Sveriges Riksbank modernizes Collateral Management with Intellect QCMS
Mashreq Bank wins Celent Model Bank award for integrated GTB
RBI extends Intellect for Treasury and all citizen payments platform
Intellect SEEC launches the revolutionary Life Claims in the Cloud

Intellect Design Arena is the ecosystem that nurtures and unlocks value in innovation. We will always be an evergreen start-up with the agility and hunger that fuels transformation and changes life for the better. Design is at our very core. As products and lines of business evolve from concept through industrial strength maturity, we leverage design to attack complexity and unleash human potential.

Please use the left and right arrow keys to read through the letter.

Dear Shareholder

This letter is a celebration of the successful design engineering of the largest number of products for the global financial services industry, out of India. Since its inception, as Polaris, your company has helped its customers (financial institutions) address their complex challenges and meet their strategic objectives, leveraging cutting edge technologies. Our solutions have been consistently innovative and robust, meeting the exacting standards of global leaders in banking and insurance.

Beginning of the IP journey
Industry recognition of our prowess reflected in phenomenal growth between 1996 and 2000 and the company grew at a CAGR of 116%. At this stage we took the momentous decision to acquire the solutions developed for Citi (one of the largest banks in the world). This resulted in the 2002 acquisition of their wholly owned subsidiary Orbitech Limited. With this strategic move we added core competencies in global transaction banking and capital markets to the existing Polaris strengths in retail banking and insurance. The complete banking suite called Orbi consisted of the 57 IPs required to run a full services global bank.

Enterprise reinvention and the commitment to stay ahead
Technology companies must necessarily reinvent themselves every ten years, and this was our first reinvention that propelled us to leadership position in the specialist financial technology industry. Committed to ensuring the technology advantage, your company set up one of the largest research & development departments in the IT industry where Orbi was transformed into the latest Java and open systems, leading to the creation of the initial Intellect suite of products. Since 2004, a team of over 600 passionate and creative R&D engineers were deployed in building and extending this product suite which now drives total Digital 360.

Trust is the absolute tribute to our design capability
In our early days, when Lloyds Bank, London, placed their confidence in Intellect technology, it was a moment of great pride for Polaris. We followed through with successful execution and today, 7 of the top 15 banks use Intellect products.

More recently, a milestone moment in our journey occurred when the Reserve Bank of India (RBI) chose Polaris as a partner in their core technology transformation. We won the privilege of working with the RBI against a global array of vendors.
Our product agility, robustness and functionality shone through when this large transformation happened
on time and without hiccups. It is a matter of personal pride that we have been able to play a
role in building and implementing the high performance central banking system that serves India.

Restructuring to realise business potential
At this point of time, your company’s Board of Directors appointed strategic advisory firm BCG to evaluate and suggest strategic, management and financial direction with a view to maximise business potential. By 2013, we restructured into four Product divisions and one Services division. By early 2014, the Board felt comfortable with the new design of the organisation, and took a decision to hive off Intellect as a separate company on Mar 18, 2014.

On Dec 18, 2014 when Intellect Design Arena Limited was listed on the National Stock Exchange in Mumbai, we launched a $100 million start up with a proven track record in high performance financial technology products across consumer banking, central banking, risk & treasury management, transaction banking and insurance.

This was the story of strong design and research orientation backed by a strong customer-centric delivery focus that placed Intellect on the world map. I would like to now give you a view of the Digital opportunity in the industry, and how Intellect is prepared to seize the high ground.

The digital opportunity is big and real
During my address at the 21st Annual General Meeting on July 23, 2014, I spoke about the market landscape in the context of 'Digital Everything'. The year since has reinforced how pervasive ‘digital’ has become in the vocabulary of our customer (financial institutions around the world), and what an imperative it is for them.

Financial institutions are grappling with the challenges of increasing revenue on one hand, and cost reduction on the other, and 'digital' provides new and previously unimaginable solutions through technology. I am pleased to inform you that Intellect is positioned at the forefront of the digital transformation banks and insurances companies seek, as they moved from disjointed digital activities to holistic digital outcomes.

Enterprise design around two principles to seize the digital opportunity

Principle #1
The parent body houses four distinct business teams, each strongly aligned to a specific customer segment in the market. These Intellect businesses have full leadership teams and fight identified competition in chosen markets around the world.

Principle #2
To substantially reduce the cost of building new and innovative products in a sustained manner, the Intellect investment in building iDigital technology enables new product build at significanty lower costs than competition.

Ring fencing the possible risks typically associatedwith a product company

The Intellect enterprise design addresses the three classic risks associated with a product company.

  1. Lumpy growth. Intellect growth will be supported by four full fledged business as against one single product.
  2. Saturation of growth. With a full spectrum product armoury across four lines of business, Intellect will battle with global leaders in specific product niches, catering to current day customer priorities.
  3. Industrialisation of innovation. Intellect products are fundamentally the business of innovation aligned around customers. The networked structure of Intellect Design Arena provides a space for innovators to lead in their own spaces of excellence.

