The Intellect edge

Vol - 16 | Sep 2023


A New Era in Banking Powered by

As we enter a new year, we are excited to continue our journey of Digital and Cognitive Enterprise Transformation in the banking industry. We wish to take this opportunity to express our heartfelt gratitude to our clients who trusted us in this transformative journey.

Arun Jain

In the dynamic realm of banking technology, Generative AI and Exponential Technologies propel us into BankTech Wave 5, offering distinct challenges and opportunities. As banks swiftly adapt to customer demands, the journey to becoming a Digital and Cognitive Enterprise takes center stage.

Leveraging three decades of domain expertise and a ‘Design The Thinking®️’ mindset, we have guided institutions through a transformative digital journey with composable solutions, ensuring inclusivity and technological advancement. At the forefront of this evolution is, the world’s largest open finance architecture, poised to lead the financial ecosystem into the future, emphasising Digital and Cognitive Enterprise Transformation as a catalyst for seamless adaptability and innovation.”

Arun Jain
Chairman and Managing Director
Intellect Design Arena Limited

Cover Story

Riding the AI Wave to Financial Tech Domination

The banking technology landscape is experiencing a momentous transformation, poised to reshape the financial industry over the next decade. This paradigm shift demands banks adopt digital technology and profoundly reevaluate their services to meet customers’ evolving needs. This transformation unfolds in a fiercely competitive arena, with many new entrants and established players in an ever-expanding market. The call for modernisation echoes throughout the banking sector, affecting every segment, organisation, and team.

To fully grasp the significance of this transformation, it’s essential to categorise the history of banking technology into five distinct waves, each representing a pivotal juncture in the evolution of the financial sector:

  • Wave 1: Inception witnessed the advent of mainframes and card machines, primarily serving the purpose of record-keeping, general ledger management, and interest calculations.
  • Wave 2: Progression ushered in the era of mini-computers and desktop terminals, introducing applications for branch automation and back-end operations.
  • Wave 3: Expansion saw banking services transcend physical branches with server-based software accessible over networks
  • Wave 4: The digital age emerged, compelling banks to explore online channels and deploy complex online systems.

BankTech Wave 5: The Current Frontier

The present epoch, BankTech Wave 5, centres on larger banks evolving into marketplaces. These marketplaces offer various financial services: cash management, lending, SME support, insurance, and more. BankTech Wave 5 stands as a true game-changer in the industry, encapsulating six imperatives collectively known as the ABCDEF of the Banking Ecosystem Design, all firmly grounded in the principles of Design Thinking. They are: Architecture, Base of, Composable, Data, Embedded AI and Intelligence, Flexible and Extensible.

With our three decades of deep domain expertise and a Design Thinking mindset, we pioneered this wave, which saw the birth of the future of financial technology in the form of (the world’s largest open finance platform) that helps banks and financial institutions compose their unique “My Signature Solution”. – Pioneering a New Era of Generative AI

In the ever-evolving banking and finance landscape, staying ahead of the curve and simplifying operations is paramount., the world’s largest and most innovative open finance platform, revolutionises the operations of financial institutions. It offers a comprehensive, composable, contextual platform that empowers financial institutions to design customer-centric solutions.

It converges and synthesises all of the IP assets described above – 285 Microservices, 200+ Events, and 1200+ APIs, offering many possibilities to match the imagination of Financial Ecosystem Designers and their customers alike.

This powerful combination of MACH architecture and AI helps in enabling the composability of Applications by assembling Microservices, connecting them through APIs and integrating with other applications or ecosystems using iTurmeric – Intellect’s MACH composable low code platform. This facilitates the faster and more agile design of Products and faster time to market. The platform leverages Embedded AI to deliver greater operational efficiencies, with more straight-through processed transactions, reduced cycle times and greater data accuracy.

Technology trends and Intellect’s early mover advantage

Externally, two key technologies significantly impacted the Market – Cloud and Artificial Intelligence / Machine Learning (AI/ML). Our products and Platforms are MACH compliant – ready for deployment on the Cloud and leverage AI/ML for operational efficiencies and faster, incisive decisions.

Cloud technology also laid the foundation for Platforms and Ecosystems, which potentially enhance the value proposition to our customers by being able to blend and choreograph applications and solutions from across vendors seamlessly to create ‘My signature solutions’. As markets adopt these trends, Intellect is uniquely positioned to monetise this opportunity, leveraging the platform, IDX (Intelligent Document eXchange) and iTurmeric MACH composable technology.

