Sep 1, 2023
Sep 1, 2023
The story I am about to tell traverses the fascinating world of a young boy and his journey to adulthood. And during this journey, he tells a riveting story of discovery – of his journey and self discovery. It’s about a young and determined individual who faced financial obstacles but remained committed to achieving his goals. Interwoven in his journey, we unravel how the world of technology unravels.
Murari Lal was just like any other boy growing up in a bustling locality in a vibrant city. He imbibed the vibrancy and had his playful side. But there was another side to him, too. At the tender age of 10, Murari was captivated by the mesmerising world of video games. However, a price tag of Rs.2000 hung heavily over his dreams, a sum far beyond the confines of his modest pocket money, that amounted to a mere Rs.50 per month.
But the money did not seem to be an obstacle in achieving his dream. He remained focused on his important goal. He was determined to be smart with his money and found help at the local Ramlal Bank to start his financial journey. He saved Rs.20 from his monthly pocket money, resisted the temptation and deposited whatever money he got on festivals in that account to make his dream come true.
Time passed. Festivals came & went. The temptations were all there. But his dream & determination was greater than all of these. After patiently waiting for two years, Murari’s hard work with money paid off, and festivities brought in extra money, Murari remained determined. He felt proud and satisfied when he had Rs.2000 in his hands. It showed he didn’t give up and was smart with his money. This was just the beginning of Murari’s journey to learn how to handle money well, and he never forgot this important lesson.
When he was 13, he had to buy groceries for his family. This allowed him to learn even more about managing money, and it happened at a local store.
With his mom’s shopping lists, Murari regularly went to the nearby grocery store. But there was a surprising twist: the store owner didn’t immediately ask for payment. Instead, they sent someone to collect the money at the end of the month. Murari realised that this system was similar to how credit and credit cards work, which got him thinking about the complex world of finance that he would soon learn about.
As Murari’s life story progressed, taking him through college and into the world of startups, his journey blended perfectly with the growing world of technology. He named his business ‘Murari Lal & Co’ and approached RamLal Bank to seek financial assistance and was introduced to how RamLal bank can extend a loan to him against the machinery he would procure and purchase orders he got as well as help him manage his month to month cash requirements by giving him money against the invoices he would raise to his clients.
Aug 1, 2023
Reshared: I wish to celebrate the power of the Research and Development teams at Intellect this quarter. 2 million person-hours of sustained investments annually and 16 million person-hours during the last 8 years in R&D have catapulted the company from Product to Technology company. eMACH.ai, with its 5 built-in technologies, drives holistic and agile transformation at double the speed and half the costs.
Turmeric Technology is first-of-its-kind Composable platform (No code), choreographing Events, Microservices, APIs, Business Rules, UX and Generative AI seamlessly to deliver high performance with inbuilt ease to use. Fabric Technology brings in enterprise decision-grade knowledge from Structured and Unstructured Data. Intellect’s ‘Platform First’ strategy in building technology is powering unparalleled efficiencies in Insurance, Wealth, Retail, Risk and Corporate. Extremely high point in building commercial IPs.
Jul 1, 2023
Reshared: SRM has introduced Design Thinking course for all first year students. A major breakthru in curriculum where ‘Design The Thinking’ based on unmukt is becoming the foundation stone for understanding the Technology and Engineering better.
Congratulations to all faculty who spent enough time in learning the new pedagogy at School of Design Thinking under the leadership of Dr. Anbu Rathinavel.
Jul 1, 2023
Power of Committed Communities
24.7 is the foundation date of Polaris/Intellect group 30 years ago. Aptly, ‘24 by 7’ became the DNA of members of this group who continuously think, work and achieve designing and developing better technologies for their customers across the globe.
The 30 years of collective community power translates to 10957 calendar days and over 1.5 billion hours of design, innovation and execution of a vision in global Financial Technology. A vision that is jointly shared with our customers.
I must record my gratitude to all customers who trusted Polaris/Intellect from 57 countries to connect their dreams to drive better banking for their customers.
We started our journey at the beginning of Banktech Wave 3 when the era of distributed computing and relational databases was just emerging over the Mainframes and Mini computers era. We proudly participated in providing cutting-edge technology in building the first high volume Credit Card processing application and Core Banking application on the distributed architecture of small Solaris machines and Oracle DBMS for Citibank. A unique achievement which was unheard of in that era. And then we never looked back.
