The Intellect edge

Vol - 07 | January, 2022


Diving into an era of Platformification

The last two years have been like none other, with many achievements to be proud of and many reasons to look forward to 2022 with hope. These years have seen the rapid evolution of customers, their challenges and their needs, and at the same time, the inevitable adaptation of banks.

Arun Jain

I have observed customers seeking additional credit and flexible payment options, and banks faced by the need to take the lead in embracing innovation and collaboration. In the recent past, banks have had to change their worldview and how they cater to customers, making this truly the era of personalisation and therefore composable and contextual solutions.

Banks have had to deepen existing relationships and design ways to serve this new generation of customers. This is where banks were often faced with challenges earlier, being unable to build individual products that address their customers’ key needs. With our nextgen solutions, we have been able to not just help, but transform banks, for them to streamline their processes and end user experiences, to cater to their customers’ various types of needs.

The future of FinTech is filled with infinite possibilities, and with this in mind, we have adopted an approach towards a futuristic, sustainable, composable and contextual host of products and platforms. These very platforms have helped our customers stay ahead of the game, in financial markets across the world. With our exponential technologies, we are proud to be the pioneers of a cloud-hosted, future-ready, multi-product FinTech platform that enables over 260 of the world’s leading institutions to be the best at what they do.

Our solutions are driving digital transformation at an unprecedented speed and scale, making us all set to power through our transition from a products company to that of a platforms company in 2022.

Warm Regards,

Arun Jain

Cover Story

Moving Towards Intellect 3.0

Since our inception in 2011, we have been met by demands that have challenged our imagination, pushed us to unleash our true potential and those that have helped us gain a competitive advantage, by giving us an edge that has kept us ahead of competition. In these 10 years, we have not only built the world’s largest asset-rich product suite, but we have also pioneered a cloud-hosted, future-ready, multi-product FinTech platform that is enabling over 260 of the world’s premier financial institutions to do more with less.

Over the last 7 years we have paved a path for FinTechs globally and remained leaders in the space, with 20 different technologies. In 2015, we experienced Intellect 1.0, which focused on investment and expanding our customer footprint. At this point, we invested in our product development, sales and marketing. In 2018, we moved ahead, only to be met by Intellect 2.0, where we concentrated on industrialisation, monetisation and the fostering of rewarding partnerships. Now, from this moment on, we are looking ahead optimistically, by looking at Intellect 3.0.

As a part of Intellect 3.0, we will experience a transition, one that positions us as a platforms company, as opposed to a products company. To achieve this goal, we are currently working on 20 technologies, which include 4 exponential technologies and 4 platforms – iKredit360, CashPower22, Xponent and GeM. Along with this, we are strengthening our suite of 12 products, to address the full spectrum of banking and insurance requirements of financial institutions across the globe. Out of these 12 products, 3 are in the Partnership and Strategic Alliance stage, 4 products are in the Aggressive Selling and Premium Pricing Category and 5 products are in the Design Branding and Marketing stage.

At the moment, we are anticipating technological shifts that favour our endeavours and we are designing platforms that enable banks to efficiently, seamlessly and progressively modernise. The Intellect Open Finance Platform currently has over 250 Packaged Business Components and over 900 API’s which are enabling 600 user journeys across Core Banking, Lending, Credit Cards, Central Banking, Payments, Liquidity, Collections, Trade, Supply Chain Finance, Treasury, Underwriting and Wealth. We are proud of our ability to accelerate digital transformations journeys, by allowing customers to modernise their systems in half the time and with a technology cost that is significantly lower.

As we have consistently reiterated, we understand the importance of solutions that are contextual and composable. Our solutions promise flexibility, giving users the power to pick and choose from a plethora of options according to their requirement.

In a marketplace which is being dominated by the need for speed and agility, the FinTech industry is being reshaped by an API-lead transformation of the entire ecosystem. Intellect 3.0 aims to design platforms that can last for the next 15 years, making it future-proof and empowering for our partners, as it will allow them to power through anticipated and unanctipcated challenges, making it truly NextGen.

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!

Latest Customer centric Tools under Intellect Wealth Force’s tool belt

Latest Customer-centric Tools under Intellect Wealth Force’s tool belt

Wealth Qube’s enhanced version enables Relationship Managers to provide their customers with the best, with customer churn prediction, social media integration and contextual market updates.

Proactive Customer Retention

Proactive Customer Retention

Intellect has enabled Explainable Artificial Intelligence to understand and interpret a customer’s churn. It helps identify customers at the risk of churning, thereby allowing RMs to customise customer services to maximise their customer retention.

Preeminent Customer Engagement

Preeminent Customer Engagement

Social media channels are valuable tools for RMs to connect with their clients. Wealth Qube® allows for integration with social media platforms like Whatsapp, Instagram etc. This provides an opportunity for banks to stay relevant and keep customers updated.

Personalised Customer Insight Builder

Personalised Customer Insight Builder

Contextual Market News/Feed based on portfolio holdings enables the customer to get the latest news that is relevant to their investments.

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.

Digital Leaders are Discovering Legacy Technologies pose more than Risk than reward

Legacy IT systems come with a price tag. The research my company, MACH Alliance, commissioned earlier this year found that a quarter of global IT decision makers spend more than half of their IT budget on front-office upgrades. In addition to budget pressures, upgrades distract IT teams from innovation. Survey respondents (which included senior technology decision makers across the U.S., U.K. and Germany) said their teams spend approximately 40% of their time delivering front-office upgrades. That’s a huge portion of time that should be dedicated to innovation and improving CX — but isn’t.

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Omnichannel Banking: How To Address The Full Spectrum Of Customer Needs

We are living in an on-demand, “Amazon Prime” world where consumers judge their service providers on value, service and speed. Financial services are no different. Just as consumers expect an omnichannel retail experience, so they increasingly look to their financial providers for an omnichannel banking experience.

The strategic adoption of digital technologies has proved a major enabler — across all industries — for competitive differentiation. Some sectors have been quicker to adopt a consumer-centric approach than others.

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The Top 5 Trends in FinTech and Banking for 2022

This list of top banking and fintech trends for 2022 won’t tell anyone anything they haven’t already heard about. It’s meant to help banks and fintechs plan for 2022—i.e.,

Banks and credit unions will wait and see who else eliminates overdraft fees. If nobody blinks, the issue goes away. But if a few make the move, there will be a rush, because no one will want to be the last financial institution with overdraft fees.

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