Vol - 15 | Oct 2023
Foreword
Driving Digital Enterprise to Cognitive Institution
Intellect started its AI journey seven years back in the US. We were the first ones to set up a dedicated team in the US and embark on a ‘Platform’ approach to build AI capabilities aligned to what Financial Services will need in future.
During the first phase, which we refer to as IntellectAI 1.0, we mastered the art of extracting contextual and sentimental data from Excel Sheets, PDF Documents and Images, and applied triangulation, validation and enrichment to create what we called a Document Intelligence Platform. The technology behind it took five years to mature from Build Stage i.e. 80+ percent accuracy to Decision Grade AI with 97+ percent accuracy. This technology was then successfully applied in the highly document-intensive industry space of Policy Underwriting, especially for P&C (Property & Casualty) Insurance. Today, this technology has empowered 20+ customers globally in taking better and informed decisions in Policy Underwriting, Cash Management and Expense Management spaces.
Once we mastered the Document Intelligence Platform, we moved to the next phase of our journey to build Multi-Question Search(MQS) and Triangulation technologies. In the Financial services space, the problems are multi-dimensional, with the highest level of complexity associated with the variables around each dimension. For making it Decision Grade, it required accuracy, referenceability and an audit trail for each proposed inference. This is what our next-generation technologies were able to deliver. And this is what we christened as CoPilot, ready for adoption across multiple industry segments.
IntellectAI’s CoPilot for ESG was adopted by the largest Norwegian Fund to create the ESG Risk Wheel, which is a combination of 150 unique sets of questions triaged from data of 8000+ companies.
Our CoPilot for Corporate Banking is targeted to leverage the power of AI in the Commercial Banking space. It seamlessly connects with Microsoft Azure OpenAI and delivers the high octane of Prompt Engineering and GenAI in order to boost accelerated revenue growth with reduced operational costs.
We are already receiving huge interest from global banks who are asking the right questions to bring more clarity and explore opportunities in their journey to become a Cognitive Institution from a Digital Enterprise.
Warm Regards,
Arun Jain
Chairman and Managing Director of Intellect.
Cover Story
iGTB's Vision for the Future of Commercial Banking: eMACH.ai Architecture Steals the Show at Sibos 2023
Launched iGTB Copilot, a suite of AI solutions for Commercial & Corporate Banking
In the realm of Commercial Banking, where technology is catalysing seismic shifts, the stage was set for innovation at SIBOS 2023 in Toronto. iGTB, the global transaction banking specialist of Intellect, not only reaffirmed its commitment to excellence but also showcased its vision for the future of Commercial Banking, marking the event as a monumental moment in the industry’s evolution.
Embracing the Consumerisation of Commercial Banking: Unveiling eMACH.ai
In an age where Corporate and Commercial Banking are undergoing profound technological transformations, captivating and retaining customers take center stage. iGTB Intellect referred to this phenomenon as the “Consumerization of Commercial Banking” at SIBOS 2023.
eMACH.ai, unveiled at the event, stands as the world’s most expansive open finance architecture, empowering institutions to craft bespoke solutions. In a rapidly evolving business landscape, eMACH.ai’s early adaptation advantage is invaluable for payments, liquidity management, and supply chain solutions.
Staying competitive in this innovative era necessitates financial institutions to offer exceptional customer experiences. eMACH.ai’s broad and contextual architecture empowers the composition of transformative technology solutions, redefining the operational landscape of financial institutions. In this world fueled by innovation, eMACH.ai is the key to relevance and competitiveness in Commercial Banking’s ever-evolving landscape.
Pioneering Excellence
Our journey at SIBOS 2023 began with an awe-inspiring start, as we set the stage for an extraordinary event. We were honoured to receive the ‘Excellence in Treasury & Payments’ Award from BAFT, which recognised our relentless pursuit of excellence in transaction banking. It affirmed our dedication to shaping the future of transaction banking through innovation and superior performance.
One of the pivotal moments of the event was our collaboration with Microsoft, culminating in the launch of iGTB Copilot. This partnership generated a palpable buzz, underscoring our ability to harness cutting-edge technology to drive transformation. Manish Maakan, our CEO, and William Borden, Corporate Vice President of Worldwide Financial Services at Microsoft, stood at the forefront of this momentous launch, symbolising the potential that collaboration holds for the future of transaction banking.
Empowering Commercial Banking with iGTB Copilot
Commercial Banks possess mission-critical customer data and business processes, but the surge in real-time transactions has made it challenging to uncover insights for personalised services. iGTB Copilot bridges this gap with AI-powered automation, user insights from vast data, and accelerated interactions, enhancing every facet of commercial and corporate banking.
iGTB Copilot boasts over 50 AI use cases covering cash management, liquidity, investments, deposits, cash pooling, cash forecasting, payments, virtual accounts, trade, and supply chain finance.
iGTB CEO, Manish Maakan, “With iGTB Copilot, we are poised to reshape the financial technology landscape providing commercial banks with the powerful AI technologies they need to thrive in an increasingly interconnected and competitive industry. Together with Microsoft, we are Piloting a roadmap that unlocks the potential Artificial Intelligence in Financial Services and seeks to showcase the transformative capabilities of Microsoft Azure OpenAI Service in the Commercial Banking space”.