In a short span of 7 years, customers from Singapore, Australia, Middle East, Germany, Switzerland, UK and US started placing their trust with our technology teams. And top 4 of 10 North American Banks, top 6 of 10 European Banks, top 9 of 10 Middle Eastern Banks, top 7 of 10 Indian Banks and top 5 of 10 South East Asia & ANZ Banks place their trust on Intellect when it comes to technology.
The process of shared visioning and imagining the nextgen through ‘Lakshya’ (our visioning exercise across the organisation) helped the group to transition smoothly to Wave 4 and now Wave 5 ahead of its competitors. Today Intellect’s launch of eMACH.ai is a new paradigm in choreographing and composing contextual experiences at double the speed.
My gratitude to all associates (employees in industry terms) and partners, past and present, of this 24 by 7 movement, who helped in building a strong culture of small communities (teams) who asked the right questions and found the right and appropriate solutions, wiring them in our customer complex ecosystems. The culture of smart communities focussed on deep functional and technology research, product engineering, customer transformations, and life cycle support spread across 25 countries makes me proud today.
Our resolve of bringing transformation through ‘Mission Samriddhi’ in rural India and building the spirit of ‘Can Do’ in children through ‘Ullas Trust’ is our way of contributing to society and expressing our gratitude to the roots from where we have emerged.
On this important day, I feel humbled by the power of dreams, entrepreneurship and communities. A very Happy Foundation Day to all my associates, customers and partners and I look forward to our continued journey together.
hashtag#Intellect hashtag#LiveYourDream hashtag#Polaris hashtag#FoundationDay
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
Oct 10, 2022
On 14th Oct, I had the opportunity to present India’s first Assistive Technology Start-Up Awards by AssisTech Foundation (ATF) in partnership with NASSCOM Foundation at IIT Madras Research Park (IITMRP) !
As a part of its 10X programme, IIT-Madras Research Park is betting big in the Assistive Technology (AT) space and intends to help create several start-ups in the coming years.
This initiative focuses on supporting & scaling indigenously built, affordable assistive technology products/solutions for India and the world to empower all Persons with Disability.
As a small step towards this direction, IITMRP organised a conference (13 th to 15 th October) a one-of-a-kind event bringing together the academia, industry and end users of Assistive Technologies,that is persons with disabilities. This conference was having 20+ presenters, 8 workshops and 80+ exhibits.
Many congratulations AssisTech Foundation IITMRP, AssisTech Foundation, Nasscom and all the winners of the first AssisTech Awards.
Oct 1, 2022
Manish Maakan, Uppili Srinivasan (Upps), Atanu Ganguli, Andrew England, Debal Dutt and team Intellect Global Transaction Banking | iGTB great show at Sibos 2022.
Upps, I love the succinct 7-minute articulation of COCB – Consumerisation of Commercial Banking (our core theme at Sibos), wired with domain and technology.
The sharpness of 6 tenets of COCB – 1. Hyper Personalisation, 2. Real-time, Connected journeys, 3. Action-triggering insights, 4. Immediacy, 5. Desire & trust-based decision making, 6. Friction-free experience – even at scale, which the banks need to understand and have a gameplan to embrace
3 dimensions of Technology architecture – Composability, Contextuality and Hyperscale along with Data has woven very well.
The need for a Platform and Intellect ability to compose products based on end consumer needs leading to a HOLISTIC experience vs ‘experience at the door’ is captured very well in your video.
I also like 5 imperative for Banks (Revenue Growth, Revenue Protection, Cost avoidance, risk protection and risk elimination) as a driver for choosing Intellect. Congratulations.
iGTB #sibos2022 #COCB #designthinking #intellect
Sep 1, 2022
I am reading a book ‘The Code Breaker’ written by Walter Isaacson. It’s about CRISPER the gene editing tool, which is changing the way Biology worked till now.
I read only 150 pages till now which describes the journey of Doudna and charpentier, over 25 years which resulted into final Technology of Gene Editing using CRISPER- CAS9. I love the story telling of Walter and could feel the moments of discovery, connecting the dots to paint big picture and building the technology itself.
I can relate this book to the way at Intellect we built two technologies – Fabric Data Services as a platform and Turmeric technology. We experienced similar ‘moments of Aha’ when we connected little dots to paint the big picture.
Aug 1, 2022
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
ABOUT ME
Hello, my name is Arun Jain. I am a design thinker living in Chennai, India. This is my blog, where I post my thoughts, technology trends and tips about the fintech world and many more.