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A conversation with Ravi Vaddigopala on how banks can get a competitive advantage with iGTB payments
Yusuf Bhanpurawala is a seasoned Product marketer with nearly 16 years of industry experience and a strong background in management. Throughout his career, he has had the privilege of working across a diverse range of industries, including Banking & Insurance, Communications, Manufacturing, Engineering services, Utilities and Geo-spatial. With a keen eye for industry trends and a knack for storytelling, Yusuf collaborates with subject matter experts and industry leaders to distil their knowledge and insights into thought-provoking articles, whitepapers, case studies, and Points of View.
Intellect Global Transaction Banking (iGTB) was recently identified as a leader and "Best in Class" Payments Platform provider. The report from Aite, highlighted Intellect Payments solution as a stand-out product among competitors, offering a highly flexible and scalable architecture. The contextual and intuitive navigation solution offers Financial Institutes (FI), the ability to modernize current payments infrastructure and accommodate emerging payment rails across the globe.
I sat down with Ravi Vaddi, popularly known as Vaddi, EVP & Head PayCash-CX (Payments, Cash Management and Digital) at Intellect iGTB. We discussed emerging trends in Banking and what he thinks about the recent industry analyst recognition in corporate payments.
Here are some takeaways from the conversation.
Banking Trends
There are high visibility trends out there, like open banking, PSD2 to AI data insights, embedded payments, BaaS etc. But here at iGTB Intellect, we're really focused on two major trends that we think will have a big impact. The first trend is what we call the consumerisation of commercial banking. Basically, we think this trend is going to completely change the corporate banking industry over the next decade. It's all about hyper-care and hyper-personalization - making things super tailored and customized for each customer.
The second trend is embedded banking. It used to be that banks could just sit back and wait for customers to come to them, but those days are long gone. Now banks need to get out there and embed themselves in the value stream of their corporate and industry partners to really provide the best possible service to the end customer. It's all about walking that extra mile into their world. So long story short, in order to be successful in all these niche areas, banks really need to acquire a lot of niche capabilities and be ready to work extra hard to make it happen. We are already seeing banks embed payments into corporate treasury management systems (TMS) and embed virtual accounts into inhouse banking software.
Corporate Payments
Hey, so basically every payment system or platform has to handle workflows and parsers and rules and validation and enrichment while taking care of different rails and all the additional data. And yeah, it may seem like all payments are the same, but that's not really true when you take a closer look. Different types of payments serve different purposes.
However, we at intellect don’t believe in the general saying that “a payment is a payment is a payment”. That's not so true. At 10,000 feet level when you look at it on the surface, you may feel “a payment as a payment is a payment”. But when you dig a little deeper, when you open the bonnet you will very soon realize that payments are different depending on the purpose etc. This is, what makes our value proposition at iGTB Payments unique, because we believe in avoiding any sort of financial risk, reputational risk and behavioral risk to the bank.
You ask me, how do we do it?
By offering hyper care, hyper-segmentation and hyper-personalization in our software - which leads to frictionless payments, available 24/7. Our goal is to make sure our customers can sleep well knowing their payments are taken care of.
That's why we've been recognized as the best in Class and leaders in corporate payments
Investing in R&D
When it comes to payments, investing in tech, compliance, and new payment rails is essential., it's time for banks to expand into industry-specific products like insurance, manufacturing, and real estate. That's where we're focusing our efforts to make our payment system tailored to these specific industries. And let's not forget about AI! Payments rely heavily on behavior and monitoring, so investing in AI technology to monitor payments risk, monitor hosting infrastructure, improve STP and cross-sell and up-sell is a must. That's where we're putting our energy.
Finally, why we Intellect Global Transaction Banking | iGTB are above the rest
We are rated “Best in Class” because our product development, engineering and testing rigorously follow the THREE Rs of Payments. These are 1. Resilience 2. Recoverability and 3. Readiness to move fast. Resilience in our payment hub ensures that it is able to withstand very high loads, is elastically scalable and can withstand stress. Recoverability is about self-healing and auto-healing from exceptional situations and failure in real-time and in a graceful manner making sure the cut-offs are not missed and banks reputation and client reputation are not impacted. Readiness to Go Fast is about payment systems that are highly configurable so that new clients can be onboarded quickly, new products and countries and rails can be launched rapidly and new changes can be introduced with CI-CD and zero downtime.
To sum up, Banks and payment software providers need to embed themselves within the value streams of their end industries and customer segments to make payments meaningful and that’s what we at iGTB have done. It's the only way to see a platform/network multiplier which results in better wallet share and more specialized payment systems.
By Yusuf Bhanpurawala – AVP, Payments Product Marketing
Yusuf Bhanpurawala is a seasoned Product marketer with nearly 16 years of industry experience and a strong background in management. Throughout his career, he has had the privilege of working across a diverse range of industries, including Banking & Insurance, Communications, Manufacturing, Engineering services, Utilities and Geo-spatial. With a keen eye for industry trends and a knack for storytelling, Yusuf collaborates with subject matter experts and industry leaders to distil their knowledge and insights into thought-provoking articles, whitepapers, case studies, and Points of View.