Intellect Digital Core

Industry Overview

Led by progressive digitisation, the customer of today demands a relationship beyond frictionless digital banking. Banks now face the challenge of delivering a contextual experience to meet the expectations of this ever-evolving customer. Further, as the horizons of digital technologies and banking expand, banks must invest in platforms that evolve and power their own transformations.

Challenges and Opportunity

CXOs face 5 key challenges when it comes to core banking modernisation. The first is the identification of a platform which keeps up with advancements in the technologies and supports the bank’s future growth. The core banking system, by its nature, is the heart of the bank. Hence the second concern is managing innumerable changes across technology, training employees and getting customers up-to-date with the new experience. The third is ensuring faster go-live. The fourth challenge is reducing the cost of acquisition and increasing the addressable market. The fifth is quick compliance with changing regulations.

A modern digital core will allow banks and financial institutions to offer a comprehensive suite of offerings, provide a contextual experience across devices in real-time, connect with the external ecosystem to accelerate innovation, create their own offering set by connecting composable components and the ability to scale up or down on a cloud. A composable architecture also solves the second challenge.

Organisations can divide the entire transformation into phases, test the waters, get comfort and move to the next phase. A robust technology stack, agile implementation methodology, expertise in change management, and data migration can ensure a go-live on time. Open finance-led use cases can help banks partner with other banks or Fintechs to offer existing products to a wider base or offer products beyond their core offerings to their existing base. A core banking platform which supports Open Finance can unlock countless possibilities for banks. A composable platform which is low code and hosted on the cloud is an easy way to be up to date with changing regulations.

The Intellect Promise

With IDC, banks can:

Jumpstart with comprehensive depth and breadth of solutions across the customer’s financial life cycle – IDC comes with an integrated banking suite (Current & Savings, Deposits, Lending, Credit Card, Trade Finance, Treasury, Digital Banking) with Workflow-based processes (Onboarding, Origination, Integration). Packed with AI/ML based Behavioral model and Rule based Engines, banks can create a superlative experience for their customers. The Online Real-time N-tier General Ledger leads to Zero Reconciliation errors.

Drive meaningful experiences right from onboarding to servicing – IDC is fully contextual allowing for an omni-channel experience on digital devices, reduced waiting time at branches and improved engagement across channels. Its Contextual Dashboards help bank employees suggest the right upsell or cross sell to end customers. IDC can integrate with our Digital Engagement Platform or bank’s own digital platform. Banks can offer fully digital account opening and onboarding journey. Features like Revenue Management, Gap Analysis & Prescriptive decision points, Dynamic customer banding, Differential pricing in terms of interest and non interest (fees and charges) and event based alerts improve customer’s overall experience.

Expand your boundaries by collaborating with partners – IDC is open finance compliant and comes pre-integrated with country specific marketplace. Its connected ecosystem supports integration with Intellect Marketplace and third party ecosystem to allow continuous innovation. Based on a microservices based composable architecture, IDC can be deployed on private, hybrid and public cloud environments.

Drive sustainability in banking – With IDC, banks can offer sustainable banking options to their customers. Banks can enable their customers to be more socially conscious by offsetting their transaction carbon footprint in 1 click or design differentiated products to promote sustainable businesses and lifestyle.