# Intellect launches IDC 17.1, Digital 360, Real time & Contextual Core Banking solution Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-11-03 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: IDC 17.1: Revolutionising Banking with BOTS & AI Meta Description: Join CNBC-TV18 for a lively CEO debate on the future of retail banking in the digital age with insights from industry leaders and experts. URL: https://financedigest.com/intellect-launches-idc-17-1-digital-360-real-time-contextual-core-banking-solutionhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd031117-12-1736843314929-compressed.jpg) _Powered by BOTS, it is expected to drive a 50% reduction in Operational Costs and Turn Around Time._ _CNBC-TV18 anchors energetic CEO debate on the future of retail banking in the digital age_ Intellect Design Arena Ltd, a [digital technology product provider across Banking and Insurance](https://www.financedigest.com/insurers-beware-fraudsters-love-digital.html "INSURERS BEWARE: FRAUDSTERS LOVE DIGITAL!"), announced the global launch of its complete end-to-end Digital Core Banking solution, IDC 17.1. The Product has been specially designed for Truly Digital banking and carries unique differentiators including the deployment of BOTS, [Artificial Intelligence](https://www.financedigest.com/artificial-intelligence-in-banking-magazine.html "Artificial Intelligence in Banking Magazine") & Machine Language. The Product was unveiled at a glittering function in Mumbai this week, attended by CEOs, Business Heads, Technology heads and Operations Heads from Public Sector Banks, Private Sector Banks, MNC Banks and [Challenger Banks](https://www.financedigest.com/the-rise-of-challenger-banks.html "Challenger Banks"). Mr Ashok Vaswani, CEO, Barclays UK, presided over the evening function and delivered the Keynote address. Befitting the occasion, CNBC-TV18’s Executive Editor, Ms. Latha Venkatesh anchored a CEO panel that had insightful discussions around the Future of Retail [Banking in the digital age](https://www.financedigest.com/how-fs-organisations-can-enter-the-new-age-in-digital-banking.html "How FS Organisations Can Enter The New Age in Digital Banking"). ![Mr. Ashok Vaswani, CEO, Barclays UK delivering the keynote address at the IDC ](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd031117-12-1736843314929-compressed.jpg) Mr. Ashok Vaswani, CEO, Barclays UK delivering the keynote address at the IDC Speaking at the occasion, **Mr. Ashok Vaswani, CEO, Barclays UK**, said, “The [digital revolution](https://www.financedigest.com/the-fintech-digital-revolution-will-continue-in-2022.html "The Fintech Digital Revolution Will Continue in 2022") that we are in currently is an amazing event and transformation. The ability to take customer journeys and automate them, enabling a customer to self-serve becomes a very critical element. The real power of [technology comes when new business models](https://www.financedigest.com/research-and-technological-innovations-to-bolster-developments-in-animal-model-market.html "Research and Technological Innovations to Bolster Developments in Animal Model Market") evolve, which is actually possible only because of digital technology. With digital, [banks are trying to get a phenomenal customer](https://www.financedigest.com/how-close-can-banks-get-to-their-customers.html "How close can banks get to their customers?") experience and allow for speed.” Adding further, he said, “For the first time, [Regulators and Technology](https://www.financedigest.com/the-crop-growth-regulators-market-to-have-a-technological-escalation-in-its-armor.html "The Crop Growth Regulators Market To Have A Technological Escalation In Its Armor") have come together. Regulators are [pushing banks](https://www.financedigest.com/central-banks-ease-off-on-rate-hike-push-in-october.html "Central banks ease off on rate hike push in October") to get into the digital age. [Open banking](https://www.financedigest.com/what-does-2022-hold-for-open-banking-some-predictions-from-the-ecosystem.html "What does 2022 hold for open banking? Some predictions from the ecosystem") is something that is being driven by the regulators.  