NotableTalks
Microsoft ISV Series
NotableTalks
Microsoft ISV Series
Conversations with Mr. Krishna Rajaraman, CTO at Intellect Design Arena, about: Straight-Through-Processing, AI & ML, Intellect Design for Finance Sector, Data-First Strategies, Digital Transformation, Design Thinking and a variety of more hot topics.
Co-presented by: Value Prospect Consulting
Index:
Intellect Design Arena is a global leader in Financial Technology for Banking, Insurance and other Financial Services. With uniquely focused products for business, Intellect Design addresses the needs of financial institutions in varying stages of technology adoption.
How's Intellect Design enabling organisations leverage AI & ML to drive growth & become future-ready?
Artificial Intelligence & Machine Learning
To start with, could you kindly brief our audience about the key offerings by Intellect Design and how you are enabling your customers to leverage artificial intelligence and machine learning amongst other technologies to drive more growth and become a future-ready organisation?
Intellect Design Arena develops financial technologies that assist banks, financial institutions, and insurance companies in growing and succeeding. As a result, our solutions are currently assisting in the advancement of the banking industry. Thus, what do you mean when you say that? This is a solution that enables financial institutions to rely on it in terms of security, scalability, and performance, as the functionality is granted. And that has been the driving force behind every product we have enabled for banks and insurance companies. We are global leaders in financial technology, with a strong presence in banking, insurance, and other financial services. With this breadth of products across our organization, we have been rated number one in corporate banking, consumer banking, and so on. As a result, we believe we are an authority on vertical and integrated products that enable institutions to achieve their goals of being primary solution providers for their customers. If you look at it primarily through the lens of artificial intelligence and machine learning, our primary focus areas have been on the insurance side, where a component of our underwriting platform, the exponent platform, focuses on this.
We provide a highly automated sequence that enables faster underwriting processing. Additionally, we recently launched our icloud base AI, an artificial intelligence powerhouse for trade finance that enables the seamless extraction, validation, remediation, and enrichment of data generated by the various document-intensive processes that occur within the trade finance ecosystem. And we believe that this will significantly reduce the time and risk associated with these manual compliance checks and the native age AI engine with which we work. It combines advanced machine learning algorithms, natural language processing, and computer vision techniques to contextualize and process approximately 500 document types in 8% less time and with an extremely high degree of accuracy. That, I believe, is what we bring to our customers.
-----------------------
To learn more about how Intellect Designs can assist you in preparing for the future or to schedule a discovery call, click here.
Roadblocks faced by financial sector for revenue generation & how's Intellect Design enabling them?
Intellect Design for Finance Sector
As a FinTech company that’s ranked #1 across multiple Financial Sector categories, and with a seasoned experience of providing innovative solutions to corporate, retail and central banking institutions, from your experience, we would like to understand, that, what are the key roadblocks that organisations in these industries usually face in their growth journey, and how has Intellect Design been instrumental in enabling such organisations to not only overcome these roadblocks but also streamline their operations for optimised revenue generation over the coming time?
We believe that the most significant obstacle we face is resistance to the changes brought about by technology. And if we look at this resistance from two perspectives, we see a set of customers who are either aggressive in their pursuit of the latest, greatest variant in order to validate quickly or who are quite hesitant in adopting something that has become more industrialized and capable of handling the scale, volume capabilities they require. Thus, the critical point is to find a match between the challenge and the opportunity that has been the most significant obstacle we've encountered in our work with various customers. And another interesting challenge we see is that frequently, the leadership team's vision does not resonate clearly with the team executing on the ground, which creates a new set of challenges when it comes to actually adopting the technology and getting the most out of it. We place a high premium on bringing all parties together to ensure that the full benefits of the technology we bring to the table are realized completely. To put it another way, we always face constant challenges when it comes to requirements. As a result, there will be distinct requirements based on how the customer perceives the functionality.
-----------------------
To learn more about how Intellect Designs can assist you in preparing for the future or to schedule a discovery call, click here.
How's STP mechanism enabling stakeholders from treasury & capital markets to make informed decisions?
Straight Through Processing (STP)
With solutions like Straight-Through-Processing (STP) mechanism for the Treasury and Capital Markets, how do you enable multiple stakeholders within an organisation to make more informed decisions, and before you answer that we would also appreciate if you could let our audience know about what exactly is a straight-through-processing mechanism and how does it impact an organisation’s working at large?
Straight-through processing, as the phrase implies. There is no manual intervention; instead, a mechanism is used to automate the complete end-to-end processing of a transaction across any industry. Therefore, regardless of whether the individual is initiating a funds transfer, booking a specific deposit instrument, or attempting to invest in mutual funds or stocks, the automation of the transaction's front to back processing, from the time the customer initiates it to the time it reaches the actual system of records, should be seamless. All of that needs to be completely automated, with no human interaction. That is what we mean when we say "straight to proceed." Thus, this effectively means that we need a single system to process and control all the elements in that particular workflow, assuming it's a series of steps that must occur with multiple control points or that someone must check, is this available, is that available, is our fund present? Is this individual authorized to engage in this activity? Multiple checks, balances, or enrichments may occur. And all of this must occur smoothly. And that is something on which we place a high premium as part of our system. As you've mentioned our treasury and capital markets space, you typically have three layers of systems in that space, which we refer to as the front office, the middle office, and the back office. And it simply states the general ledger. Right. This means that any request from a customer flows directly through these layers, eventually hitting my system of records, and ensuring that everything happens automatically becomes critical when we say we enable full STP processing. How is this actually beneficial? Right. The critical point is that you utilize STP processing, which ensures that my orders are processed, confirmed, cleared, and set in a timely manner.
