We won the Finacle Client Innovation Awards 2019 & Celent Model Bank Award 2019 | Paytm Payments Bank Blog
We are proud to announce that we have won two awards in ‘Finacle Client Innovation Awards 2019’ and also the ‘Celent Model Banking Award 2019- Beyond Banking’ this year.
About Finacle Client Innovation Awards 2019:
Infosys Finacle- part of EdgeVerve Systems, a product subsidiary of Infosys- recognized banks that delivered breakthrough innovations in customer service, banking products, process design and distribution channels.
We won Finacle Client Innovation Awards 2019 under two categories:
Product Innovation: This has been awarded to us for offering easy payments solution to corporates for their employee reimbursement needs.
PPB’s Corporate Payouts service has made it easier for corporates to manage employee payments and reimbursements. This is enabled by an extremely user friendly corporate panel and incorporation of sub wallets like Food wallet, Gift Wallet, Fuel Wallet, Reimbursement Wallet etc. within the employee’s existing Paytm apps. The service uses Paytm’s backbone of millions of merchants to make these services widely acceptable across corporates and employees. Due to varied features like 100% online services, wider acceptability across merchants, no expiry and access to a multitude of cashback offers; PPB’s Corporate Payouts service proves to be better than the current market norms.
Innovative Custom Components: We have won this award for ‘Rethinking Debit Cards’. It has been our constant motivation to innovate our products which would make banking simpler for every Indian. We have customized our debit card by embedding a personalized QR Code at the back of every debit card. Our customers can use this QR code to Activate/Block card and accept money in their accounts. This innovative feature has been recognized and awarded in this category.
About Celent Model Bank Award 2019:
This is awarded to financial institutions who follow best practices of technology in different areas critical to success in banking.
Winning Celent Model Bank Award 2019 for being a truly Digital Bank:
The Celent team has recognized us for bringing digital banking in its true essence to our customers. The truly digital banking experience has been successful in engaging digital savvy millennial population and bringing simplicity in banking has enabled the bank to onboard customers who haven’t been exposed to financial services before.
Our flagship savings and newly launched current account solutions offer zero minimum balance, free digital debit card, free digital transactions and lakhs of business correspondents to support the customers.
Paytm Payments Bank has opened 42 million savings accounts in 18 months and we have seen a steep rise in acceptance of digital banking in our target base. Our product design has enabled an accelerated transformation of our bank and we are on track to bring 500 million Indians into the mainstream formal economy.