iGTB MindCloud at EBA Day 2014, Helsinki

The MindCloud – An innovative concept, proposed by iGTB, at the EBAday 2014 conference held on 10 & 11 June in Helsinki, Finland was a resounding success. See iGTB CMO Phil Cantor’s interview at the event.

ANZ achieves 140% increase in transaction volumes and 85% uplift in intra-day ANZ transfers

iGTB and OutsideIQ Partner to Deliver Cognitive Computing Due Diligence

New solution significantly strengthens and simplifies ‘Know Your Customer’ processes

London(UK), Chennai(India), New York(US) and Toronto(Canada), March 8, 2016: Intellect Design Arena Limited’s iGTB division, the world’s first comprehensive global transaction banking solution, announced today its partnership with OutsideIQ, the cognitive computing technology company, to deliver DDIQ: the most advanced due diligence screening tool for compliance.

OutsideIQ’s DDIQ system has been designed to simultaneously strengthen and simplify the otherwise expensive, time-consuming and labour-intensive process of due diligence,” said Dan Adamson, CEO of OutsideIQ. Capable of producing complete profiles of corporations and individual subjects in mere minutes, the solution combines the speed and efficiency of automated data discovery with the data interpretation skills of a human researcher.”

DDIQ:

  • Incorporates cognitive computing and natural-language processing to create an adverse media search that is contextual and subject aware
  • Addresses the challenge of false positives while simultaneously reducing the cost and time burdens associated with manually searched information
  • Conducts the most comprehensive search available, with underlying sources ranging from regulatory databases and watch-lists to sanctions lists, politically-exposed person (PEP) lists, legal databases, the open web and premium structured content
  • Flags potential high-risk suspects with discovered adverse media before that person or entity appears on official watch-lists
  • Prepares auditable reports that can be re-run on a periodic basis without the need to re-assess previously reported data
  • Significantly enhances KYC and due-diligence capabilities while allowing compliance professionals to focus their time elsewhere

“DDIQ’s ability to combine automation with humanlike interpretation is a godsend for banks, and in turn the security and stability of the underlying economy. Due diligence can no longer be restricted to conventional watch-lists, and must include unstructured sources, such as open and deep web searches, to accurately identify high-risk clients,” said Manish Maakan, CEO, iGTB. “This presents banks with a huge challenge, as the manpower required to understand and assess such information is truly enormous, yet the punishment for not doing so is even more significant. This partnership between Intellect and OutsideIQ will help solve this challenge.”

With the cost of breaking sanctions estimated at US$12 billion, financial institutions have been caught between the physical impossibility of manually tracking adverse-media results, and the limitations, false positives and out-of-context “noise” of automated due diligence. In 2014, one large bank spent nearly US$1 billion on managing regulatory requirements, while another has added 5,000 people to its compliance team over the last three years, in the wake of a US$1.9 billion fine for not following AML reporting and prevention regulations. Intellect has a rich portfolio of risk management solutions, which includes Client Onboarding, Origination, Enterprise Limits, AML Transaction Monitoring and Exception Management. DDIQ technology can be integrated with Intellect’s solutions to deliver an enhanced transaction banking experience. iGTB, the global transaction banking arm of Intellect, will leverage its expertise in Liquidity, Supply Chain & Trade, Payments & Cash Management and Commercial Risk to deliver an advanced screening solution in collaboration with OutsideIQ.

About OutsideIQ:

OutsideIQ the leader in due diligence cognitive computing and search. OutsideIQ brings together some of the world’s foremost experts on search with the best data scientists, big data professionals and software engineers to solve the complex problems of search for due diligence. Leveraging a proprietary approach to research via automated data discovery with the data interpretation skills of a human researcher, OutsideIQ is changing the way that the insurance and financial services industries vet their customers and handle their complex compliance requirements. For more information on OutsideIQ, please visit www.outsideiq.com.

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 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. Intellect’s FT 8012 Design Centre, the world’s first Design Centre 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.Intellect generates annual revenues of more than USD 100 million, serving more than 200 customers through offices in 40+ countries and a diverse workforce of more than 3,000 solution architects, domain and technology experts, industry veterans, and reputed marketing and sales professionals, in major global financial hubs around the world. For further information on the organization and its solutions, please visit http://www.intellectdesign.com/. For information on the solutions for global transaction banking, please visit https://www.igtb.com.

SMEs cry out for better banking

iGTB releases landmark survey busting the myths surrounding SME online banking needs

London (UK), February 29, 2016: iGTB, the world’s first comprehensive global transaction banking solution from Intellect Design Arena Limited, today announced the results of its landmark survey into the online banking needs, problems and preferences of UK SMEs. With SMEs traditionally under-served by banking providers – whose solutions are often targeted at larger corporate clients – the survey sought to clear the mist around SME banking requirements and the financial viability of banks offering better service to this neglected sector.

Studying the banking practicalities and sentiment of 162 SMEs across the UK, the survey results turn common misconceptions on their head. Findings include the revelations that:

  • Good customer service does not necessarily mean “the human touch”;
  • SMEs are not unsophisticated nor restricted to domestic activities;
  • Technology should be used to inject expertise, not just to streamline processes, and
  • Banks can afford to serve this sector.

Despite representing 99% of businesses in the UK, employing 81.6% of the workforce and pinpointed as “critical” to the growth of the economy, SMEs (corporations with annual turnover of less than £50 million or fewer than 250 staff) have been disadvantaged by a combination of asymmetric information, a lack of economies of scale, the lack of a collective voice, and disproportionate costs when it comes to training, research and development, and regulatory compliance.

Undertaken with the support of Progressive Media – publishers of Economia, the magazine of the Institute of Chartered Accountants, England and Wales (ICAEW) – the survey examined the banking requirements of 162 UK SMEs to clarify their existing banking behaviour, their biggest gripes with regard to current bank offerings, and their most desired capabilities (including the ability to use automated scenario-building and generation of recommended actions).

SMEs are the “Cinderella of the business world,” said Phil Cantor, Head of Digital Council, iGTB. “They’re vital to the country’s economy, hugely hard-working but routinely neglected by banks, who wrongly believe it’s not financially viable to serve this sector. This survey will prove invaluable to improving the lot of SMEs – by pinpointing the banking capabilities they actually need, and in turn showing how these can be met by banks, even in today’s difficult economic climate. The findings in this report should be a call to arms; a message to the whole banking industry that we can, and must, do better”.

The full survey report – produced by iGTB’s Digital subject-matter experts Phil Cantor, Mike Rayfield, Henry Gorbet and Deepa Santhanam – is available for download here.

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/

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 optimised end-customer experience, due to the omni-channel 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 catalyse 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/