Vol - 01
Foreword
The Context of Contextual Banking
In the most complex and ever-changing marketplace, survival and success is all about 'Having an Edge'! As industry leaders are looking towards stretching assets, maximising returns and enhancing customer experience, clearly the focus has shifted to outperforming resources and delivering more to their customers by using 'in-the-moment context' to provide the edge over the competition.
FinTech is witnessing an accelerated pace of innovation and technology adoption, as well as a spurt in the options available to corporate and retail customers in banking. Innovation is the essence of FinTech’s success. To leapfrog your competition, you must be able to stay on the bleeding edge of the latest developments.
While the world we all live in is showing itself more volatile than we have ever experienced, and global institutions are taking measures to overcome the COVID-19 crisis, the banking community, globally, are looking at innovative and collaborative ways to create new models of growth. They are looking at several levers of growth: a more focused approach to markets, the ability to create customised solutions rapidly, expanding the capacity of Relationship Managers, greater efficiency in execution, and balancing risk management & regulatory pressures.
Digital disruption is upending established business models across the spectrum, and banking is no exception. The forces of digitisation, accelerated by PSD2, are coming whether banks like it or not. The time is now for banks to capitalise on their position of strength to become trusted advisors to their customers.
As a pioneer in employing Digital technology to revolutionise the FinTech experience globally, Intellect has realised the need to be ahead of the innovation curve and having an edge over other FinTechs in such a dynamic landscape, and has invested heavily in Digital, way back in 2006 itself. The next stage for digital banking is fully open-source, fully API-enabled, fully cloud-native and fully real-time.
Introduction of AI techniques & Machine Learning contributes to our Contextual Banking vision – the vision that banks’ products should work in a way to understand their end customers’ real needs.
'EDGE' is all about Enabling, Digital Disruption, Growth and Ecosystem. In ‘Intellect Edge’, we have tried to capture myriad instances of value creation for our customers, having an edge with our full spectrum of products and innovations, growing and celebrating together while driving financial technology forward.
I look forward to strengthening our association and partnership, and to sharing chronicles of mutual success. Happy reading!
Warm regards
Arun Jain
Cover Story
It’s Time to Accelerate your Cloud Journey
Introduction
For banks all over the world, digitalisation has become their top business priority. They want to transform into a digital powerhouse.
The banks typically manage the day-to-day operations using multiple financial applications. These applications are developed by different vendors in different technologies. Some of the old applications will be running on legacy technology platforms. The banks find it difficult to modernise their platforms and end up creating point solutions and pockets of modernisation. The modern channels of the banks like internet banking and mobile banking, end up integrating with multiple point solutions for managing the customer services.
A bank's CIO is facing multiple challenges today in terms of demanding business needs and providing improved customer experience, while being agile and saddled with legacy, innovating and delivering faster, and accelerating cloud journey within the bank.
Intellect's Turmeric platform helps in 'legacy' modernisation, moving large monolithic systems to API-based systems and progressively modernising applications. Turmeric accelerates the cloud journey in a bank and also helps in promoting collaboration with partners and customers to build new innovative solutions, while seamlessly integrating across the bank’s ecosystem.
The 5 Assets of Turmeric
Intellect developed Turmeric platform to address the above demands from banks. Turmeric has the following 5 Assets:
T1 - API Exchange - It is a comprehensive one-stop-shop for all API documentation. The browsable API documentation is available for all authenticated users and is categorised based on user journeys. We can also demonstrate the APIs quickly through this portal's TEST API capability. All APIs follow the OpenAPI Specifications (OAS) in SWAGGER and complains to Open standards.
T2 - API Studio - This is a multi-tenant developer studio to create APIs and manage the entire life cycle of APIs - to create, upload, publish and manage APIs. The Domain Objects module of this studio enables exposing data and services in modern formats from legacy data sources, using domain object modelling, and helps in creating REST APIs without coding for these objects. Turmeric API Studio provides an end-to-end solution for building an abstraction over the legacy systems.
T3 - Experience Studio - This Studio has an advanced UI designer called as Fluid Pages, using which, web applications can be developed. It is useful for building angular technology-based UI components. The designer provides off-the-shelf built-in UI components which can be quickly assembled to create Custom UI Components. The fluid pages UI designer works on an innovative and unique concept of binding to the backend APIs using Domain Objects. The Studio has 'drag and drop' fluid elements and also helps in 'test on-the-fly' using real-time angular publisher.
T4 - Integration & Orchestration Studio - This is Intellects' Enterprise Integration and Orchestration platform. It helps in configuring new business processes and orchestrate the flow. It is a low-coding platform, which is configuration-driven and supports model-based design. It supports more than 100+ end points, future-proof, cloud-ready microservices architecture and also end-to-end lifecycle monitoring.
T5 - Developer Sandbox – This facilitates API experience with trials and open collaboration for Fintechs, banks, partners, ISVs and others. It also promotes open banking, and helps in creating new banking applications, business process APIs and microservices through robust integration across the banks' / market eco system.
Conclusion
As global financial institutions continue to embark on their fast-paced digital journeys, it is imperative they leverage cloud-based fintech solutions to mitigate the business challenges arising from changing market conditions and meet customer expectations. Intellect’s iTurmeric FinCloud empowers financial institutions to prioritise their operating models and focus on innovation to offer their customers a gamut of tailor-made products.
Product Launches & Enhancements
We strive to design the best-of-class products, which are contextual and will help our customers succeed. So, here’s what new at Intellect!
