Nine financial institutions have been chosen as the finalists for the BAI and Infosys Global Banking Innovations Awards 2012. These awards are given to institutions that recognizes and supports innovation in the retail banking industry.
From these nine finalists, winners will be chosen at the 2012 BAI – Finacle Global Banking Innovation Awards.
The award program gives innovators a chance to showcase their projects that benefit customers and organizations to make a difference and transform the retail banking industry.
The award is divided into three categories.
Product and Service Innovation Award – this is given to banks that have developed or improved a product or service that engages the customers, create new revenue prospects for the bank, or improved the bank’s overall competitiveness. Here are the finalists:
- First National Bank, a Division of FirstRand Bank Limited (South Africa)
- OCBC Bank (Singapore)
- UBank (Australia)
Channel Innovation Award – this is given to banks that have made significant improvements in their distribution network or other channels. This is also given to banks who have introduced a new channel or distribution strategy that benefits the customers and the bank in general. Here are the finalists:
- Bankwest (Australia)
- Denizbank (Turkey)
- OCBC Bank (Singapore)
Disruptive Innovation in Banking Award – this award is given to banks that redefine what retail banking is all about. Banks who defy the norms to improve customer well being and create an impact in the retail banking industry. Here are the finalists:
- Alior Bank (Poland)
- Barclays (USA)
- Fidor Bank AG (Germany)
Debbie Bianucci, President and Chief Executive Officer of BAI: “These finalists exemplify the best of the best from around the world. Their accomplishments reflect the innovative ways in which banks are enhancing the customer experience to expand existing relationships and attract new ones. These awards are an opportunity to celebrate the creativity and originality of banks worldwide. More than 150 nominations were submitted from over 30 countries in the second year of this global awards program, reflecting the rich diversity of solutions. We congratulate these finalists and look forward to recognizing the winners and their achievements.”
Haragopal Mangipudi, Global Head – Finacle, Infosys: “Innovation can make a greater difference in this environment. It is the core driver of consumer engagement and competitive differentiation. It can help propel banks on the path to accelerated growth and increased customer loyalty. This awards program is a worldwide platform for collaboration & sharing new ideas and winning approaches. As the innovation partner for global financial institutions, we are honored to recognize the finalists for their originality, and we applaud their outstanding efforts in building tomorrow’s banks today.”
So, what do you make of the finalists? Are there any major misses? Like for the Global Finance Best Internet Banks Awards 2012, also sponsored by a vendor, would you like to see more transparency in the selection process and, for instance, have access to the full list of nominees and their link with the major sponsor?
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