The very purpose of our being encourages tremendous value creation into the future
We are a design enterprise focussed on engineering products with high performance technology, which attacks the complexity that limits human potential. As products and lines of business evolve from concept through industrial strength maturity, Intellect Design Arena is the ecosystem that nurtures and unlocks value in innovation. Intellect Design Arena houses four businesses.

Intellect Global Transaction Banking (iGTB) business led by Manish Maakan, Chief Executive Officer, caters to the high growth payments and cash management market, driven by fee based income. The digital economy is driving most global banks to make substantial investments in this space in coming years.

Intellect Global Consumer Banking (iGCB) business led by Jaideep Billa, Chief Executive Officer, caters to Digital Core banking solutions in the space of core banking, lending, credit cards and wealth management. He also leads the specialist central banking practice which now sees Intellect running country financials for progressive central banks across India, Seychelles, Ethiopia and Sweden.

Intellect Risk and Treasury Management (iRTM) business led by Venkatesh Srinivasan, Chief Executive Officer, caters to the highly regulated areas of treasury, active risk management, and integrated funds custody. One of the largest treasury operations in the world runs on Intellect.

Intellect SEEC insurance business led by Pranav Pasricha, Chief Executive Officer, caters to Digital Distribution for Life companies to tackle their growth challenge. It also offers Digital Underwriting products to help P&C carriers improve margins, and Advanced Risk Analytics and Digital Claims for Life Carriers. The Insurance business is focused in the US and UK.

Digital is a pivotal value driver in each line of business with clear benefits for customers, and focused opportunities for Intellect.

A product design powerhouse in the making
Intellect clocked Rs.609 crores in revenues this year with a gross margin of 50% over four quarters. We have over Rs.200 crores cash reserves and zero debt. With 47% of our revenues accruing from advanced markets, we have a healthy business contribution mix from across geographies and lines of business.

I would like to re-state the tremendous potential of your company. With our full spectrum banking and insurance suite of products designed for the digital age, and a referencable base of 200 customers across the world, we are off to a running start. We are a product design powerhouse in the making. The next chapter of the Intellect journey has begun, and you are participating in the creation of valuable product businesses that compete with the best globally.



In the last 18 months or so, the decibel levels around the word ‘digital’ have been deafening. From the days of computer history and the use of ‘digital’ as a counterpoint to ‘analog’, digital today has assumed a whole new significance. Companies involved in digital are perceived as dynamic. Banks and insurance companies are investing furiously in digital. Governments want digital strategies. Conventional business, transactions, governance, and even fundamental economic models are adapting to new customer demands in a more technology-driven time, where nothing is considered too big a constraint to overcome.

Digital is about delivering the same experience at all touch points. In governance, digital unifies all governance models. In operations, digital is lean and agile. Digital has many definitions, but the common recurrent thread in our context is one of leveraging high performance financial technology better than ever before, in a manner that ensures superior customer experience, higher order operational efficiency and better governance in accordance with evolving regulatory frameworks.

Driving complexity reduction through Design Thinking, leveraging digital





True Digital is Digital 360. Inside and Out.

Digital 360 is holistic outcome-driven digital, as against the disjointed digital activities commonly practised today. It impacts the customer facing Digital OUT and all connections of customer journeys to fragmented processes covered by Digital IN.

Digital OUT is not merely about mobile. It’s about the transition from customer push to customer addiction for the services ofa financial institution. Committing to the same experience at all touch points (branch, advisor, online, mobile and call centers). It’s about authentication, entitlements and security, deliveredin a customer-friendly manner. It’s about ‘one technology’ delivering all applications.

Digital IN is not merely about process digitisation. It’s about making all internal processes subordinate to customer journeys. It’s about keeping customer in the center and then connecting business services, such as rates, fees, accounting, exceptions, and so on, around him. It’s about designing the complete digital work place by connecting policies, rules, processes with business services as desired by the customer in the centre. It’s about responsiveness to exceptions and reconciliation. It’s about regulatory and risk management with embedded KYC, AML, Basel III, and other, reporting.



An emphasis on design results in elegant solutions to the most challenging problems. A commitment to continuous innovation in a product company is only meaningful when it results in robust and high performance products that directly address customer pain points.

Design is the single most powerful competitive differentiator for financial institutions. The Design of Business is described as the pace at which knowledge advances from an inexplicable problem to a rule of thumb that guides us to a solution, to a replicable success formula. Traversing from mystery through heuristic to algorithm.