In this [digital age](https://www.financedigest.com/constructive-digitization-to-let-the-remote-patient-monitoring-services-market-come-of-age.html "Constructive digitization to let the Remote Patient Monitoring Services Market come of age"), the biggest issue is actually people. How are we going to make people tech-savvy? Therefore, this [transformation is a big](https://www.financedigest.com/how-to-avoid-tech-burnout-from-big-transformations.html "How to avoid tech burnout from big transformations") one at a cultural level; this is an incredible transformation that we are going through. This experience for me has been a rapid learning curve in the [past](https://www.financedigest.com/soccer-premier-league-has-record-42-positive-covid-19-cases-in-past-week.html "Soccer: Premier League has record 42 positive COVID-19 cases in past week") few weeks”. Intellect Digital Core Banking solution, IDC 17.1 is a classic [product based on high end Design](https://www.financedigest.com/product-design-verification-and-validation-solution-market-2021-present-scenario-and-growth-prospects-2025.html "Product Design Verification And Validation Solution Market 2021 | Present Scenario and Growth Prospects 2025") Thinking.  The solution has been completely designed around ”Customer in the Center” paradigm.  What this translates to is Banks can now offer highly personalised products and experiences, through a seamless omnichannel. [Products can be easily customised or bundled, new products can be very quickly launched](https://www.financedigest.com/new-product-launches-to-put-the-marker-pens-market-in-a-good-stead.html "New Product Launches To Put The Marker Pens Market In A Good Stead"), along with relationship-pricing capability. **Arun Jain, Chairman and Managing Director, Intellect Design Arena** **said,** “The Bank’s [customers](https://www.financedigest.com/canadian-banks-fighting-brokers-back-for-customers.html "Canadian Banks Fighting Brokers Back For Customers") are so used to the experiences from an Amazon or YouTube platforms that it is quite natural to expect similar experiences on their banking platform.  There are 2 [major stumbling blocks due to which Banks](https://www.financedigest.com/banks-oil-majors-lift-british-shares-higher.html "Banks, oil majors lift British shares higher") struggle to give such personalised and frictionless experiences. One stumbling block is [around fragmentation of technology](https://www.financedigest.com/the-medical-device-technologies-market-to-stick-around-based-on-organic-expansion.html "The Medical Device Technologies Market to stick around based on organic expansion"). The second is around fragmentation of products. This is the paradigm we cracked with a revolutionary design. IDC 17.1 will [enable Banks](https://www.financedigest.com/enabling-decision-making-success-in-the-banking-industry-3-considerations.html "Enabling decision-making success in the banking industry – 3 considerations") to present a unified Digital Face across products such as Core, Credit Cards, Lending and Wealth. It will also enable a delightful and seamless experience across devices such as laptop, iPad, mobile with thoughtful functionalities such as Save & Resume across devices”. IDC 17.1 leverages contemporary technologies such as [Artificial Intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "Artificial Intelligence"), Machine Learning & BOTS to drive Digital 360, Real time and Contextual Banking.  IDC 17.1 is powered by a Real time GL that enables critical decisions in real time, whether it is payments or [risk management](https://www.financedigest.com/audit-finds-holes-in-ecbs-management-of-bank-credit-risk.html "Audit finds holes in ECB’s management of bank credit risk").  