Vol - 03
The year 2020 has left an indelible mark on our lives. While everyone seems to be delving into the negatives, there have also been a lot of positives as well. The future of FinTech is filled with infinite possibilities. With customers demanding contact-less services, banks and financial institutions are seizing the day by undergoing a complete digital transformation of their ecosystem. Here’s an interesting fact stated in a McKinsey Report - 75 percent of people using digital channels for the first time indicate that they will continue to use them when things return to “normal.”!
In a marketplace which is being dominated by the need for speed and agility, the FinTech industry is being reshaped by an API-led transformation of the entire ecosystem. At present, we have 911 APIs across the banking domain – the highest ever in the FinTech industry - where a customer can get the product designed depending upon their needs, which no other company provides.
Our whole approach is to offer contemporary platforms and technology that can last for the next 15 years, making it future-proof. In this year alone, we have built two such futuristic and sustainable platforms, which is truly commendable. The first one is iTurmeric – our digital and cloud acceleration platform, which over the last few months, has helped banks to host applications, transact confidently, improve scalability and experience ease of operations, while deploying new systems in place without impacting the legacy infrastructure.
The second is IDX, which is our hyper-intelligent automated data extraction platform. In fact, the platform has also recently been featured as an Intelligent Text Ingestion (ITI) solution for Advanced Underwriting with broad functions in Novarica's report titled, "Intelligent Text Ingestion: Overview and Prominent Providers". A proud moment, indeed!
Well-prepared and optimistic, and with a robust and future-proof tech stack, I believe that we are now in a position to help you, our customers, to transform into a digital powerhouse. The future looks bright, and we look forward to sharing with you stories of mutual success!
Happy Reading and Happy 2021!
If there is anything that the year 2020 has taught us is to ‘Be prepared or Perish’. As we enter the unchartered territories of the New World order, powerful factors are transforming the financial landscape – technological advancements, regulatory changes and above all, the customer preferences. In this environment, financial institutions that can adapt and adopt the ‘new normal’ practices, and accelerate their digital journeys will thrive.
Customers today, demand an Amazon or a Netflix kind of experience from Banks and Financial Institutions (BFSI) as well. In the new contact-less world, digital is an imperative. With this, there also arises the need for speed, agility and contextuality to make it a unique experience for the customers.
Most of the banks and financial institutions still run their mission critical applications on monolithic architecture. They are now experimenting with the microservices architecture since they are highly flexible and scalable, allowing them to partner in the FinTech eco system and combine their services with the latter to offer a superior experience to their clients.
Intellect has been reshaping the contours of the financial landscape by strategically investing and meticulously building a unique, future-proof tech stack – microservices-based and API-first, powered by AI and ML. Not only have we built the world's largest asset-rich product suite, but we have also pioneered a cloud-hosted, future-ready, multi-product FinTech platform that’s enabling over 240 of the world’s leading financial institutions in Europe, North America and Asia to do more, with less. The fact that we have recently been declared as the global no. 1 by IBS Intelligence Sales League Table 2020 in Retail Banking and Wholesale Banking is testimony to that. Here is a fascinating fact: we have 911 APIs available across the banking domain presently – the highest ever in the FinTech world! Inspired by our Design Thinking philosophy, our platforms are driving digital transformation at an unprecedented scale and speed.
One such platform is iTurmeric. With the acceleration of digital transformation across business models, channels and touch points, there is the need for greater organisational agility, as well as closer ties with customers in a rapidly changing world order. This has led to the evolution of API-led banking – which is swift, scalable and cost-effective. Intellect has created the world’s first API-led digital transformation solution for banks with iTurmeric, an enterprise integration platform that enables banks to progressively modernise without the risk of rip and replacement. The innovative microservices-based platform empowers banks to participate in the experience economy through its five building blocks:
With over 300+ APIs and 100 integration endpoints, our implementations have helped banks in delivering improved customer experiences, globally.
Big Data will be the fuel which will power the success of financial institutions. The IDX platform is an intuitive, powerful and AI-powered intelligent solution that helps automate the data extraction process. Broker submissions have become messy with different formats, incomplete, inaccurate data and multiple follow-ups with manual unbundling and information extraction. Moreover, the supporting documents sent by agents arrive in different non-ACORD templates and different formats like Excel, PDF and image, requiring separate extraction algorithms. The ACORD-compliant IDX platform, with its hyper-intelligent automated extraction and pre-defined APIs for integration, improves data quality by scrubbing the data, handles inconsistent input files in multiple formats, flags and mitigates risks for underwriting scrutiny, validates and enriches risk data through 8000+ sources and much more.
Intellect is all set to re-script the rules of the financial world with its robust and futuristic products, driven by our belief in Contextual Banking and the fundamental promise of technology through our Design Thinking approach. API-enabled, cloud-native and microservices-based architecture, we are an asset-rich organisation with unparalleled expertise in the financial technologies domain, providing unrivalled advantage and value to our customers.
Intellect SEEC launches Magic Submission – a contextual, AI-powered tool for data extraction and validation
Intellect Wealth Qube set to Empower Businesses of the Future with its WealthTech Advantage
The First Abu Dhabi Bank (FAB), also the largest bank in the UAE, has expanded its relationship with Intellect by enhancing the bank’s capabilities with iGTB’s Digital Transaction Banking solution(DTB), an intercompany lending and liquidity management solution.
How to gain insights by effectively using Data-as-a-Service(DaaS) in underwriting? DaaS is trending across all industries, including insurance.
Simplicity is the hardest design principle to embed that requires the most work to achieve. Is there any higher level of accepted practice where we can arrive at the equivalent of Dieter Rams’
iGTB is proud to be the key contributor in Capgemini’s annual report, which is a leading source for data, trends and insights on global and regional non-cash payments.
Corporations seek ways and means to optimise working capital and liquidity, manage risk and decrease cost of their treasury operations.
iGTB, along with UXDA, an award-winning financial UX design agency, takes you
Aite Group research director Christine Barry, as well as senior analysts David Bannister, Erika Baumann, Enrico Camerinelli and Gilles Ubaghs moderated the panels of industry thought leaders as they shared recent research findings and insights into the drivers, best practices, and successes of change and innovation within this critical industry.
Intellect’s iTurmeric Platform and its benefits on the IBM FSS cloud was discussed in detail by Sandeep Tandon, Chief Technology Officer, Intellect, at the IBM Hybrid Cloud Ecosystem Summit held on 22nd Oct, 2020.
A big shift in the financial services industry is well underway. Consumer trust — the primary driver of brand preference — is no longer dependent on institutional legacy or brick-and-mortar footprint. Trust is now placed in companies that prioritise a user-first digital experience, invest in product innovation, and lead with transparency.
Even before 2020, FinTech was fundamentally transforming the way financial services operate. Established market players have been forced to step up their use of technology to keep pace with challenger banks and FinTech start-ups. New market entrants are clearly following on of two strategies – they either aggregate existing services onto a unified digital platform, or break them down into niche digital products serving small, but well-defined market segments.
With the onset of COVID-19, financial institutions made decisions quickly ... in a crisis mode. New solutions were created and deployed and new processes were leveraged to facilitate a remote working reality. As the industry moves away from crisis mode, banks and credit unions must find ways to keep the focus on speed of execution to compete and succeed.