership benefits to learn, partner, and accelerate.

The group company, Cedar, is a global management consulting firm with deep expertise in formulating and executing a business strategy for financial services clients worldwide with a significant focus on leading their technology and digital transformation.

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