Intellect Design Arena Launches Intellect Digital Core for Cooperative Banks

On May 22, 2024, Intellect Design Arena Limited announced in an exchange filing the launch of the Intellect Digital Core (IDC) for Cooperative Banks in India.

This comprehensive, enterprise-level banking technology solution comprises eMACH.ai, the world’s most extensive open finance platform crafted with ‘First Principles’. Leveraging the composable and contextual core banking technology utilised by some of the world’s largest banks, Intellect brings the same expertise to cooperative banks as part of the Digital India initiative.

Cooperative banks play a significant role in the Indian financial system. Over the years, these banks have faced several challenges, such as competition, limited access to modern financial services, and regulatory constraints. However, advanced technology can help them compete in the rapidly evolving digital banking landscape. In the “Report on Trend and Progress of Banking in India 2022-23,” RBI stated that robust internal governance practices and continuous technological upgrades and innovations will enable cooperative banks to expand their operations and improve their financial health.

The company stated that with about 30 years of domain experience, they continue to innovate and empower banks with advanced tools to benefit from several growth options. Intellect launched Intellect Digital Core, customised for Cooperative Banks and providing them with best-in-class enterprise-level technology on a subscription basis.

Intellect Digital Core for Cooperative Banks helps them adopt digital transformation and use modern technologies to meet evolving customer needs and stay competitive. The enterprise-grade banking technology solution can meet the requirements of customers in tier-2 and tier-3 cities.

Speaking about the development, the CEO of India and South Asia at Intellect Design Arena, Ramanan SV, said, “With Industry-ready integrations available, banks can enjoy plug-and-play functionality to get started quickly and focus on what really matters – growing the business. Intellect Digital Core also supports a wide range of regional languages, ensuring the message is accurately conveyed to the target audience.”

The Intellect Digital Core for Cooperative Banks is an open banking business model, facilitated by APIs, that offers a user-centric banking service. The adoption of Banking as a Service (BaaS) introduces cutting-edge financial technology, changing the way finances are managed. This comprehensive solution, comprising major modules, ensures a seamless and functional banking experience.

On May 22, 2024, the share price of Intellect Design Arena Ltd opened at ₹895.45, touching the day’s high at ₹906.45, as of 12:44 PM on the NSE.

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