The Intellect edge

Vol - 13 | March 2023


BankTech Wave 5 - Moving from product and platform to design and experience

As the financial year comes to a close at the end of March, I hope this is a time when we reflect on the past while simultaneously planning for the future.

Arun Jain

As an entrepreneur and institution builder for over three decades, I believe that cultivating a learning culture enables us to anticipate and adapt to changes, leading to innovation and greater sensitivity and responsiveness to the market and the environment we operate in. To that end, my leadership team and I engaged in a learning and visioning exercise called Lakshya over the last month and a half. Our discussions led me to identify the new technology for banktech, comprising Data, AI, and Cloud. I believe this will be a game-changer in defining the growth trajectory of banks and financial institutions, the ecosystem, and the Indian economy in the coming decade.

This understanding paved the way for Intellect’s thought leadership platform, BankTech Wave 5, and the launch of the world’s largest open finance platform, At the event, I shared my experience of banks transitioning from Wave 1 technology to the highly advanced Wave 5, where financial hubs are moving from simple products to customised platforms and consumers are creating their own marketplace. I envision the future of banking to be ecosystem-led, with the launch of this revolutionary open finance platform.

However, I still see some major banks using Wave 3 products, and their shift to Wave 5 will not happen overnight. With, banks can progressively move from customer-centric digital transformation to cloud-based marketplaces.

The recent launch of the platform aims to replace products and processes with an experience to create an open finance platform for banks to reimagine their future. I would like to have a discussion with you on this open finance platform and the need for a marketplace on how banks can revolutionise their future.

So, let’s embrace this magnificent new wave of banking technology with the journey.

Warm Regards,

Arun Jain
Chairman & Managing Director of Intellect

Cover Story

My Signature Solution

As the financial services industry continues to undergo rapid digital transformation, banks and other financial institutions need to stay ahead of the curve and embrace emerging technologies.

With (events, microservices, API, cloud and headless driven by AI), the world’s largest open finance platform, the banks can reimagine their future. It can also facilitate banks to seamlessly migrate from customer-centric digital transformation to cloud-based marketplaces. There are six imperatives of BankTech (Banking Technology) Wave 5, including Architecture, Base of, Composability, Data, Embedded AI and Intelligence, Flexible and Extensible. In short, they are ABCDEF of BankTech Wave 5.

So, without further ado, let’s dive into the world of BankTech Wave 5 and the ABCDEF framework.

Architecture: Microservices architecture is an approach to software development that involves breaking down larger applications into smaller, independently deployable services. However, implementing microservices architecture is not just about adding more capacity or people to an application. It requires a deep understanding of architecture and the principles that guide it.

Base of is designed to help banks create and deliver innovative and user-centric banking experiences. It is built upon by converging five technologies like events, microservices, API, cloud and AI that can scale, integrate, and compose easily.

Composability: Composability refers to the ability to combine various components, systems or applications to create a new solution that can deliver a personalised experience for the end user. It is a step ahead of traditional coding and emphasises the drag-and-drop approach, allowing low-touch or no-touch operations design, and hyper-personalised experience design. Gartner promoted Composability in 2020 as the future of software development. The MACH composable platform iTurmeric plays a vital role in achieving Composability.

Data: Data has become the new oil in today’s digital age. The more data you have, the better it is for personalised decision-making, segment-level insights, and product development. However, less is more when it comes to data design. This is where the six elements of data consistency and contextuality come into play.

Embedded AI and Intelligence: The world of artificial intelligence (AI) is continuously evolving and advancing. With the launch of ChatGPT, there has been a lot of buzz in the industry, and people are wondering what ChatGPT will displace. It is speculated that ChatGPT can displace Google as it is a generic system of intelligence to be captured whenever we need general information. However, Embedded AI, which is a part of the operations of the bank, is different. Embedded AI is the backbone of operations, and we are witnessing its applications in various areas like Magic Submission and Magic Invoice.

Flexible and Extensible: In the world of BankTech, there are five waves of technological advancements that have transformed the way banks operate. The sixth element of the BankTech is Flexible and Extensible which completes the picture and allows banks to co-exist and thrive in the digital age.

With all the six imperatives integrated, is the broadest, most comprehensive, composable, contextual and most innovative open finance platform to compose the banks’ and financial institutions’ own unique “My Signature Solution”.

Log on to to know more.

Product Launches, Enhancements & Partnerships

Intellect Announces collaboration with AWS

Intellect Announces collaboration with AWS
Intellect announced collaboration with Amazon Web Services (AWS) to accelerate Intellect’s Go-To-Market strategy around co-build, co-market, and co-sell for IntellectAI, the insurance and wealth line of business, with Artificial Intelligence products designed for commercial underwriting, wealth and capital
markets. This collaboration provides Intellect’s underwriting customers immediate access to AWS’s latest innovation, technology and resources.

Recent Successes & Implementation

Resources: News, Events, Webinar, Whitepaper & 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.

The Rise Of FinTech And Open Finance

Over the past decade, the financial industry has undergone a significant transformation, driven by the
rise of financial technology (fintech) and the concept of open finance. Accessing services like mobile
banking, payment, lending, budgeting and investing via mobile devices has exploded over the last few
years. Couple this with quickly evolving capabilities within open finance and we’re creating an open and
inclusive financial system accessible to all.

Why are fintech and open finance on the rise? The answer is simple: access. Access to know-how, tools
and capabilities via trusted and secure approaches.

read-more  Read More

Expanding role of technology in banking: How IT decentralisation helps create the banks of the future

Banks have understood the paradigm shift in the banking landscape is due to the impacts of innovations,
so they have reimagined the customer experience to provide exceptional banking services for their
customers while staying agile and alert to technology trends. According to a recent global study, only
43% of global financial services companies have taken steps to decentralise their current IT structure to
innovate and transform. However, new technologies can catalyse to further decentralise the IT
infrastructure, improve collaboration between internal teams, and help create banks of the future.

read-more  Read More