OTP Bank, a major banking group in Central and Eastern Europe, has selected Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena, to transform its banking experience.

The parties have signed a new contract in this regard, which follows a cooperation agreement announced in May 2023.

By leveraging iGCB’s Intellect Digital Core (IDC) core banking system, OTP Bank aims to elevate the banking experience for its retail and small and medium-sized enterprises (SME) customers.

IDC and the lending platform built on eMACH.ai are the most extensive open finance enabled core banking solution and lending platform globally, said Intellect Design Arena.

EMACH.ai is an open finance platform that is events-driven microservices-based, application programming interface (API)-enabled, cloud native and headless with underlying artificial intelligence (AI) models.

Intellect Design Arena iGCB CEO Rajesh Saxena said: “In line with our strategic roadmap, we unveiled IDC, the world’s most comprehensive open finance-enabled core banking system, last year for Europe.

“This technology partnership with the largest bank in Hungary – OTP Bank for IDC reaffirms our focus on being ‘customer first’.

“We continue to invest significantly in strengthening our eMACH.ai platform, building regional delivery models and investing in local talent, to deliver a future resilient, scalable, secure banking experience for the CEE region.”

The iGCB’s offering will allow OTP Bank to introduce new products and features through the composable architecture-based platform, providing access to ready microservices, packaged business components, and events.

It will also offer tailored experience and expand addressable market with a country-ready marketplace utilising APIs.

Besides, the offerings will enhance the efficiency of the bank’s employees through workflow-based processes and rule-based engines built across products.

Furthermore, it will expedite growth through the cloud-native platform.

OTP Bank deputy CEO and chief digital officer Peter Csányi said: “Customer is at the heart of everything we do at OTP Bank. We saw similar synergies with iGCB and we believe that the flexibility of the core banking system may enable us to create sustainable, personalised banking experiences suitable with the diversified needs of our customers.”

The Intellect platforms will be parallelly implemented in two members of OTP Group, namely OTP Bank and its subsidiary in Bulgaria, DSK Bank.