Our design principles are centred in a four-stage process that begins with defining the problem by asking the right questions. The purpose here is to understand stated and unstated needs, and overcome the ‘don’t know that the problem owner doesn’t know’ barrier. Stage 2 involves observing patterns with an emphasis on







accidents and exceptions. Stage 3 is all about the rigour of knowing and connecting the dots between customer experience and operations design. Stage 4 focuses on deep diagnostics to unearth blind spots.

Intellect provides the complete suite of technologies that enable a holistic Digital 360 adoption.

At 8012 FT Digital Design Centers customers can experience their digital vision in real time.

And work with specialists on the customer experience and operational excellence drivers, sharing pain points, getting under the hood to better appreciate gaps in current systems, identify change opportunities and establish priorities for progressive modernisation.



Financial institutions are understandably wary of implementation failures – the biggest challenge they grapple with! The industry is replete with instances of ambitious modernisation programmes that grossly overrun time and budget schedules, causing considerable reputational and financial damage to the customer and a significant setback to their strategic goals

Design Thinking is hardwired into the Intellect DNA and this reflects in absolute implementation certainty. Our aggressive delivery excellence programme is called D-3 OTIF – which translates to delivery 3 days before time, in full. The framework is built on the pillars of Design and Diagnostics and contains distilled progressive thinking on Agile Engineering, Theory of Constraints and Six Sigma.

Consistent delivery 3 days ahead of schedule and in full is the ultimate test of customer-centric design. We use engineering centres specially designed on agile principles, where six-people teams work as unit cell structures, ensuring high productivity delivery excellence along 8 dimensions.





Four dimensions relate to ‘In Full’, which drives the behaviour of implementation (requirements, technology solution, engineering, support). The ‘On Time’ dimensions focus on planning, monitoring & control, stakeholder management and on how we participate as a partner with the customer for higher throughput.

Consistent performance requires high performance engines around domain efficiency, technology efficiency, process efficiency, customer knowledge, re-usability, IP innovation, and people energy. Deep diagnostics unearth blind spots. Design principles engineer for predictability. Chemistry is the secret sauce that makes D-3 OTIF possible.

Financial institutions vary in their adoption of technology and their path on the technology journey lifecycle. Intellect works on diverse customer requirements with aggressive outcome-focused engagement, delivery and pricing models aligned to their strategic roadmap, execution infrastructure and investment landscape, providing reassuring implementation certainty. On Time. In Full.


XCelent award for advanced technology and breadth of functionality for CBX and Hubs

Central Banking Technology Provider of the Year (

Third party endorsement from industry specialists

Intellect platforms and products are routinely cited in leadership quadrants and ratings based on advanced technology, rich functionality and breadth of vision. This recognition is invariably based on analyst conversation with our customers as well as other financial institutions using other solutions. Across Consumer Banking, Central Banking, Risk & Treasury Management, Transaction Banking, and Insurance, Intellect is increasingly acknowledged to be the specialist in high performance financial technology for the digital age.



Global Consumer Banking

  • Intellect Retail Banking eXchange (RBX) was featured amongst leading global retail online banking vendors in a 2014 CEB TowerGroup analysts' report titled, “Online Banking Solutions Technology Analysis
  • Intellect FABX recognized as Leading Vendor & All-Rounder by My Private Banking

Risk & Treasury Management

  • iRTM Liquidity Risk Management (LRM) solution featured in Chartis Liquidity Risk Management Systems 2014 report.
  • Intellect Risk Hub included among leading Vendors. Supports Credit, Market and Liquidity Risk. Forrester Research, “Key Building Blocks For Financial Risk Management In Banking”, January 2014

Global Transaction Banking

  • Intellect CBX included amongst key Internet and Cross-Channel Banking Solution Providers that work globally in Forrester Research's April 2015 report, “Market Overview: Omnichannel Banking Solutions”
  • Intellect Onboarding Hub recognized among leading onboarding suites in CEB TowerGroup analysts’ 2014 “Automated Onboarding in Commercial Banking” report.



  • Winner of XCelent ‘Advanced Technology’ and ‘Breadth of Functionality’ awards for Receivables Management and Corporate Banking Exchange. The awards position Intellect as a Partner for digital transformation of banks & financial institutions


  • Intellect Claims (Life & Disability) featured among Global Insurance Claims BPM Solution Providers by Aite Group
  • Intellect Claims featured amongst Global Top Life Insurance Claims Vendors in Celent Report
  • Intellect Life Underwriting featured among the Global Top Vendors in Celent Report :EMEA New Business and Underwriting System providers
  • Intellect Life Illustration featured among the Global Top Vendors in Celent Report: EMEA Illustrations Systems 2014
  • Intellect Life Underwriting recognized among Global best Underwriting systems by Celent - 2014 APAC New Business and Underwriting Systems
  • Intellect Claims @ Tata AIA cited amongst major Core Deals in the Indian Insurance Market by Celent

For more information, please contact
Naresh Vv
Company Secretary
Intellect Design Arena Limited
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