The Real time n-tier GL allows drill down to nth level of transaction, resulting in zero reconciliation. IDC 17.1 [leverages AI & ML to give banks](https://www.financedigest.com/dont-play-second-fiddle-how-disruptor-banks-can-leverage-music-and-audio.html "Don’t Play Second Fiddle: How Disruptor Banks Can Leverage Music and Audio") the capability to make Persona-based product offers. Taking a flying leap from demographics, [banks can now leverage social](https://www.financedigest.com/open-banking-as-a-means-to-enhance-social-commerce-security.html "Open banking as a means to enhance social commerce security") behaviour & lifestyle to make these offers. IDC 17.1 also comes with an end-to-end integrated digital lending platform include Origination, Loan Management, Collections and Collateral [Management System](https://www.financedigest.com/traffic-management-systems-growing-at-a-cagr-of-22-5-for-2022-28.html "Traffic Management Systems growing at a CAGR of 22.5% for 2022 – 28"). ![Rajesh Saxena, CEO, Global Consumer Banking (iGCB), Intellect Design Arena Limited launching Intellect Digital Core – IDC 17. 1](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/1-1736843314886-compressed.jpg) Rajesh Saxena, CEO, [Global Consumer](https://www.financedigest.com/top-5-players-to-account-for-45-of-global-consumer-appliance-coatings-market-share-through-2031.html "Top 5 Players to Account for 45% of Global Consumer Appliance Coatings Market Share Through 2031") Banking (iGCB), Intellect Design Arena Limited launching Intellect Digital Core – IDC 17. 1 **Rajesh Saxena, CEO, [Consumer Banking](https://www.financedigest.com/consumer-staples-banks-lift-uks-ftse-100-after-sharp-selloff.html "Consumer staples, banks lift UK’s FTSE 100 after sharp selloff") Business, Intellect Design Arena, said,** “The Power of IDC 17.1 is our capability to drive best of both worlds, i.e. truly digital outside and inside. While IDC 17.1’s Digital Face helps present a unified face across [businesses](https://www.financedigest.com/saving-on-water-bills-more-than-just-a-drop-in-the-ocean-for-businesses-facing-the-cost-of-living-crisis.html "Saving on water bills: More than just a drop in the ocean for businesses facing the cost-of-living crisis") to the Customer, Digital 360 presents the same to the Banker. IDC 17.1 brings [Banking BOTS](https://www.financedigest.com/the-bank-of-things-bot-has-arrived-but-what-does-it-mean-for-banks-2.html "The Bank of Things (BoT) Has Arrived: But What Does It Mean for Banks?") into center stage, helping Banks design Lean Operations, both from Turn-around-Time (TAT) perspective as well as bringing down Operating costs significantly”. CNBC-TV18’s Executive Editor Ms. Latha Venkatesh anchored a high powered CEO panel that energetically debated issues, opportunities and challenges around a hot topic, The [Future of Banking in the digital](https://www.financedigest.com/the-future-for-banks-and-digital-id.html "The Future for Banks and Digital ID") age. The Panel comprised of Mr. Ashok Vaswani, CEO, Barclays UK, Mr. Saurabh Tripathi, Senior Partner and Director of The Boston Consulting Group, Mr V Vaidyanathan, Founder & Executive Chairman, Capital First and Swarup Choudhury, Transformational Leader, Senior Advisor and [Angel Investor](https://www.financedigest.com/mark-lyttleton-what-is-an-angel-investor.html "Mark Lyttleton: What Is an Angel Investor?") – Financial Services and Banking ![(From Left to Right): Mr. Saurabh Tripathi, Senior Partner and Director of The Boston Consulting Group, Mr. Ashok Vaswani, CEO, Barclays UK, Ms. Latha Venkatesh, Executive Editor, CNBC-TV18, Mr. V Vaidyanathan, Founder & Executive Chairman, Capital First Limited, Mr. Swarup Choudhury, Senior Advisor, multiple international companies.](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2-1736843314901-compressed.jpg) (From Left to Right): Mr. Saurabh Tripathi, Senior Partner and Director of The Boston Consulting Group, Mr. Ashok Vaswani, CEO, Barclays UK, Ms. Latha Venkatesh, Executive Editor, CNBC-TV18, Mr. V Vaidyanathan, Founder & [Executive Chairman](https://www.financedigest.com/wagamama-owner-restaurant-group-names-former-cadbury-executive-ken-hanna-chairman.html "Wagamama-owner Restaurant Group names former Cadbury executive Ken Hanna chairman"), Capital First Limited, Mr. Swarup Choudhury, Senior Advisor, multiple international companies. --- This blog is powered by Superblog. 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