Where business outcomes are delivered via relevant and future-ready tech solutions…
Here, Business Connect got the opportunity to connect with the MD and CEO of IDBI Intech- Surajit Roy. We happened to arrange a freewheeling conversation with the luminary driven by our curiosity to get to know about the company and its overall business portfolio. In the overall session, we came across some phenomenal insights and ‘food for thought’ that we believe will fuel the motivational spirit within our global readership. Below are the glimpses of the exclusive interview-
BUSINESS CONNECT: AS ONE OF THE LEADING PLAYERS IN THE DIGITAL TRANSFORMATION OF THE BANKING AND FINANCE SECTOR, IDBI INTECH NEEDS NO INTRODUCTION AT ALL. PLEASE COMMENT ON ITS PHENOMENAL JOURNEY TO THE PRESENT DATE SINCE ITS INCEPTION.
Surajit Roy: IDBI Intech Ltd is a Technology-led Digital Business Transformation Organization in the Banking & Financial Services Domain. Our incredible journey began decades back as a subsidiary IT company of IDBI Bank. Since then, our Business Portfolio has grown to include products and services across a wide Spectrum touching upon Customer Journeys, Customer Experience, Financial Crime, Payments & Regulatory Compliance, eGovernance and Enterprise Risk Management.
Our products complemented by our Integrated Digital Transformation Services portfolio help Organizations transform into a Digital Enterprise Leveraging Disruptive Technologies and ensuring Consistent relevance and also being ahead of the competition curve. A sound speed-to-value strategy with an agile, innovation-oriented startup mindset. Our work culture helps maintain a balance in terms of technological innovation, employee satisfaction and creating business value. Our differentiators are our core values of integrity, intelligence and ingenuity. These define our customer value creation and help us create digital transformations and customer satisfaction.
Some of our key offerings, globally, are in the domain of :
• Combating Financial Crime/Anti-Money Laundering
• Payment Reconciliation and Settlement:
• Corporate Liquidity Management
• Sentiment Analytics – AI-backed Customer intelligence
• Enterprise Risk Management
• API Banking, Webservices
• Blockchain and RPA for seamless processes
BUSINESS CONNECT: KINDLY WALK US THROUGH YOUR DISRUPTIVE TECHNOLOGIES THAT HAVE BEEN DRIVEN BY INNOVATION, AGILITY AND A START-UP APPROACH.
Surajit Roy: Intech aims to be in the leader’s quadrant as a technology-led business transformation organization. Our products are built using open-source and have insightful analytics with Artificial Intelligence and Machine Learning, API Banking & web services and Blockchain technologies for process reconciliations & online KYC for Customer Onboarding and Robotic Process Automation.
IDBI Intech has earned customer trust and conviction in providing transformational digital solutions for Combatting Financial Crimes i.e. Anti Money Laundering, Early Warning Signal, Trade-Based Money Laundering, Real-Time Monitoring systems etc. which are platform agnostic, highly scalable enabling real-time monitoring,
enriched with AI ML. Our Anti Money Laundering system has the capability of processing 18.25 billion transactions annually for a leading Bank with one of the largest customers base.
The rapid evolution of digital transformation has led to the development of an Enterprise Risk Management solution by IDBI Intech for the Banking & Insurance sector built on open source software using Artificial Intelligence and analytics on a cloud database. We also have a digital solution for EnterpriseWide Payments Reconciliation which is PCI DSS certified and is built on AI ML for efficient, error-free transactions reconciliation from multiple payments channels. It has the capability to process 5.5billion transactions with maximum accuracy and precision for another leading Bank.
We have also developed and executed seamlessly several digital products such as the Corporate Liquidity Management System. The is architecture highly scalable, robust, resilient and at the same time offers hybrid functionalities. The functions are supported by intuitive UI/UX providing ease of configuration from the front end, interactive dashboards, and heatmaps enriching the customer experience. Intech has also built Instant Customer Onboarding solutions leading to disruptive business growth for Banking customers, we have launched digital banking on a social media platform for superior customer experience and the innovation story goes on.
BUSINESS CONNECT: BEING A FULLY-OWNED SUBSIDIARY OF IDBI, HOW HAS THE COMPANY MADE JUSTICE TO THE PARENT GROUP’S MISSION, VISION AND BUSINESS GOALS?
Surajit Roy: IDBI Intech being the IT subsidiary of IDBI Bank has maintained the IT platform for the Bank for nearly 2 decades. Intech delivers superior digital journey’s to the Bank for its business growth, and operational excellence with rapid process digitalization to ensure superior customer experience and an increase in customer base. Intech is the IT backbone of the Bank for all its strategic and operational level IT interventions, to name a few, Intech has delivered several digital journeys to the parent Bank viz. digital customer onboarding, social media banking, digital Corporate Liquidity Management/ Government Liquidity Management, Anti Money Laundering and Enterprise wise Payments Reconciliation, Payments middleware and more.
BUSINESS CONNECT: KINDLY WALK US THROUGH YOUR DIVERSE CLIENTELE. ALSO, MENTION YOUR PARTNERSHIPS AND ALLIANCES IF YOU WISH TO HIGHLIGHT THOSE IN THE DRAFT.