He further added, “I take immense pride in the collaborations we’ve forged and the expansion of our customer base globally. At present, over 60% of the world’s top transaction banks #winwithiGTB. This remarkable achievement solidifies our position as the undisputed leader in the transaction banking industry, as we persist in delivering substantial returns for our clients across the globe.”
With iGTB’s deep understanding of the corporate banking domain & data models, we are able to unlock insights using the power of Generative AI.
Innovation in Action
The SIBOS Experience Zone provided us with an arena to showcase our innovative banking solutions, with a special focus on eMach.ai. As we delved into the intricacies of the Consumerisation of Commercial Banking, a Technology Strategy, with Uppili Srinivasan, our COO, we ignited a spark of curiosity among our audience. It was a testament to our ability to stay at the forefront of banking technology trends and offer future-ready solutions.
Momentum and Recognition
The momentum we gained on Day 1 carried seamlessly into Day 2, with yet another accolade under our belt – the ‘Best in Class Virtual Accounts Solution for Corporates’ Award. This recognition reinforced our commitment to excellence and innovation in providing solutions that address the evolving needs of the transaction banking industry.
Rajesh Makhija, our Global Head of Technology Consulting, continued to captivate the audience with his presentation on iGTB Copilot. It demonstrated our vision to empower banks with transformative tools that enhance efficiency and customer experience.
Celebrating Trust and Collaboration
The Toronto Odyssey Cruise was a night to remember, symbolising the trust we’ve built in the market through our relentless pursuit of excellence. This enchanting evening, set against the backdrop of the Toronto skyline, embodied the essence of collaboration and camaraderie, reflecting our commitment to fostering lasting relationships in the industry.
Shaping the Future
As we bid farewell to SIBOS 2023, we look back on a journey that was nothing short of spectacular. Day 4 marked the culmination of moments, memories, and milestones that will inspire our future endeavours.
The anticipation for SIBOS 2024 in Beijing now fills the air, as we eagerly await the next chapter in our journey. We are excited to continue shaping the future of banking and financial technology, exploring new horizons, and forging new alliances.
Recent Successes & Implementation
Press Release
Intellect Global Central and Consumer Banking...
Read More
Press Release
IntellectAI named to the Top 20...
Press Release
AFC Commercial Bank signs a deal...
Press Release
Another Banking Giant Embraces iGTB's Digital...
Press Release
MBSB launch of M Journey Corporate...
Intellect in the News
Explore our resources to see proof of the value we add to our customers’ operations and growth journeys.
News
Unveiling the future with iGTB Copilot
News
Intellect’s groundbreaking iGTB Copilot launch
News
iGTB opens a new office in the...
News
6 Key Factors to Consider for Choosing...
News
Use of Artificial Intelligence in Supply Chain...
News
Embracing the Future of Instant Payments: The...
News
IntellectAI Shines at the World Financial Innovation...
Whitepaper
Decoding Banking Ecosystems: Creating Limitless
Industry Watch
Stay up to date with what is happening in the world of FinTech, with the latest research and articles.
The data dividend: Fueling generative AI
Data leaders should consider seven actions to enable companies to scale their generative AI ambitions.
McKinsey latest research estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion in annual economic benefits across 63 use cases.1 Pull the thread on each of these cases, and it will lead back to data. Your data and its underlying foundations are the determining factors to what’s possible with generative AI.
That’s a sobering proposition for most chief data officers (CDOs), especially when 72 percent of leading organisations note that managing data is already one of the top challenges preventing them from scaling AI use cases.2 The challenge for today’s CDOs and data leaders is to focus on the changes that can enable generative AI to generate the greatest value for the business.
How can banks lead the pack in open finance growth?
As Open Finance becomes more established and attracts a larger customer base, banks are feeling more comfortable about their potential role in the market, and some are beginning to make their moves. We’ve seen large institutions like DBS in Asia, BBVA in Europe and Citigroup in North America invest more in Open Finance and play a larger role in the ecosystem.
Banks have an opportunity to integrate into the growing ecosystem by embedding their services in apps run by big tech companies, cross industry players, fintechs and other third-party providers. Collaboration will also play a key role. We have definitely seen a trend among incumbent banks toward recognising the value of fintechs and building more partnerships with them.
It’s time to get excited about boring AI
Processing invoices is a fundamental and critical component of business operations. But it’s a slog. Each supplier has its own quirks, each invoice its own nomenclature—one company’s “payment term 15 days” is another’s “payment due in two weeks.” The good news? Artificial intelligence (AI) offers ways to perform these complex, integrated tasks far more efficiently. These solutions are seamless and scalable, simple to operate, and easy to manage. Using a variety of innovative AI techniques, organisations can process documents faster and simplify operational procedures; fewer errors mean fewer corrections and retractions. Recent research by PwC on automating analytics found that even the most rudimentary AI-based extraction techniques can save businesses 30–40% of the hours typically spent on such processes.
Why digital transformation and non-financial reporting go hand in hand
Digital transformation and ESG are two prominent and high-priority topics in the business community globally. The first focuses on applying technology throughout the value chain to produce faster, smarter and more desirable business outcomes. The latter emphasizes the broader value a business is expected to create for its stakeholders from an environmental, social and governance perspective. These two goals can – and should – go hand-in-hand in today’s stakeholder economy.
To start, digital transformation is often inspired by a broader purpose that goes beyond an organization’s immediate commercial success.