Foreword

Zero Waste Architecture: Innovating for a Better Tomorrow

According to First Principles Thinking, the purpose of a financial institution is to facilitate the financial events that occur in the lives of consumers or corporations. These financials cover a gamut of events including account opening, deposits, lending, payments, investments, cards, and guarantees, along with a few events mandated by regulators. These events are Finite in number, not Infinite.

If core systems are built to address a finite set of customer needs, why do technology costs and resource demands continue to rise exponentially?

Intellect has applied First Principles Thinking and The Principle of Finiteness to design Zero Waste Architecture using 386 Microservices, 700 events and 2000 APIs to drive Composable Customer needs that are aligned solutions, rather than hundreds of products. We named this science as eMACH.ai – an acronym derived from six fundamental principles: Events, Microservices, API, Cloud, Headless, and AI.

The Science of eMACH.ai eliminates architectural waste thus helping build a Sustainable BankTech stack. The eMACH.ai sustainable banktech stack is fulfilling the banking needs in 3 ways: Transforming Enterprises, Transforming Experiences and Transforming Operations.

Arun Jain
Chairman and Managing Director
Intellect Design Arena Ltd

Cover Story

Simplify Banking using Composable eMACH.ai

The recent BIAN Banking Summit 2024 hosted a riveting plenary session featuring Arun Jain, Chairman and Managing Director of Intellect. His keynote addressed the evolving complexities in banking, with an emphasis on technology’s role in transforming financial institutions into agile, customer-centric entities.

Arun shared his 38-year journey in banking technology, mapping its evolution through five transformative waves: mainframes, distributed computing, the internet, mobile-first platforms, and now, cloud and AI. He highlighted the coexistence of these technologies as both a challenge and an opportunity, urging banks to embrace composability through eMACH.ai.

This First Principles Thinking based most comprehensive, composable and intelligent open finance platform encapsulates principles such as microservices, APIs, cloud-based operations, and AI for contextuality. It aligns with the BIAN Service Landscape, offering simplified yet powerful frameworks that reduce complexity and accelerate product development. Jain also showcased Intellect’s commitment to progressive modernisation, underpinned by collaboration and design thinking.

He emphasised the importance of First Principles Thinking, urging financial institutions to revisit their core purpose and adopt a customer-first approach. His anecdotes, ranging from automating loans for an e-commerce giant to transforming liquidity management for a global bank, underscored how design-driven solutions can redefine the banking experience.

This summit wasn’t just about banking, it was about shaping the future of financial services, where collaboration, technology, and design meet to create a better tomorrow.

Spotlight

Transforming Enterprises with eMACH.ai

Spotlight

Intellect recently hosted a transformative residential programme, Transforming Enterprises with eMACH.ai, in Chennai. This two-day workshop brought together top bankers from India and South Asia to explore the future of banking through Growth Accelerators. These accelerators empower banks to attract new customers, streamline operations, and elevate the banking experience in an era of ever-rising customer expectations and rapid technological advancements.

The programme commenced with an inspiring welcome by Ramanan SV, CEO of Intellect for India and South Asia. The keynote address was delivered by Yashraj Erande, Global Head of Fintech and India Head – Financial Institution at BCG, who delved into the critical role of technology in enhancing profitability for banks. Yashraj emphasised the importance of AI-ready data, adopting a Platform Operating Model, and building bridges across technology, global markets, and compliance to achieve sustainable success.

Arun Jain, Chairman and Managing Director of Intellect, led an engaging Design Dialogue on “New Digital in Transforming Enterprises.” Highlighting the essential areas of Complexity Reduction, Composability, and Contextuality, Arun explained how eMACH.ai, iTurmeric and Purple Fabric can drive digital transformation for banks.

Day one featured insightful discussions, including Core Banking and Open Finance Platforms led by Vivek Patil, Advisory Partner at PwC India and Lending Transformation by Rajdeep Saha, FS Advisory, PwC India. The day also included an exploration of the 8012 FinTech Design Center, where participants witnessed cutting-edge banking solutions in action.

On the second day, the focus shifted to the transformative power of Purple Fabric, an AI-powered Enterprise Connected Intelligence Suite. This solution enhances hyper-personalisation, risk management, and customer satisfaction, enabling banks to redefine customer engagement. Vijay Mani, Partner at Deloitte, provided expert insights on leveraging technology for successful wealth management, showcasing how eMACH.ai Wealth simplifies complexities and drives profitability.

Participants had the opportunity to engage in hands-on sessions, experiencing firsthand how Purple Fabric and iTurmeric enable banks to accelerate product innovation and achieve operational excellence.

The programme concluded with an inspiring message on reshaping customer engagement and driving innovation to build the banks of tomorrow. By harnessing the power of eMACH.ai and its suite of advanced tools, participants left with actionable insights to transform their enterprises for a digital-first future.