Vol - 02
As we stride ahead in the New World Order, we are witnessing paradigm shifts in industries across the world, and the banking and financial sector is no different. On the path of reviving themselves, they are reimagining banking with Contextual. Contextual and API-based technologies, together, are transforming the way people bank.
At Intellect, Contextual is the core and belief on which all our products are created. Powered by AI and ML, all our products are cloud-native, API-enabled and real-time, contributing to our Contextual Banking vision of designing products that can anticipate and understand the end customers’ needs, in real-time. Digital and Contextual, Intellect offers a future-ready multi-product FinTech platform, which is built on microservices-based architecture. Supported by a revolutionary integration technology iTurmeric, the first-of-its-kind enterprise integration, cloud-native platform built on API-first architecture, it enables banks to progressively modernise while ensuring business continuity without the risk of rip and replacement.
So, the fact that the IBS Intelligence Annual Sales League Table 2020 also ranked Intellect’s Revolutionary Contextual Banking Technology as #1 in Retail and Wholesale Banking, vindicates our pioneering use of this technology, based on the principles of Design Thinking - the concept that your banking systems should understand – even anticipate – what the client is trying to do.
Picking up the momentum from this recent double feat, we have forged a strategic collaboration with the Banking Industry Architecture Network (BIAN) to revolutionise the API-driven Contextual Banking technology framework. This collaboration with BIAN extends our commitment and contributions to global standards, by defining Open banking and API-based Contextual Banking technology framework to re-imagine the banking architecture.
In this second edition of ‘Intellect Edge’, we share with you how Intellect is forging ahead with our API-based Contextual Banking solutions, building new partnerships and collaborations, and paving the way for success – both for our customers and for us. I look forward to strengthening our association and partnership, and to sharing chronicles of mutual success.
The world is becoming increasingly contextual. The progressive banking institutions around the world are investing more time than ever before in designing contextual and personalised customer experiences that will drive meaningful relationships. So, welcome to the world of Contextual Banking, where banks are moving towards a customer-centric model, leveraging data to provide personalised and contextually relevant experiences. The time has come to reimagine banking with Contextual. At Intellect, Contextual is the bedrock for all our products. Real-time, API-enabled and cloud-native, our products are powered by AI and ML, contributing to our Contextual Banking vision of designing products that work in a way that they understand their end customers’ real needs. So, when IBS - the definitive source of independent news, analysis & research relating to global financial technology markets - acknowledged our revolutionary Contextual Banking Technology in their Annual Sales League Table 2020, we felt vindicated.
It is a remarkable double feat that Intellect has achieved: it has been ranked #1 in the world for both Retail Banking and Wholesale Banking – Transaction Banking. These double wins – a first for Intellect – catapults the company into the big league across the world and acknowledges the asset-rich financial technology product suite of Intellect.
The SLT Panel at IBS Intelligence said, “Two systems of Intellect Design Arena – Intellect Digital Core and Digital Transaction Banking have recorded their leadership position in the IBS Intelligence Sales League Table 2020. IDA solutions have been ranked #1 – for the second time in a row in the Retail Banking category, and have also been placed in the #1 spot in the Wholesale Banking – Transaction Banking category. The IBSI Sales League Table 2020 has been analysed based on systems purchases made by over 1,700 banks in over 150 countries, across 240 products from 62 suppliers across the Americas, Europe, Middle East, Africa and APAC.”
Intellect Global Consumer Banking (iGCB), the retail banking arm of Intellect, retained its #1 Global Leadership position in retail banking for the second time in a row. Its flagship offering, IDC ( a comprehensive Retail contextual banking suite) has kept the pole position powered by API-first, microservices-based, cloud-native Open Banking architecture, and a unique blend of integrated functionality and agility. Intellect was also ranked in the top three best-selling solutions for Digital Banking and Channels, and also the top three best-selling solutions for Lending Systems.
