Intellect Design Arena, a financial technology company serving banking and insurance clients, has introduced the Intellect Digital Core (IDC) for Cooperative Banks in the Indian market.
This enterprise-grade banking technology solution includes eMACH.ai, an open finance platform, crafted through ‘First Principles’ Thinking to meet the evolving needs of financial institutions.
Cooperative banks in India face challenges such as limited access to modern financial services and regulatory constraints. However, advanced technology presents an opportunity for them to enhance competitiveness in the digital banking era.
According to the RBI’s “Report on Trend and Progress of Banking in India 2022-23”, adopting robust internal governance and continuous technological innovations can bolster cooperative banks’ operational capabilities and financial health.
With over three decades of expertise, Intellect aims to empower banks with tools designed to unlock growth opportunities.
The launch of Intellect Digital Core specifically for Cooperative Banks aligns with Digital India initiatives, offering a subscription-based, enterprise-grade technology solution. This initiative underscores Intellect’s commitment to ‘Design Thinking’, ensuring tailored solutions that cater to cooperative banks’ unique operational needs.
Intellect Digital Core enhances cooperative banks’ operations with its comprehensive architecture:
– Core Banking: Facilitates seamless deposit management, real-time General Ledger services, Customer Management, Alerts & Notifications, and more.
– Loan Management System: Streamlines loan origination, limit management, collateral tracking, and efficient booking of various loan types including retail and gold loans.
– Digital Engagement Platform (DEP): Provides access to account information, loan details, deposits, and queries, integrated with services like BBPS and IMPS.
– Trade Finance: Simplifies trade-related financial transactions, enhances bill management efficiency, and supports both inward and outward bills.
– ARX: Ensures secure two-factor authentication and Identity Access Management (IAM) for enhanced security.
– Domestic Treasury: Facilitates secure interbank transactions, contributing to operational stability and security.
In today’s banking landscape, customers demand digital front-end capabilities such as UPI transactions and Internet banking services. Intellect Digital Core enables cooperative banks to meet these expectations, supporting digital transformation and modern technologies essential for staying competitive. The solution is tailored to serve customers in tier-2 and tier-3 cities, addressing their evolving banking needs effectively.
Key Features
– Open banking through APIs, enabling a user-friendly banking experience.
– Banking as a Service (BaaS) model for innovative financial management.
– Bank-in-a-box architecture designed to enhance customer engagement and operational efficiency.
– Comprehensive modules ensuring a fully functional banking experience.
– Cloud-based infrastructure for scalability, security, and seamless upgrades.
Intellect Design Arena India and South Asia CEO Ramanan SV said: “We are excited to bring Intellect Digital Core to revolutionise the way Cooperative Banks operate in India. Being made in India, we understand the patterns of the Indian market and the evolving demands and expectations of customers in Tier 2 & 3 cities.
“The technology is composed with the ‘First Principles’ Technology Suite eMACH.ai, enabling the banks to become Digital Enterprise, thereby driving exponential growth.
“With a legacy spanning three decades and guided by an institutionalised Design Thinking approach, Intellect continues to reinforce its technology leadership in the financial technology space – this product specifically designed for Cooperative Banks is testimony to that.”
“With Industry-ready integrations available, banks can enjoy plug-and-play functionality to get started quickly and focus on what really matters – growing the business. Intellect Digital Core also supports a wide range of regional languages, ensuring the message is accurately conveyed to the target audience.”