IDFC Bank implements Intellect’s Global Transaction Banking solutions
London (UK), December 15, 2015: Intellect Design Arena Ltd, a specialist in applying true digital technologies across banking and insurance, announced that IDFC Bank, a subsidiary of India’s leading integrated infrastructure finance company, IDFC Ltd., has successfully implemented Intellect’s Global Transaction Banking (iGTB) solution suite.
This combined digital solution by Intellect Design Arena will play a key role in IDFC Bank’s growth plans, as it seeks to introduce a differentiated form of banking. Having launched its operations on October 1 this year, IDFC Bank is committed to bringing world-class banking capabilities to corporates and individuals through advanced digital solutions.
“At IDFC Bank, we want to provide best-in-class products and services to our customers. The implementation of Intellect’s solution suite will give a boost to our transaction banking business, enabling us to offer customers with an entirely new and innovative banking experience,” said Avtar Monga, Chief Operating Officer, IDFC Bank.
In leveraging iGTB’s full suite of solutions–including Payments, Cash Management, Corporate Banking Exchange (CBX) and Liquidity sweeps–IDFC Bank and its customers will benefit from:
- Scalable technology to cater to huge transaction volumes, in line with India’s burgeoning transaction banking sector;
- Greater ease, accessibility, and transparency of transactions, facilitated by the latest digital innovations;
- An optimized end-customer experience, due to the omnichannel segment-orientated set of integrated solutions; and,
- Assurance of rigorous regulatory compliance
The deployment of the Global Transaction Banking suite was completed by Intellect in a record-breaking five-month period, with the full range of solutions going live in October 2015.
Driven by the philosophy of delivering banking anytime, anywhere at scale, by using technology to relentlessly drive efficiency, IDFC Bank aims to set new standards of customer experience and convenience. With a technology-first approach, IDFC Bank’s strategic partnership with Intellect is set to catalyze the delivery of these digital solutions in a seamless manner to clients.
Speaking on the partnership, Manish Maakan, CEO, iGTB, Intellect Design Arena Limited said, “We’ve kept simplicity at the core of this deployment with products and processes designed to be intuitive for optimised customer interaction while simultaneously delivering a diversified suite of customisable products. Intellect will assist IDFC Bank in its digital journey by proving real-time, flexible, and automated banking processes to maximise operational efficiency and provide best-in-class customer service. We are pleased to go live with our iGTB suite at IDFC Bank and look forward to building a legacy of trust and performance.”
“We are delighted to be a part of IDFC Bank’s transformational journey”, said K. Srinivasan, EVP & Geography Head, Indian Subcontinent, Middle East and Africa (IMEA), Intellect Design Arena Ltd. “Core to this project – and its delivery in a record time of just five months – was outstanding teamwork and the nurturing of a close working relationship. As a new entrant to the banking fraternity, IDFC Bank’s recognition of the power of modern technology will act as a clear differentiator and will increase the bank’s competitive edge.”
About IDFC Bank
IDFC Bank (BSE: 539437, NSE: IDFCBANK) is a subsidiary of India’s leading integrated infrastructure finance company, IDFC Ltd (NSE: IDFC). Headquartered in Mumbai, IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet (www.idfcbank.com) and mobile. Envisioned as a new age bank, IDFC Bank seeks to set a new standard in customer experience, using technology and a service-oriented approach, to make banking simple and accessible, anytime and from anywhere. In keeping with IDFC’s legacy of building the nation, IDFC Bank will focus on serving the rural underserved communities and the self-employed, while continuing to support the country’s infrastructure sector. IDFC Bank provides customized financial solutions to corporates, individuals, small and micro-enterprises, entrepreneurs, financial institutions and the government. With best-in-class corporate governance, rigorous risk management, experienced management and a diversified team, IDFC Bank is uniquely positioned to meet the aspirations of its customers and stakeholders.
About Intellect Design Arena Ltd:
Intellect Design Arena Ltd is a specialist in applying true Digital Technologies across Banking and Insurance technology products company, across global consumer banking (iGCB), Central Banking, Risk & Treasury Management (iRTM), Global Transaction Banking (iGTB) and Insurance (Intellect SEEC).
The holistic adoption of Digital covers Digital OUTSIDE and Digital INSIDE. Built on iDigital, the Intellect Digital OUTSIDE proposition is anchored around Same experiences at all touch points, through a powerful Channel Renovation Platform (Canvas), and the Digital INSIDE proposition is anchored around Lean Operations, through an Operational Consolidation Platform (Hubs).
The Intellect design philosophy, a key differentiator in developing solutions for the transformative agendas of CXOs, ensures a dramatic shift from disjointed digital activities to strategically aligned digital outcomes.The FT 8012 Design Center, the world‟s first Design Center for financial technologies, is a physical manifestation of enterprise commitment to design. It powerfully connects dots between Business, Technology and Operations, and accelerates the transformation process for customers. This is where the total Digital 360 journey can be approached, allowing for adoption in a gradual outcome based manner.
Intellect generates annual revenues of over USD 100 million, with product installations in over 200 financial institutions, across 30 countries. The company’s performance is driven by over 3,000 Intellect solution architects, domain and technology experts, with a presence in major global financial hubs around the word. For further information on the organization and its solutions, please visit http://www.intellectdesign.com/