Finnoviti-2013, the second edition of the annual event that showcased innovations in the banking, financial services and insurance (BFSI) sector in the country, was held in Mumbai on 28 November. The event, organized by Banking Frontiers to recognize and reward the innovators in the sector, was marked by live wire conferences and technology sessions followed by the awards function where 20 outstanding innovators were honored. Deloitte India partnered with Banking Frontiers in evolving standards and processes for determining the winners. The winners were finally selected by an eminent panel of jurists comprising Aman Agarwal, Vice Chairman, Indian Institute of Finance, Shailesh Haribhakti, CEO, Haribhakti Group, Hemant Kaul, former CEO, Bajaj Allianz General Insurance, M.V. Nair, Chairman, CIBIL and former CMD, Union Bank of India,
T.C. Nair, Consultant & Financial Market Regulatory Advisor, Allen C A Pereira, Director & Member-Secretary NIBM, V K Sharma, former Executive Director, RBI, and W.A. Wijewardena, former Deputy Governor, Central Bank of Srilanka.
This is the second year in succession that Banking Frontiers has organized the event to highlight the efforts of Indian banks and financial services organizations in order to be innovative in products, services, strategy and business models.The sector that is known to be regenerative, resilient and sprightly has once again demonstrated the mindset to be thinking out of the box and thinking differently.
Banking Frontiers received 172 nominations from more than 80 institutions in the sector highlighting their innovations. After a careful scrutiny by an expert panel, 40 nominations were presented to the panel of jurists who finally identified the winning 20. In addition, Banking Frontiers also presented the 40 nominations for a peer voting process which selected 3 top innovations.
Banking Frontiers received a major chunk of the nominations this year from the banking sector unlike last year, where the insurance sector dominated. Similarly, most of the innovations were linked to technology and technology based projects, which constituted 33% of the total. Like wise, innovations in the realm of mobile payments system too were noteworthy, constituting 10%. There were also innovations in other areas – processes (22%), Product Development (14%), Customer Services (13%) Marketing (5%) and HR (5%).