At iGCB, we have broken the one-shoe-fits-all paradigm and brought a level of flexibility to how banks would prefer to drive their digital transformation in a “Progile” manner – leveraging our Olive Fabric capabilities. Intellect can therefore enable a complete core refresh, a lending solution refresh, a channel refresh or even a middleware-led digital refresh in a Progile manner.
iGTB, the world’s first complete Global Transaction Banking arm of Intellect, has also been ranked #1 for wholesale banking – transaction banking system and joins the leadership club, validating its revolutionary #ContextualBanking innovation and a rich suite of transaction banking products, across DTB, Payments, Liquidity, Trade and Supply Chain Supply. With 23% of the world’s MNC cross-border sweeps and over 50% of IMEA corporate collections going through iGTB systems, already proven capable of processing over one million domestic/international payments per hour in live use, this ranking underlines why so many of the world’s best corporate banks, bank on iGTB. It seamlessly integrates all transactional needs of the corporate customers, delighting them with a Contextual Banking eXperience (CBX), a white label digital transaction banking platform to manage the firms’ cash and trade, while leveraging Machine Learning and predictive analytics, delivered through APIs and an omnichannel UX.
What Arun Jain, Chairman and Managing Director, Intellect Design Arena Limited had to say:
This is a remarkable validation of Intellect’s Best-in-Class Integrated Digital Banking Platform with Front to Back Capabilities across Retail and Corporate segments by IBS in the Sales League Table. The commendation also validates our microservices-based, API-first and cloud-ready architecture. Even our modular solutions across lending and channels are in the top 3, thanks to their comprehensive functionality and independent utility. This vindicates our pioneering use of #ContextualBanking based on Design Thinking principles – the concept that your banking systems should understand – even anticipate – what the client is trying to do. We are humbled by the recognition and thank our clients for entrusting the very core of their business functionality with us.
CALM 20 - a unified contextual ALM platform to manage balance sheet risks - launched by Intellect
Intellect launches CBX FX - a contextual FX platform, combining trading and hedging needs for the bank's corporate customers
The new avatar comes with functional and technical enhancements. Bringing together global best practices, based on secured and scalable technologies, Capital Cube is compliant to IFRS 9 Fair Value Accounting Standards and now has enhanced the regulatory limits and control by making it further configurable for rules driven compliance and limits check across multiple dimensions like product, currency, portfolio etc
Intellect Xponent is upgrading its Intelligent Automation functionality to include the submission intake process using Intelligent Data Extract (IDX). One of the challenges faced by Intellect’s customers and commercial carriers globally is the dependence on paper submissions, emails and faxes received from their channel partners.
After the successful roll-out of the digital wealth management solution for ASEAN’s
Samba Financial Group, one of the region’s largest and most acclaimed financial services
One of the biggest online retailers for fashion and lifestyle in the world, and the biggest in Germany has selected Intellect to digitalise their Payments and Financing platform. The API-first fully digital platform is GDPR compliant, designed to deliver a high level of automation amongst a host of many other functionalities.
Intellect has a rich catalogue of clients who operate at a macro-economic level.
The Myanmar Foreign Trade Bank chose Intellect for scalable, future-proof digital transformation. In partnership with ACE Data Systems, a Myanmar-based IT conglomerate
A telecommunications enterprise in an island nation in the Indian Ocean broadcast
In June, Intellect SEEC’s Risk Analyst implementation at a top 5 insurer, featured as a case study in the Data and Analytics category by Novarica in their 9th Annual case study compendium report titled, “Insurance Technology Case Study Compendium 2020”.
A library of fascinating insights into transaction banking with marquee guest speakers from HSBC
Asset Liability Management (ALM) plays a critical role in weaving together the different business lines in a financial institution.
IDC predicts that by the end of 2020 in Asia/Pacific, investors will use specific measures based on platform participation, data value, and data use in customer engagements that will account to over 50% of valuations, and 65% of banks would have already succeeded in working with functional single-customer views.
Cloud technology has the banking sector firmly in its sights, and the industry can no longer ignore the opportunity. Banks that can crystallise a strong cloud strategy, and act on the business transformation needed to make it a reality, will open up the potential for market leading competitive advantage that allows them to build new products and services, and replace aging infrastructure.
According to the report published by Allied Market Research, rise in adoption of new applications and services in the banking sector, supportive government regulations, and enhanced customer engagement with open banking APIs drive the growth of the global open banking market.