Foreword

Economies worldwide have been drastically altered over the past ten years by the shift toward a tech-dominated lifestyle. Technology advancements over the past few decades have caused a significant transformation in the financial world. There are five distinct technological “waves” that make up this transformation. Financial technology (fintech) products and services have gotten more complex over time, with each wave building on the one before it. These advancements have facilitated quicker transactions, more individualised customer experiences, and easier access to financial markets.

The newest float: rightciting phase of technological development in the banking sector is known as BankTech Wave 5. It signals the start of a new era of development and innovation that is revolutionising how banks operate and offer value to their clients. Architecture, microservices, composability, embedded AI, hyper-personalisation, and ecosystem building—must be prioritised if banks are to launch markets in the current digital era successfully.

By combining the three major technologies of events, microservices, and AI, Intellect 3.0 has invested more than Rs.600 crores in creating the largest Open Finance platform in the world, eMACH.ai, which is based on BankTech Wave 5. Leading this new wave of banking technology is eMACH.ai. In this latest edition of Intellect Edge, we are happy to share our next growth charter.

Warm Regards,
Arun Jain
Chairman &
Managing Director of Intellect

I am pleased to share the progress of Intellect in a defining year of its journey. FY23 marks the culmination of Intellect 2.0 – the second phase of Intellect’s metamorphosis and growth. We had commenced this five year journey in FY19 soon after Lakshya 2018, our organisation wide visioning exercise. We focused on three priorities – Industrialisation of our Products and Processes, Building deep Customer relationships and building monetisation models for our rich IP.

During the Intellect 2.0 phase, we built a strong repository of IP commencing with Products for each of the Banking verticals and Insurance went on to upgrade some of those to Platforms, launched iTurmeric – our MACH composable platform for the design of Experience, Operations and Integration with the Ecosystem. We stepped up the investment in IP towards the Platformisation of our Products in the last year of Intellect 2.0 – FY23- and launched eMACH.ai – the MACH-compliant, open architecture-based, composable platform that is driven by Contextual Data & Embedded AI to support Flexible extensibility of applications – rich with over 285 Microservices, 200+ Events and 1214 APIs.

Externally, two key technologies were significantly impacting the Market – Cloud and Artificial Intelligence / Machine Learning Annual Report 2022 – 23 04 (AI/ML). We had an early mover advantage in both – given our ahead-of-the-curve Technology investments commencing from an SOA-based architecture in the mid-2000s, Digital 360 investments in the mid-2010s that not only focused on the external Experience layer but holistically on the Internal process orchestration as well, a bouquet of low code/ no code platforms, a well-defined Business architecture and frameworks for Delivery Excellence and Product Industrialisation / Maturity, we were well prepared as an organisation to take advantage of these technology shifts.

With the above Market trends and our readiness to capture the opportunity canvas, we hosted Lakshya 2023 earlier this year to envision the Intellect 3.0 journey over the next 3-5 years. We are upbeat and ebullient at the end of this exercise.

With the appropriate design of organisation, talent, systems & processes, business models, Technology & Infrastructure, Brand building and funding, will further accelerate our growth and profitability in Intellect 3.0. Read More