Intellect launches eMACH.ai, the world’s largest open finance platform to help banks refine their future

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Intellect Design Arena curated a thought leadership forum BankTech Wave 5, powered by AWS, that witnessed the grand launch of eMACH.ai, the broadest, most comprehensive, composable, contextual and most innovative open finance platform to compose the banks' and financial institutions' own unique “My Signature Solution”.

Commenting on eMACH.ai, Arun Jain, Chairman and Managing Director of Intellect Design Arena said he has visualised the future of banking to be ecosystem led with the launch of this revolutionary open finance platform. To achieve this ecosystem end state, 6 imperatives have been identified that is the ABCDEF of Banking Ecosystem Design - Architecture simplicity, Base eMACH.ai (Microservices, API, Cloud and Headless), Composability, Data, with Embedded AI and the Flexible & Extensible - all of this centred firmly in the principles of Design Thinking.

His keynote address had insights regarding his quest for simplifying ever-evolving consumer financial needs by leveraging smart tech architecture, design, and engineering. He further shared the interesting transitions he experienced that began with banks using Wave 1 technology to the now more sophisticated and highly advanced Wave 5. This wave envisages financial hubs moving from simple products to customised platforms and consumers transitioning towards creating their own marketplace. He further explained how eMACH.ai offers the most comprehensive set of microservices for the full spectrum needs of banks and financial institutions and APIs, enabling businesses to transition seamlessly from customer-centric digital transformation to cloud-based marketplaces, keeping banks ahead of the curve.

The endeavour was powered by 1200 research engineers with an investment of more than 2,000 crores and built over 7 years. The two underlying principles of this technology are complexity reduction and capturing market opportunities by designing an ecosystem and marketplace. The architecture was viewed with a fresh approach based on the foundations of independence, scale, simplicity, and resilience of the application.

He further stated that currently most of the Indian banks are operating from Wave three. These banks making a seamless shift to Wave five is not an overnight journey as they need to extend their current Wave three products to Wave five journeys and the journey which is there. With this world’s largest open finance platform eMACH.ai, he said banks can progressively move from customer-centric digital transformation to cloud-based marketplaces.

Rajesh Saxena, CEO of Intellect Global Consumer Banking (iGCB), took the audience on an incredible revelation of the game-changing iKredit360 platform. Rajesh spoke at length about iKredit360’s Europe launch, and how its lessons will help shape India’s credit services arena. He explained how banks today need to quickly launch products, analyse vast amounts of data, and most importantly, tackle risk management. Additionally, he described the Indian consumer as being spoilt for choice, demanding a common uniform experience, and having an inherent need to execute transactions digitally. A holistic understanding of all these imperatives led to the development of this end-to-end asset 360 platform, a specialist service that democratises credit in our country. Stressing the salience of this offering, he said, "The heart of this platform is the technology because this is what will give you the future resilience, the scalability, and the security". He went on to elaborate on the architecture of the system, its varied layers of orchestrating extensibility, and its integrations with other players. One of the key value-adds of the system is the iTurmeric model, which brings together quick integration with the best-in-class fintech partners available on a pay-as-you-grow basis, thus driving cost efficiencies.

The event concluded with a fireside chat with Arun and Jonathan moderated by Latha Venkatesh, Executive Editor of CNBC-TV18. Jonathan Allen, AWS Enterprise Strategist, addressed the reasons for banks' hesitancy to move to cloud systems. He explained there were two main reasons for this, one was data sovereignty challenges and the other was a low latency environment. He further explained how Amazon Web Services has been cooperating with regulators around the world to ensure compliance. On the other hand, he said that it’s a complicated process for the banking sector, as they have to regulate a lot, from their applications to all their suppliers, right down to the cloud infrastructure provider. Responding to the differentiation aspect of Intellect’s offering to the banks, Arun said, "eMACH.ai has the term headless in it, customer experience is a bank prerogative, we are not giving a product; we are giving a headless platform, and thus the experiences will be unique"

You can watch the entire show at https://youtu.be/BJVfyrfWmuA

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