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The Intellect Edge

Vol - 06 | September, 2021

Foreword

A Seismic Technology Shift in the Financial Industry

The Banking and Financial Services industry is an ever-changing one, with the industry often being subject to new developments that are encouraged by customer expectations, the need to remain ahead of competition, geographic expansion and associated regulatory requirements. Banks are already working tirelessly to strengthen customer relationships and lower their costs, by leveraging technologies such as Artificial Intelligence, to enhance customer engagement.

Arun Jain

Changes and growth in the Banking and Financial Services industry are also consistently triggered by technological advancements that assure better, easier and greater cost-effective operational impact.

To us at Intellect, digitalisation was the starting point of it all. We pioneered digital transformation with our unique Digital 360 approach, which not only focuses on Digital Out – Customer Experiences, but also on Digital In – Seamless, end-to-end process orchestration that ensures straight throughput and drives operational efficiency.

With digitalisation considered a given in this race, we understood that banks were looking beyond it, to excel and remain leaders in their categories. Here as well, we find ourselves ahead of many, with the application of NextGen FinTech architecture with Data and Analytics. Our Purple Fabric platform that leverages structured and unstructured data, Fabric Data Services that validates and triangulates data with the help of Artificial Intelligence/Machine Learning, and IDX that combines data uptake, validation and enrichment – these solutions come together to help banks and insurers with contextual intelligence, by offering sharper quotes, assessing creditworthiness, predicting delinquency and more.

Coming to industry trends – when assessing current, emerging and anticipated trends in the financial sector, it is beyond any doubt that the way forward is with open finance. The only way banks and other financial service organisations can adapt to this, is by harnessing contextual data sources, deploying Artificial Intelligence and Machine Learning capabilities and choosing solutions that are largely composable in nature.

With our exponential technologies, Intellect is already working in the same direction as this shift to open finance. We are doing more than just onboarding our customers, we are enabling them to seamlessly adopt this trend.

Warm Regards,

Arun Jain

Cover Story

The Future of FinTech lies in Open Finance, Data, Artificial Intelligence and Machine Learning

The financial industry is undergoing a fundamental transformation. The central driver of digital transformation is the dramatic change in customer behaviour and the associated changes in demands, which traditional players in the financial sector are often no longer able to meet.

With the increasing presence of FinTech in the larger ecosystem of things, and not just in the domain of digital banks and services, Intellect was quick to recognise that the key to meeting radically changing customer needs and the increased demands on products and services, lies in coherent collaborations between financial service providers and FinTechs, along with the establishment of a functioning ecosystem. Such ecosystems bring together the best of both worlds and enable a clear focus on the future. Now, FinTech is playing an increasingly greater role in blockchain technology, insurance, alternative finance, regulation and even Robo-advisors and personal finance.

To keep up with these fast-evolving customer expectations, our solutions are now all API-led, which enables them to rapidly integrate banking data with new digitised and personalised online applications. This empowers our customers to respond much more quickly to their customer’s expectations, tailor new innovative and customised experiences, and attract and retain desirable relationships with more ease.

Similarly, Cloud technology has advanced the banking and finance sector, for it to have much more flexible and agile business models that are focusing on their growth to accelerate the process of innovation in banking. Our cloud-native solutions are helping our customers reap benefits like data management opportunities, reduced operational cost, automated analysis systems, customer service, business continuity, scalability and overall improvements to business efficiency.

For us and our customers, the most important goal is delivering a superlative customer experience. For every financial institution that partners with us, this is assured, as our solutions harness the power of Artificial Intelligence and Machine Learning. Artificial Intelligence technologies are becoming increasingly integral in this evolving world, and have become a need for financial institutions to remain relevant.

Based on these current and emerging trends, it is apparent that the future of banking is increasingly becoming more ‘open’. This growth also includes a wider spectrum of financial products that is known as ‘open finance’. Open finance looks to move beyond the realms of traditional banking operations that we have known for decades, to include areas such as investments, unsecured lending, pensions, insurance, and home loans. It connects deeper with customers by leveraging third-party capabilities to access data across customers’ full financial lives.