-----------------------
To learn more about how Intellect Designs can assist you in preparing for the future or to schedule a discovery call, click here.
The use cases and blueprint design roadmap of data-first strategies across insurance and BFSI industries.
Data First Strategies
Technologies such as Big Data, AI and ML are now widely used across multiple industries including insurance and BFSI as well. With your demonstrated track record as a leader in the data-first strategy mapping for the Commercial Insurance sector, we would be interested to learn more about the use cases and blueprint design roadmap of data-first strategies that could create a significant impact on the day-to-day business operations of the insurance sector. Also, we hear a lot of buzz about blockchain and other Web 3.0 assets to be securing more credibility in this sector. What do you think the future of the insurance sector looks like?
-----------------------
To learn more about how Intellect Designs can assist you in preparing for the future or to schedule a discovery call, Click here.
Roadmap for Digital Transformation that could enable organizations and the end-users to make informed decisions?
Digital Transformation
During the pandemic, it has been proven that cloud is the key performance accelerator for finance companies to scale operations quickly and effectively. As Intellect Design, being one of the leading fintech companies, providing cloud platform services, what roadmap would you suggest to companies to start with their digital transformation journey and create an ecosystem that could enable both stakeholders within the organisations and the end-user customers to make informed decisions with an experience of more transparency?
Thus, a change in additional transformation cannot succeed in the absence of a cultural shift. And the leadership team must concentrate on how they will spearhead the changes and lead by example in terms of bringing everyone on board with the transmission journey, which we believe is a critical factor and a key focus area. A second area of focus that we would like to suggest is the partner selection constraint associated with this challenge. That is a critical point because you do not want a technology provider who says, "Okay, I brought this ABC conference, dropped it in, and hey, I'm done." That is a person who is likely providing utilitarian value, but not a partner who is walking the journey alongside you, which we believe is critical. To have a partner who understands not only your current state requirements, but also helps you flesh out that future state by developing a thorough understanding of how your organization operates, what its key values, fundamentals, and what you hold sacred, and ensuring that those alignments are implemented, ultimately ensuring that your business is future-proof. You require a technology partner who will accompany you on that journey, not someone who will come and go like a visitor. And I believe that is another critical factor that we would recommend organizations consider when embarking on this digital transmission journey. That's primarily two points that come to mind that I'd like to collect.
-----------------------
To learn more about how Intellect Designs can assist you in preparing for the future or to schedule a discovery call, click here.
What is design thinking and how to achieve better UI & UX experience for both internal and external users?
Design Thinking
The word ‘Design Thinking’ has become a buzzword today. Behind anything successful, which has sustained the ever-changing market dynamics, lies a great ‘design’ going into the genesis of it. What exactly is design thinking and what suggestions would you like to offer to your industry peers and growth phase organizations to achieve better UI & UX experience for both internal and external users?
-----------------------
To learn more about how Intellect Designs can assist you in preparing for the future or to schedule a discovery call, click here.
How is Intellect Design leveraging Microsoft to optimise end user experience?
Leveraging Microsoft For BFSI & NBFC
How is Intellect Design leveraging Microsoft to optimise end user experience?
If I have to put it that way, see Microsoft and be more focused, Azure is our cloud service provider, correct. As a result, Azure is a significant partner in a number of markets. As a CSP in those markets, we've observed a high level of comfort among our customers, the banking institutions. The nature of services, and not just the services themselves, the nature of support availability, and my ability to rapidly enable these various services and deliver the actual benefits that a customer seeks from a cloud-based solution offering. That has been a consistent preference expressed by multiple customers, and our overall experience with Azure in North's market has been unique. Okay. We believe it's a very strong contender in those markets, particularly in the banking sector, which is highly regulated, has significantly more requirements for security and other factors than other industries, which may find it a little easier to bolt on to a cloud-based offering, and is in a highly regulated, highly scrutinised industry.
Okay, so various banks are expressing a preference for Azure as a cloud provider, stating that they are comfortable with this individual product and the services Azure provides, and so forth. I believe it also speaks to the level of effort and vision demonstrated by Azure in addressing the financial sector's needs as part of offering. And I believe that is one of the things that we leverage wherever we provide solutions on top of our customers to accomplish the typical request of "give me a good scalable solution," "I need this hyper-scale," and so forth. Take it for granted, but I'm providing all of these additional capabilities that banks are typically familiar with. From that vantage point, I believe Azure serves us well and enables us to succeed.
-----------------------
To learn more about how Intellect Designs can assist you in preparing for the future or to schedule a discovery call, click here.