TechBullion recently spoke with Rajesh Saxena, CEO, iGCB, Intellect Design Arena about the company’s latest product announcement at Money2020.
Give us a company update on Intellect Design Arena?
Intellect Design Arena Ltd. has the world’s largest cloud-native, API-led microservices-based multi-product platform for Global leaders in Banking, Insurance, and Capital Markets.
With over three decades of deep domain expertise, Intellect is the brand that progressive financial institutions rely on for digital transformation initiatives. It offers a full spectrum of banking and insurance technology products through its three lines of businesses – Intellect Global Consumer Banking (iGCB), Intellect Global Transaction Banking (iGTB), and Intellect AI.
Intellect pioneered Design Thinking to create cutting-edge products and solutions for banking and insurance, with design being the company’s key differentiator in enabling digital transformation. FinTech 8012, the world’s first design center for financial technology, reflects Intellect’s commitment to continuous and impactful innovation, addressing the growing need for digital transformation. Intellect serves over 270 customers through offices in 57 countries and with a diverse workforce of solution architects, and domain and technology experts in major global financial hubs around the world.
Intellect Global Consumer Banking (iGCB ) is the Retail and Central Banking Solutions arm of Intellect Design Arena. It offers an end-to-end Contextual Banking suite for Retail and Corporate banking across Core Banking, Treasury, Lending, Cards, Digital Banking, and Central Banking. Built on eMACH.ai, our platforms and products are Open finance enabled, event-driven, microservices-based, API-first, cloud-native, and headless with underlying AI models.
Some of our named clients across Europe include Otto, OTP, Cater Allen (A Santander bank), Resurs Bank.
How much time and investment was put into the new offering?
iGCB is committed to delivering superior Banking products and technology globally. Our commitment towards research and development is a continuous and progressive approach. We have invested in our Design Thinking approach extensively over last 10 years and create a FT 8012 Design Thinking lab, which forms our ideology as a company.
Our ideology fuels the need to continuously simplify solutions and make them accessible to a wider audience. eMACH.ai platform is an attempt to combine our research across multiple product lines and unify them on a single platform. We have more than 500 senior technology engineers and Architects dedicating their efforts over the past many years on this.
What challenges does your new product solve?
The Open Finance enabled Retail banking platform is built on Emach.ai – the world’s largest Open Finance Platform. The Retail Banking Platform is event-driven, microservices-based, API-enabled, cloud native, and headless with underlying AI models (eMACH.ai), which enables agility, scalability, and faster time-to-market for financial institutions. We are the first in the industry to launch the most comprehensive, composable, and contextual Open Finance enabled Retail banking platform with a country ready marketplace.
The platform provides financial institutions with:
An end-to-end Comprehensive Banking Platform that enables composability of autonomous business components for curating complete financial solutions. It also offers a flexible and adaptive commercial model enabling banks to ‘Pay As You Grow’.
Other key benefits include cloud hosting to reduce business and technology risks, lower maintenance costs, increase agility and scalability.
It allows banks to:
Design their growth plans:
- Design a progressive transformation journey that best suits their business needs and growth aspirations.
- Financial Services player can pick and choose the relevant microservices, in addition to the current processes they may have.
Leverage Ecosystem and Partner network
- Financial Services can integrate with Fintechs to widen their product reach and also access external prospect portfolios.
- Offer services outside Bank’s core strength – They can also enrich their Market Value Proposition by enabling unique propositions in partnership with ecosystem partners.
Enable Quick go to market and superior client promise
- On-board a customer in three minutes
- Drive ‘Application To Sanction’ in minutes
- Offer unique credit experiences like Buy Now Pay Later and more.
The Retail banking platform, hosted on Cloud, is composable, and API-first with 285+ ready to use Microservices on cloud and connects with 1214 APIs
The platform democratises banking for banks of all stages, focus and size. All banks now have equal access to opportunities by leveraging our Open Finance enabled Retail banking platform built on eMACH.ai. Banks are no longer constrained by large CAPEX commitments and extreme dependence on technology vendors for any development. Our low code fully composable platform allows banks to evolve the platform with changing customer needs on their own.
The country ready marketplace allows quick go-to-market for new products and features. Banks don’t need to build everything themselves. They can tie up with a KYC expert, a document management expert, a payments or CRM expert and so on.
Banks can leverage and integrate with Fintechs to offer Deposits through Aggregators or Offer services outside Bank’s core strength by tying up with other banks. This opens up new markets for the bank.
The platform is also available on ‘pay-as-you-grow’ model allowing banks to prioritize their technological progress. Overall we are enabling banks to architect their growth.
How do you anticipate take-up of the product?
We have received good interest from several global and local banks across the globe. Top analysts across the globe have also appreciated the product. We are confident in its capability and market fitment. Our platform will change the way banks offer products and experiences to their customers.
What can we expect to hear next at Intellect Design?
We are working with several banks across the globe in their transformation journey. Our open finance platform has already received great interest from prospects. Being a technology firm dedicated to investing in future technology, iGCB is continuously investing and evolving with deep research. We are investing further in leveraging AI/MAchine learning technologies, Block chain amongst others.
We are working with several banks across the globe in their transformation journey. Our open finance platform has already received great interest from prospects.
We are also continuously investing in our global delivery teams and have extensively strengthened our network across Europe, Africa, MENA and APAC regions. Canada is another key focus for the year ahead.
Rajesh Saxena is CEO, iGCB, Intellect Design Arena