ARUN JAIN'S DIARY

I had a meeting with Nikunj Dalmia, Managing Editor of ET Now today where we discussed the current question facing the banking industry.

As a designer of banking technology for the last 37 years, I believe that the complexity of the global banking industry can be represented through the Banking Complexity Pyramid. This complexity includes the interconnected world, regulatory compliances, extreme economic fluctuations, and five generations of existing technologies.

Investor communities often react based on visible symptoms like Brexit, Trump, or Russia/Ukraine, without conducting a detailed analysis. However, the controllable element in this complexity is technology, and a holistic design is required to build resilience against regulatory changes, an interconnected/interdependent world, and economic fluctuations.

I believe that technology investments are crucial for banks to navigate the complex banking industry and build resilience.

At Intellect 3.0, we have invested over 600 crores in building the Open Finance platform eMACH.ai based on BankTech wave 5 by converging 5 technologies of events, microservices, API, cloud, and AI.

Our platform helps banks’ in-house business, operations, and technology teams to ‘Connect’ broken windows created by ‘Residual Legacy’ and compose agile solutions by using 285 independent microservices (Core Banking, Lending, Credit Card, Wealth and Corporate Banking) and tightly wire the entire ecosystem using 1214 API’s. This platform helps banks to co-design technology transformation in a very systematic way and helps reduce operations costs by 20%.

hashtag#bankingtechnology hashtag#etnow hashtag#eMACH.ai hashtag#openfinance

It was 24th July, 1993, Polaris Software Lab Ltd got its registration to commence software business.

We got our first international projects from Data General Inc, Raleigh to support their File system. Data General was then a mid range Computer company. We setup first ODC for them at 3rd Floor Carex Center.

Second business was from Saudi Arabia from Saudi American Bank. We supported their client server banking application.

Third contract was from Switzerland with JWS partnership.

The 4th large project was from Software Sidoun, Germany.

The 5th very, very large project was from NEC Japan for writing component based Core banking system. It was led from their Silicon Valley office and it was 100 million dollar contract over 4 years during 1998.

We setup our UK office at Reading, Singapore office, Frankfurt office, Fremont Office, Atlanta office, NJ office, Tokyo office in first 5 years of our operations

All initiatives were bootstraped without any investor support.

It was sheer power of Talent, who believed in sheer entrepreneurial spirit and made the company grew at CAGR of 105 percent over first 7 years which led it to being classified amongst Top 200 Fastest growing companies of the world.

Today Intellect is continuing ‘Path breaking journey in financial technology’ by letting go services business and reinventing its brand to ‘Intellect’ from Polaris.

We let go 2 things at the same time demonstrating Courage of Leadership team at Intellect

1. Cash generating business of Services

2. Globally very well known brand.

I am dedicating this day to BELIEF, Courage, Innovation, intense Customer focus and Power of one intellect team. I draw my daily dose of energy from all of you. Thank you.

#Intellect #designthing #belief #foundationday