Publication date: 08 Mar 2023
IDC Asia/Pacific names CTBC Bank and FWD Group as Banking and Insurance Leaders for 2023
13 Banking and Insurance Leaders recognized in the 2023 Financial Insights Innovation Awards
SINGAPORE, March 08, 2023 – IDC announced today the 13 Asia/Pacific banking and insurance leaders for the 202 3 Financial Insights Innovation Awards (FIIA). Nearing two decades, FIIA aims to recognize outstanding achievements in the financial sector’s use of technology to enable them to go further together. This 2023, IDC continues to recognize the leading Asian financial services institutions whose business goals were achieved through the novel application of IT innovations.
“Customer engagement, infrastructure modernization, sustainable finance, innovation and resilience – these are the tactical battlefields for financial services in the market place right now. At a time when banks and insurers hesitate between growth and recession, return and risk, core systems and innovation, we celebrate the fearless leaders across Asia with the 2023 Financial Insights Innovation Awards,” says Dr. Chris Marshall, Vice President, Insights Research, IDC Asia/Pacific.
Out of over 100 flagship projects nominated by Asia’s best banks and insurers, IDC identified 13 outstanding tech-enabled financial institutions that have realized business outcomes through IT innovation based on technology focus and business goals in these five categories (arranged in alphabetical order):
Asia's Leaders in Customer Engagement - This award recognizes financial services institution (FSI) that achieves effective improvements in customer journeys, provides context-based customer experience with empathy at scale, and transforms customer-facing business processes that improve customer service turnaround times and create new digital products and services based on the changing customer expectations.
- Bajaj Allianz General Insurance Co. Ltd. for Digi-Sampark (India)
- Bank of Ayudhya (Krungsri) for Together savings, Kept by krungsri (Thailand)
- OCBC Bank for OCBC’s Open Banking Initiative – OCBC Financial OneView (Singapore)
- Vietnam Technological and Commercial Joint Stock Bank (Techcombank) for Mobile Financial Services for Retail Banking (Vietnam)
Asia's Leaders in Infrastructure Modernization - This award recognizes FSIs with the best technology infrastructure transformations that enable continuous innovations and deliver hyperpersonalized financial services in an agile and cost-effective manner.
- Bharti AXA Life Insurance Co. Ltd for Digital Infrastructure Moderization (India)
- China Merchants Bank for China Merchants Bank New Generation Private Cloud (China)
Asia's Leaders in Sustainable Finance - This award recognizes FSIs with set ESG roadmaps to provide sustainable financial services and track the progress of their ESG goals effectively.
- First Commercial Bank for Navigate to Insight, Synergize with Online - First Financial Geographic Intelligent System (Taiwan)
- Standard Chartered Bank for ESG Navigator (Singapore)
Asia's Most Resilient Banks/Insurers - This award recognizes FSIs that have established an effective framework of Governance, Risk, and Compliance (GRC) management.
- E.SUN BANK named Asia's Most Resilient Bank for Technology Empowerment – A Cognitive and Comprehensive RegTech System (Taiwan)
- United Overseas Bank (UOB) Ltd named Asia's Most Resilient Bank for AML Fraud Analytics Project - Money Mule Early Detection Model (Singapore)
- Taiwan Life Insurance named Asia's Most Resilient Insurer for Taiwan Life Insurance AI Platform for Claims (Taiwan)
Most Innovative Banks/Insurers in Asia – Winners have the most innovative solutions aligned to the context of their organization’s competitive positioning and overall business goal. The initiative should set the precedents in the use of technology to respond market needs and customer expectations, as well as demonstrate the effectiveness of implementation with measurable, immediate and long-term impacts on the business.
- CTBC Bank named as Most Innovative Bank in Asia for Emerging Commerce Collaboration Model (Taiwan)
- FWD Group named as Most Innovative Insurer in Asia for Microservices Enabling Conversational Commerce Within Social Media for Life Insurance (Singapore)
To know more about these organizations and what made them the best and most innovate out of the financial services institutions in Asia Pacific, visit the FIIA website here: 2023 Financial Insights Innovation Awards.
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. The evaluation process subjects each initiative to a rigorous set of scoring metrics that consider its responsiveness to market needs, effectiveness of deployment, and market response and long-term business viability.
Last year’s winners included (in alphabetical order) Cathay Financial Holdings, CTBC Bank, DBS Bank Ltd., FWD Group, Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank), Kasikorn Line Co., Ltd., Postal Savings Bank Of China, Rizal Commercial Banking Corporation (RCBC), Shinhan Bank, Standard Chartered Bank, Taishin International Bank
To know more about FIIA, visit HERE or contact Ana Clarissa Ilagan at firstname.lastname@example.org. For media inquiries, please contact Michael de la Cruz at email@example.com or Miguel Carreon at firstname.lastname@example.org.
About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world's leading technology, media, research, and events company.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading tech media, data and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDCAP and LinkedIn. Subscribe to the IDC Blog for industry news and insights.
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