Intellect 3.0 – Our next growth charter

With the above Market trends and our readiness to capture the opportunity canvas, we hosted Lakshya 2023 earlier this year to envision the Intellect 3.0 journey over the next 3-5 years. We are upbeat and ebullient at the end of this exercise and have summarised the outcomes below

  1. Accelerated growth: Current platforms and products are poised for significant expansion over the next 3-5 years
  2. Enhanced profitability: Investments in architecture, referenceability, and technology will drive improved financial performance
  3. Geographic expansion: We’re ready to capitalise on opportunities in new markets, leveraging existing customer relationships
  4. Platform incubation: New platforms will be developed as future growth engines
  5. Strong partnerships: Building a robust partner ecosystem will expand our reach and facilitate technological collaboration
  6. Customer migration: We’ll be the trusted technology partner, helping customers migrate to BankTech Wave 5

With the appropriate design of organisation, talent, systems & processes, business models, technology and infrastructure, brand building and funding, further accelerate our growth and profitability in Intellect 3.0.

Onward to Intellect 3.0 and beyond!

Intellect reinforces its financial technology leadership with the launch of the authoritative, insightful & agenda setting Intellect Research Publication

Intellect launches of the inaugural edition of Intellect Research Publication – a compendium of insightful articles that will set the agenda for banks and financial institutions who are looking to become cognitive and digital enterprises. At Intellect Research Publication (IRP) we believe that the world’s banking and financial institutions can grow exponentially if they harness the power of contextual & composable financial technology. IRP is built on the principles of Expertise, Evidence and Experience making it the most authoritative publication in an industry that lacks a single source of intellectual content on the subject. It offers authoritative insights, analyses, and commentaries on the latest industry trends and a forward-thinking resource that empowers Digital and Cognitive Enterprises to navigate challenges, seize opportunities, and drive sustained success.

Download the book – & Intellect Design Thinking Residential Programme for Exponential Growth

Intellect hosted a two-day & Intellect Design Thinking Residential Program for Exponential Growth in Chennai on October 9 and 10. The event brought together 37 top leaders from India’s banking sector, embarking on a journey to explore cutting-edge dimensions in financial technology through Design Thinking. The two-day workshop was split into two sessions: Day 1 focused on “Design Thinking for Building Digital Enterprises”, while Day 2 delved into “Design Thinking for Cognitive Enterprises”. Click the links below to read more about day-wise activities.

Design Thinking for Digital Enterprise
Design Thinking for Cognitive Enterprise

Recent Success & Implementation

Intellect in the News

Industry Watch

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

Everything you should know about transforming into a cognitive enterprise

Businesses are moving forward on the road to digital transformation. They are learning to adapt to modern technology for improved last mile connectivity with customers, partners and employees.

These modern or cognitive technologies, viz., Artificial Intelligence (AI), advanced analytics, Internet of Things (IoT), blockchain and 5G, along with automation are reshaping their business architecture, providing a seamless experience through innovation and also helping brands build trust.

A National Association of Software and Services Companies (Nasscom) survey of 100 CEOs stated that AI and data would be the game changers for businesses. Furthermore, advanced analytics and AI were the No. 1 priority for over 50% of the CEOs, besides hybrid cloud and cyber security.

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Becoming a Cognitive Enterprise

In a contributed article featured in the January 2021 issue of CX Insights, one of the emerging trends identified for 2021 was “The Cognitive Contact Center Movement.” As explained in the piece, COVID-19 was a catalyst in accelerating the movement toward the Cognitive Contact Center, and for many reasons. Customers and contact center agents were both affected by the pandemic, forcing companies to adjust things like their channel strategies, workflows, customer journey designs, self-service offerings, automation, and the use of Artificial Intelligence (AI), just to name a few. It was further explained that the Cognitive Contact Center is indeed forcing the customer experience (CX) industry to re-imagine the journey, all with the goal of producing a better agent experience and, ultimately, a more “personalized” experience for customers. With the increased adoption of AI, natural language processing (NLP), machine learning, and sentiment analysis, all signs point to this movement as the start of a trend.

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How design can elevate strategy and performance

In a world full of disruption, approaches that have been the bedrock of strategies no longer provide complete answers. Historical data and inside-out analysis can’t be extrapolated with the same certainty. And entire industries have been reshaped so dramatically that the competitive landscape remains frustratingly fluid, raising a question: to stay relevant, where should companies focus?

To solve these new challenges, companies need new approaches to strategy. Design—and design thinking—is uniquely suited to complement traditional strategy, filling in factual gaps with a user-centric perspective that can help organizations rebound from downturns and improve performance over the long term. Our research has shown that companies that bring design thinking and design leaders into strategic planning generate significantly higher returns for shareholders while enabling their organizations to proceed with greater confidence in the face of shifting landscapes.

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A complete guide to the design thinking process

How many projects have you worked on that stalled because your team couldn’t align on the best path forward? How many more got shelved because they didn’t meet user needs or expectations? And how many got delayed in rounds and rounds of never-ending feedback?

Thankfully, you don’t have to keep repeating those experiences month after month. The (not so) secret weapon: design thinking.

Design thinking gives teams a new way to approach their projects and overcome some of those well-known challenges. It can help teams understand their users’ needs and challenges, then apply those learnings to solve problems in a creative, innovative way. Understanding design thinking can transform your team’s problem-solving approach — and how you work together.

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