Infosys Finacle and Global Banking Leaders Shine at IBSi Global FinTech Innovation Awards 2024

By Gloria Mathias

The IBSi Global FinTech Innovation Awards (GFIA) 2024 celebrated a new benchmark of innovation and excellence in the global banking and financial services industry. Acknowledging the pivotal role of emerging technologies in driving impactful transformations, the awards highlighted trailblazing initiatives from banks, financial institutions, and technology leaders.

This year’s awards received over 400 submissions from 100 organisations worldwide, showcasing a remarkable diversity of groundbreaking projects across the FinTech ecosystem. Among the winners, Infosys Finacle stood out as a key technology partner for several noteworthy implementations that reshaped industry standards.

• Arab National Bank and Infosys Finacle

Category: Best Core Banking Implementation

Arab National Bank (ANB) earned accolades for upgrading to the latest version of Infosys Finacle’s core banking platform. This transformation enhanced scalability, flexibility, and digital innovation capabilities, enabling faster product launches, seamless third-party integrations, and operational scalability. By significantly reducing technical debt and accelerating customisations, ANB has fortified its competitive edge, future-proofing its digital infrastructure for sustained growth.

• Newcastle Permanent and Infosys Finacle

Category: Most Innovative Digital Onboarding Rollout

Newcastle Permanent’s digital-first Online Account Opening (OAO) initiative, powered by Infosys Finacle, was recognised for its innovative approach to digital onboarding. The initiative, driven by agile methodologies, resulted in a 484% growth in online accounts within two years, significantly enhancing customer engagement and operational efficiency. This project underscores Newcastle Permanent’s leadership in the Australian banking sector.

• NaBFID and Infosys Finacle

Category: Best Digital Lending Implementation

The National Bank for Financing Infrastructure and Development (NaBFID) received recognition for its innovative digital lending platform developed with Infosys Finacle. Leveraging cloud-native solutions, the platform delivers unparalleled agility, scalability, and operational resilience. With 99.95% uptime and robust analytics for informed decision-making, NaBFID is closing the gap in long-term, non-recourse financing for India’s infrastructure sector, supporting sustainable growth and infrastructure investments.

• Regional Investment Corporation and Infosys Finacle

Category: Best Innovative Cloud Deployment

Regional Investment Corporation transitioned to a fully insourced lending model powered by Finacle’s cloud-native solutions. This transformation improved scalability, efficiency, and customer engagement, leading to 20% faster decision-making and zero downtime. The initiative is projected to deliver $35 million in benefits over the next decade, empowering farm-related businesses with low-interest loans and driving sustainable agricultural growth.

The IBSi Global FinTech Innovation Awards 2024 continue to serve as a global stage for acknowledging the transformative impact of technology-driven initiatives in banking and financial services.