CBX-O, an end-to-end loan origination platform launched to empower the customers with improved data analysis and automation for delivery of smarter and faster decisions
Read More
ARX, a new integrated suite of security services launched to redefine security with modern identity
Bank on a Tile
Wouldn't your devops be great if you could provision and deploy 100% robotically...
IDC 19 enriches corporate banking and treasury
IDC can empower their customers to cater to retail as well as corporate customers on a single platform.
Intellect Quantum empowers banks with risk-free NEFT payments
The highly configurable system is designed for lowering credit risk.
Liquidity Flows Upwards!
Despite record low interests and an on-going pandemic, we are seeing a huge resurgence of activity in liquidity management, first with Abu Dhabi Islamic Bank and also with the second largest bank in the Middle East among others, signing agreements with iGTB to upgrade.
Recent Successes & Implementations
Every customer 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!
Success Story
iGTB Dominates Liquidity Management by Signing Two Global Marquee Banks, One Headquartered in Europe, The Other in North America.
One of the banks ranks in the world’s top 5 banks with liquidity revenue over $ 5 bn
Success Story
iGTB signs Digital Transformation Deal with
The bank has chosen the Digital Transaction Banking (DTB) complete solution for cash
Success Story
AmeriTrust Selects Xponent Underwriting Workstation from Intellect SEEC for Underwriting Transformation
AmeriTrust joins a growing group of carriers who are moving
Success Story
Philippines Business Bank selects Intellect Digital Core, IDC 19.1, to power its Digital Transformation
Snippet: It is aimed at accelerating the bank’s digital transformation initiatives to drive its vision of building a broad economic base for SMEs and making banking services accessible to them.
Success Story
Ithala SOC Ltd, a licensed financial services and registered credit provider in South Africa, chooses IDC to power their Digital Transformation
Ithala chose Intellect's fully integrated Digital Core solution to enhance customer satisfaction, streamline operations and deliver a holistic Digital Banking experience.
Success Story
Delivering Value: 12 Banks Go-Live Recently with Digital Transformation in 9 Countries
A top bank in Bahrain goes live with iGTB's Contextual Digital Transaction Banking platform to support growth.
Success Story
Leading Spanish-based European Bank Going Live in a New Country every 6-8 weeks.
One operation, one system, one platform for 9 countries ramping up to 15 countries, and rapid further rollout underway for an ambitious bank that is empowering corporates, from SMEs to MNCs, with powerful payment capability.
Success Story
Liberty Mutual Enhances Commercial Insurance Underwriting with Intellect’s Big Data
Intellect will help Liberty Mutual to proactively identify the target opportunities with individual brokers and develop solutions for the customers.
Success Story
Intellect goes live with the Relationship Manager Office in two of the largest banks in Malaysia and Thailand
Digital Wealth suite's marquee front end solution, CBX-RM will empower RMs with digital tools to make their day-to-day tasks simpler and efficient.
Accolades: Customers & Intellect
Accolades strengthen our resolve that we are in the right direction in our vision to offer the best-of-the-breed products and help our customers grow.
CBX-O Emerged Winner at the 2nd Edition of The Economic Times BFSI InnoTribe Summit & Awards 
Read More Capital Cube announced winner of the IDC FinTech Rankings Real Results Award 2019 in 'Treasury Transformation' category for the second consecutive year
Intellect CBX Retail Digital Onboarding wins XCelent Functionality Award from Analyst Firm Celent
Capital Alpha gets Stock Exchange of Thailand certification
Resources: Case studies, Whitepaper & News
The well-researched case studies and whitepaper are proof of the value add we bring to our customer to drive successful business outcomes.
Case Studies
How StarStone Specialty Insurance Leveraged Unstructured Data to Improve Underwriting and went on to win Celent's 2017 Model Insurer Award.
How StarStone Specialty Insurance Leveraged Unstructured Data to Improve
Case Studies
One of the top five G-SIBs transforms with Treasury.
Disparate systems and different versions across 17+ countries in EMEA, Japan, US and Canada resulting in higher TCO and increased operational complexity
Whitepaper
Enabling Business Context in Payments
Payments modernisation has opened a new realm of possibilities in multiple
News
iGTB Oxford School of Transaction Banking will be Back in 2021
We seem to be in a distant time warp from the environment that we all experienced just a few months ago. In January 2020, we hosted the first gathering of iGTB Oxford School of Transaction Banking alumni
The Alpha Advantage 2020 Workshop – Designed to Fast Track Wealth Businesses
Intellect Wealth presents the Alpha Advantage 2020 Workshop designed around Dr Eliyahu Goldratt’s Theory of constraints.
Industry Watch
These interesting researches, studies and news are your one-stop shop for all the interesting tit-bits from the industry.
Robo-advice market is a glimpse of evolution in banking
According to a new research paper by Deutsche Bank, the German bank believes that the client segments currently using robo-advisers is a microcosm of how future generations will manage their finances and interact with banks, owing to their values, digital habits and the way they access information.
IEO, STO, and Blockchain IPO: New Blockchain-based Methods for Fundraising
While Initial Coin Offerings (ICOs) were touted as one of the killer applications of blockchain technology, they had a fair share of pitfalls. As a result, investors became smarter and new fundraising procedures have emerged that offer safer investment opportunities with a high degree of regulatory compliance.
The 5 Hottest Technologies In Banking For 2020
In the new What’s Going On in Banking 2020 study by Cornerstone Advisors, the top five technologies for 2020 are:
- 1) Digital account opening;
- 2) P2P payments;
- 3) Video collaboration/ marketing;
- 4) Cloud computing; and
- 5) Application programming interfaces (APIs).