RBL Bank and Infosys Finacle awarded Best Self Service Banking Initiative, Application or Programme at The Financial Technology Innovation Awards Programme 2019
- RBL Bank launched new online banking, mobile banking App and undertook digital transformation with API driven design for partner ecosystem
- The system facilitated the bank to reduce the effort required in rolling out new products by 50%
- Time to onboard customers dropped by 80% and mobile banking monthly transactions increased by 96%.
Bangkok May 30th 2019– RBL Bank and Infosys Finacle were awarded Best Self Service Banking Initiative, Application or Programme at The Financial Technology Innovation Awards Programme 2019. The awards ceremony was held in conjunction with The Future of Finance Summit, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at the Shangri-La, Bangkok on May 30th 2019.
Standing from left: Richard Hartung, International Resource Director, The Asian Banker;Mohit Nasa, Business Development Manager, Infosys; Nilesh Kapoor, VP and Head of technology, RBL Bank; Chinmai Prabhune, RBL Bank; Neeti Aggarwal, Senior Manager, Research, The Asian Banker; David Gyori, International Resource Director, The Asian Banker
RBL Bank launched new online banking, mobile banking app and undertook digital transformation with API driven design for partner ecosystem
RBL Bank undertook a transformation program to revamp the online banking experience for its customers. This included launch of new online banking system, mobile banking app and Finacle Digital Engagement Hub to improve customer experience across channels. The online banking system is implemented as a unified platform across retail, corporate and SME customers. The digital transformation included bank’s journey towards open banking framework and application programming interface (API) repository with hundreds of open API to build new apps and services facilitating the bank to foster new partnerships with ease towards building an ecosystem of services.
The system facilitated the bank to reduce the effort required in rolling out new products by 50%
The efforts in rolling out products to the market was reduced by 50% after this system was implemented and over 20 new products and services are added by the bank on digital channels. Over 70% of the processes were automated bringing in efficiency in operations of the bank. Over 25% of the total fixed deposits for the bank are now booked through digital channels.
Time to onboard customers dropped by 80% and mobile banking monthly transactions increased by 96%
The bank launched new features like biometrics based self service on-boarding and instant credit facility. The system facilitated the bank to reduce the time required to on-board a customer by 80%. The bank achieved a notable growth of 75% in the total number of customers using digital channels as well a jump in overall volume of digital transactions. The number of login per month in online banking jumped by 48% while mobile banking saw an increase of 96% in the number of monthly transactions, both indicating strong customer adoption.
The Asian Banker Financial Technology Innovation Awards Programme, refereed by prominent global bankers, IT consultants and academics, provides an undisputed benchmark of technology implementation in an increasingly fierce marketplace. A stringent three-month-long evaluation process determines the awardees from across Asia Pacific, Middle East, and Africa. The awardees are honoured in a gala event that recognises their efforts in using the best technology to run their institutions and bring superior products and services to their customers.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website iswww.theasianbanker.com
You may visit the Financial Technology Innovation Awards gallery at https://www.facebook.com/pg/TheAsianBanker/photos/?tab=album&album_id=10157254926774804&__tn__=-UC-R
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker