IDC Names 15 APAC Banking and Insurance Leaders for the 2022 Financial Insights Innovation Awards

On March 23, IDC announced the 15 best of the best Asia/Pacific banking and insurance leaders for the 2022 Financial Insights Innovation Awards. Nearing two decades, FIIA again recognizes the leading-edge financial services institutions (FSIs) with one of the most sought-after awards in the industry. This 2022, IDC continues to recognize the leading Asian financial services institutions whose business goals were achieved through the novel application of IT innovations.

“For 2022, the FIIA recognizes the winners in the areas in line with the four key transformational frameworks we focus on for the year: core banking transformation, cloud, customer interactions and payments, and risk management,” says Michael Araneta, Associate Vice President, IDC Financial Insights.

Out of the 120 flagship projects nominated by Asia’s Best Banks and Insurers, IDC identified 15 outstanding financial services institutions leading in accelerated technology innovation in the four categories:

Asia’s Best in Infrastructure Modernization.

Winners of this category are leaders in the new breed of infrastructure and innovative modernization journey that utilize the strengths of legacy along with the agility and modern technology benefits of digital core and cloud:

• AXIS BANK LTD.

• AXA CHINA REGION INSURANCE COMPANY LIMITED

• MOX BANK LTD.

• WESTPAC GROUP

Asia’s Best in Customer Interactions.

Winners of this category are leaders with future-proof customer centricity roadmaps and frameworks, seamless, intelligent, secure, and real-time, which allow financial services institutions to seize the opportunities from the evolved customer expectations:

• CATHAY FINANCIAL HOLDINGS

• DBS BANK LTD.

• KASIKORN LINE CO., LTD.

• JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM (VIETCOMBANK)

• SHINHAN BANK

• TAISHIN INTERNATIONAL BANK

Asia’s Best in Risk Management.

Winners of this category are leaders with resilient risk management capabilities that allow financial services institutions to respond to new digital risks in 2022 and beyond in the context of speed, availability, and agility:

• POSTAL SAVINGS BANK OF CHINA

• RIZAL COMMERCIAL BANKING CORPORATION (RCBC)

FIIA 2022 Special.

Winners of this category are the Asia/Pacific financial services institutions that are effectively implementing large-scale, high impact and enterprise-wide IT transformation projects in the past three years despite all the risks and uncertainties since the pandemic:

• CTBC BANK

• FWD GROUP

• STANDARD CHARTERED BANK

The merits of all submissions are measured by the FIIA Assessment Panel, made up of IDC Financial Insights analysts and an independent panel of industry practitioners. The evaluation process subjects each initiative to a rigorous set of scoring metrics that considers its responsiveness to market needs, effectiveness of deployment, and market response and long-term business viability.

“As we assessed the submissions this year, we identify differentiating organisations and solutions that are truly agile to evolve and modernize infrastructure continuously and efficiently, and extremely flexible in supporting new business models driven by the next wave of digital customer experience with risk management in the transformation journey. In 2022, we go bigger and bolder with the “FIIA 2022 Special” award category. These organizations have been going further to the future by implementing large-scale high impact IT transformation projects such as core banking transformation, enterprise-wide infrastructure modernizations despite all the risks and uncertainties in the past three years,” ends Araneta.

The FIIA commits to enforcing the highest level of transparency and impartiality in the evaluation process by ensuring all projects are reviewed by a reputable panel of judges comprised of IDC Financial Insights’ lead analysts, industry experts, and thought leaders.

Last year’s winners included AIA Group Limited; Bajaj Allianz General Insurance Co. Ltd.; China Merchants Bank; CTBC Bank; DBS Bank Ltd.; FWD Group; Joint Stock Commercial Bank for Foreign Trade of Vietnam – Vietcombank; Kasikornbank Public Company Limited; Newup Bank of Liaoning Co. Ltd.; Ping An Bank Co., Ltd.; Bank Pembangunan Daerah Jambi; Shanghai Pudong Development Bank; Standard Chartered Bank; Taishin International Bank; and Yes Bank.