Intellect Launches New Core Banking System
Intellect Design Arena Ltd, a provider of digital technology products to the banking and insurance industries, has announced the global launch of its complete end-to-end Digital Core Banking solution, IDC 17.1.
The product was unveiled at a glittering reception in Mumbai this week, attended by CEOs, business leaders, chief technology officers and COOs from public sector banks, private sector banks, multinational banks and challenger banks. Mr. Ashok Vaswani, CEO of Barclays UK, chaired the evening and delivered the keynote address. As befits the occasion, CNBC-TV18 Editor-in-Chief Ms. Latha Venkatesh moderated a CEO panel that had in-depth discussions on the future of retail banking in the digital age.
Speaking on the occasion, Mr. Ashok Vaswani, CEO of Barclays UK, said: “The digital revolution we are currently in is an incredible event and transformation. The ability to track customer journeys and automate them, allowing a customer to serve themselves becomes a very critical element. The real power of technology comes when new business models evolve, which is actually only possible through digital technology. With digital, banks are trying to achieve phenomenal customer experience and enable speed.”
Adding further, he said: “For the first time, regulators and technology have come together. Regulators are pushing banks to enter the digital age. Open banking is something that is driven by regulators. In the digital age, the biggest problem is people. How are we going to make people tech savvy? Therefore, this transformation is culturally significant; it is an incredible transformation that we are going through. This experience for me has been a steep learning curve over the past few weeks.”
Intellect Digital Core Banking solution, IDC 17.1 is a classic product based on high-end Design Thinking. The solution was entirely designed around the ”Customer in the Center” paradigm. This translates to banks now being able to deliver highly personalized products and experiences, through a seamless omnichannel. Products can be easily customized or bundled, new products can be launched very quickly, with relational pricing capability.
Arun Jain, President and CEO of Intellect Design Arena, said, “Bank customers are so accustomed to experiences on Amazon or YouTube platforms that it’s only natural to expect similar experiences on their banking platform. There are 2 major stumbling blocks why banks are struggling to deliver such personalized and frictionless experiences. One of the stumbling blocks concerns the fragmentation of technology. The second concerns product fragmentation. This is the paradigm we have cracked with a revolutionary design. IDC 17.1 will allow banks to present a unified digital face on products such as Core, Credit Cards, Lending and Wealth. It will also enable an enjoyable and seamless experience on all devices such as laptops, iPads, mobiles with thoughtful features such as backup and resume across all devices.”
IDC 17.1 leverages contemporary technologies such as artificial intelligence, machine learning, and BOTS to drive 360° digital banking in real time and in context. IDC 17.1 is powered by a real-time GL that enables real-time critical decisions, be it payments or risk management. Real-time n-level GL drills down to the nth transaction level, resulting in zero reconciliation. IDC 17.1 leverages AI and ML to give banks the ability to deliver Persona-based product offerings. Taking a leap forward in demographics, banks can now leverage social behavior and lifestyle to deliver these offerings. IDC 17.1 also comes with an integrated end-to-end digital lending platform including origination, loan management, collections, and collateral management system.
Rajesh Saxena, CEO, Consumer Banking Business, Intellect Design Arena, said, “The power of IDC 17.1 is our ability to get the best of both worlds, which is truly digital out and inside. While IDC 17.1’s Digital Face helps present a unified face to the customer across businesses, Digital 360 presents the same to the banker. IDC 17.1 brings banking BOTS to the forefront, helping banks design lean operations, both from a TAT perspective and by dramatically reducing operating costs.”