For those who believed journey towards digital transformation (DX) in banking to be really long and a multiyear effort with specific goals and objectives around markets and customers, revenue, and profit growth, which makes it further complicated – I have witnessed a Technology Revolution that can reduce your digital journey from years to months, which not only share the same abbreviation, that is, IDC, but also has the similar characteristic of being a complete solution for DX!!!
The term and notion of digital transformation is used extensively in banking and the media today, where every bank/FI is trying to prove their supremacy to be called a 'True Digital Bank'. Being digitally fit has not remained a business goal or destination anymore, rather, it has become a new way of being, working, and succeeding in the digital economy. Digital transformation has been the top priority for companies that are serious about ensuring that their businesses are relevant and a leader in the digital economy.
However, this journey has never been easy for any banking entity irrespective of size or vintage. For smaller and newer banks, it has become more so important in order to differentiate and create a new value proposition and to remain an integral part of the larger value chain in the long run. This journey becomes more so difficult when your competition is way ahead of curve and you have just begun your journey, such was the case with, Utkarsh, a leading Micro Finance Institution in India.
Utkarsh with around 1500 employees working through 400 branches spread over 10 states, applied for a license to set up a Small Finance Bank (SFB) in 2012 and was one of the 10 chosen players to receive an in-principle approval from the Reserve Bank of India. However, this big opportunity came with a condition by the regulator to launch operations by March 2017. That meant that both Utkarsh and Intellect Design had less than a year to implement a Core Banking System with Digital Banking Channels capabilities including integration of online-Real time system with Bio-metric enabled quick customer on-boarding (which has been challenging even to the smartest of the banks) and go live.
There comes the savior - Intellect Digital Core(IDC 17.1) solution, with its renowned AIM (Accelerated Implementation Methodology), which combines the best of conventional and Agile models, and Utkarsh could Go-live in less than 10 months.
Similarly, there are many more cases such as Chief Bank (Cambodia), BIDV (Myanmar) where with help of IDC 17.1 they were able to achieve the unthinkable at a supersonic speed of few weeks/months.
Amazing, isn't it?
Another amazing thing about IDC 17.1 is that it is powered by a Real-time GL that enables critical decisions in real time, whether it is payments or risk management. The Real-time n-tier GL allows drill down to nth level of the transaction, resulting in zero reconciliation. It leverages Artificial Intelligence & Machine Learning to give banks the capability to make Persona-based product offers. Taking a flying leap from demographics, banks can now leverage social behavior & lifestyle to make these offers. Furthermore, it also comes with an end-to-end integrated digital lending platform include Origination, Loan Management, Collections and Collateral Management System.
For me, this is a great product of what could be, not only for new age banks, but eventually as a complete solution for banks/FIs of all size who wants to accelerate their DX journey.