Once again, Intellect is proud to have started down the path of open finance earlier than competition. Upon accurate analysis and assessment of markets, Intellect was able to predict the rise of these trends early, giving us the chance to integrate these technologies into solutions before any other FinTech, and to have the golden opportunity of pioneering the world’s largest cloud-native, API-led, microservices-based, multi-product FinTech platform.

Product Launches, Enhancements & Partnerships

We strive to design the best-of-class products, which are contextual and help our customers succeed. Here is what is new at Intellect!

Product Launches, Enhancements & Partnerships

Intellect launches Capital Cube 21, a Contextual Treasury Platform fueled by Composable NextGen Technology

Capital Cube 21 is a contextual cross-asset Treasury solution that covers the rich functionalities of integrated front – mid-back office treasury, Contextual Asset Liability Management, Portfolio Risk Analytics and Value-adds like LIBOR transition and CBX-FX.


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Product Launches, Enhancements & Partnerships

Intellect Global Transaction Banking launches Digital Transaction Banking on Cloud

A key tenet of this redesigned Cash Management Platform is to embrace simplicity in digital banking transformation, for banks to stay relevant to their customers and investors by adopting the latest cloud technology without high CAPEX investments, and to bust the myth of endless technology projects that must span into years.


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Product Launches, Enhancements & Partnerships

Intellect SEEC introduces AI Transformation Accelerators in North America

To enable quicker ROI for clients with their parallel modernisation priorities, Intellect SEEC now offers proven transformation accelerators. Some of these accelerators include Salesforce Center of Excellence, agile tech teams and iTurmeric.


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Product Launches, Enhancements & Partnerships

Intellect Global Transaction Banking (iGTB) and essDOCS partner for Digitalisation and Automation of Trade Finance Processes

Banks leveraging the new partnership between iGTB Trade Finance and essDOCS will benefit from a unique value proposition that will future-proof their business as digital transformation, paving the way for finally eliminating paper and age-old labour intensive business practices, typically leading to a 10% increase in revenues


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Product Launches, Enhancements & Partnerships

Intellect Wealth Force set to Protect Wealth Businesses from obsolescence

The robust Wealth MarketPlace has enabled Intellect Wealth to leverage expertise from its partners and empower Relationship Managers with superior tools. The enhanced solution now has smarter virtual engagement, along with sustainable ESG investment and customer-centric NLG-based portfolio reports.


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Product Launches, Enhancements & Partnerships

Intellect SEEC to release Magic Submission 3.0 in North America

Intellect SEEC is well poised for the release of Magic Submission 3.0 release in a few weeks. This will further automate the entire pre-underwriting process through AI and Machine Learning technologies.

This will provide a seamless flow from broker submissions to underwriter decisions with only the exception handler required to ‘trust but verify’ edge cases.


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Recent Successes & Implementations

Every new customer and every new implementation is a milestone in our success journey. Here is a round-up on all the new customers who have embraced us and also the implementations that we have completed for our existing customers!

Resources: Webinars, Whitepapers and Blogs

Explore our resources to see proof of the value we add to our customers’ operations and growth journeys.

Industry Watch

Stay up to date with what is happening in the world of FinTech, with the latest research and articles.

Open Banking To Open Finance: The Path To Fairer Finance

First, there was open banking — a considerable step forward in democratizing the financial services industry. With third-party access to banking via application programming interfaces (APIs), consumers were able to connect with a broader range of financial products and take greater control over their financial future.

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How AI Is Powering Modern Banking Transformation

AI is enabling digital transformation across the financial services industry, from fintech and investment firms to commercial and retail banks. With AI, banks can better protect their customers’ accounts, secure payments, improve return on investments, and personalize content, investments, and next-action recommendations for their customers. These AI-enabled services were also the top use cases for AI found in the NVIDIA “State of AI in Financial Services” survey of C-suite leaders, managers, developers and IT architects in the global financial industry: fraud detection, portfolio optimization, and sales and marketing enablement.

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How banks can achieve next-generation legacy modernization

Six principles of successful legacy modernization can help banks reduce IT costs and complexity while improving productivity.

Even before the onset of the COVID-19 pandemic, persistently low interest rates had increased pressure on banks to reduce their IT costs. The pandemic exacerbated this issue, as banks scrambled to deliver new digital IT solutions faster and at lower cost.

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