Surajit Roy: IDBI Intech is deeply entrenched in the BFSI sector, being a homegrown IT company of IDBI Bank our product line is incubated in a banking environment. Intech works closely with other large public sector and private Banks, Insurance companies and NBFCs. We have strategic alliances with OEMs that enable us to provide value-added services to our customers. We have tied up with global entities that provide database solutions, hardware support, global watch list and automated processes.
BUSINESS CONNECT: ‘THE FRICTIONLESS USER JOURNEY’ IS WHAT YOUR MOTTO STATES IN TERMS OF DELIVERING VALUE TO THE CLIENTELE. PLEASE JUSTIFY THE STATEMENT.
Surajit Roy: IDBI Intech is a global player in technology-led business transformation by integrating disruptive technologies to ensure customer delight and profitable business growth. We build digital solutions to meet evolving needs of the customer, create disruptive business growth, enhance operational excellence and add significant value in their entire lifecycle. Our Innovative Digital outcomes connect user needs, emotions and behaviour with service design, features and strategy with speed which translates into superior business value for the customer.
Our domain experts act as advisors to help our customers envision their solution, help build the product and seamlessly execute it. Our digital products are built to be platform-agnostic, highly scalable, cost-effective and built on new-age open source software and supported by Artificial Intelligence & Machine Learning, web services to enhance decision-making for strategic business areas such as growth, customer experience, regulator & compliance, combatting financial crime and payments etc,
BUSINESS CONNECT: WHAT DIGITAL SOLUTIONS HAVE BEEN INTRODUCED BY YOU IN THE BFSI SECTOR?
Surajit Roy: Our digital solutions have been across a wide range of critical domains in the Financial Services sector. We have the leading products for Combatting Financial Crime (with all Key modules for Anti Money Laundering integrated with a global watchlist, Early Warning signal, Real-Time Monitoring of transactions, Trade-Based Money Laundering etc; Enterprise Risk Management, Fraud Risk Management, Fraud Analytics.
Our Enterprise-wide multi-channel payments reconciliation solution comes with global security certification PCI DSS. Digital customer onboarding, Social media banking, API Banking, Customer Intelligence – an application leveraging AI for customer analytics for product campaigns, Customer cross-selling / Upselling Application to facilitate Analytics to cross-sell /upsell Banking products based on customer segmentation; Automated Regulatory Reporting; customised payments middleware, RPA for digitizing manual processes, Blockchain in payments and many more. Please visit our website for more details and a demo of our product, at www.idbiintech.com
BUSINESS CONNECT: DO YOU BELIEVE R&D IS SIGNIFICANT FOR THE GROWTH OF IDBI INTECH? IF YES, PROVIDE US WITH A BRIEF OF IT.
Surajit Roy: Non-linear business expansion is directly proportional to our out-of-the-box digital product creation. The continuous process of innovation and upgrades of products and services are the key drivers for Intech’s disruptive business growth. Our R&D strategies are aligned with changes in business models of customers, consumer preferences, regulations & compliance needs in the Financial Services sector. Our product and services teams collaborate at speed for the adoption of new technology such as cloud-enabled data platforms; enterprise data management; open and interoperable API-driven architectures; data warehouses, and data storage, to name a few.
We use cloud services to tap into value-added resources to advance our R&D and innovation work, including analytics, and AI/ML services (cloud machine learning). By boosting innovation, the company is experiencing accelerated growth and an energetic & enthusiastic work environment. To promote innovation, IWt is necessary to adopt low-code programs and platforms along with prototyping tools.
Robotic Process Automation is crucial for operational excellence to assist in managing a greater volume of repetitive tasks such as building Machine Learning chatbots for responding to customer queries seamlessly for Banking services. Digital Transformation Enablers are an established mechanism to digitize functional aspects for a seamless workflow. This helps organisations to yield maximum benefit from superior customer experience, and increase customer onboarding thus driving disruptive growth, risk monitoring and management, combatting financial crime etc.
AI-Backed Development – AI is used to enhance the ease and efficiency of development. This assistance in faster development by using AI enables faster innovation and delivery. Ongoing innovation and agile execution speed up the delivery of software changes.
BUSINESS CONNECT: WHAT ARE THE INSIGHTS OF THE LEADERSHIP TEAM INTO TECHNOLOGY AND ITS INCESSANT ADVANCEMENTS?
Surajit Roy: Intech possesses the necessary business, technology and ecosystem expertise to integrate disruptive technologies to transform customers’ digital journeys. The product and services stack is constantly upgraded and made market ready to seamlessly fit into customers’ technology architecture. Making incremental enhancements in the customer’s value chain will boost speed to market with new products and services; increase responsiveness to customer requests; better manage insight-based marketing campaigns and yield highly personalised and relevant products and services to the target audience.
BUSINESS CONNECT: HOW WOULD YOU EVALUATE THE IMPACT SCALE OF IDBI INTECH?
Surajit Roy: IDBI Intech’s positioning on the niche domain-based products & services portfolio caters to key building blocks of a financial services landscape. Intech’s products and services have been creating value in the business lifecycle of our customers, especially in the critical domain of regulatory compliance, Risk, Anti Money Laundering, and Business process digitization for faster customer onboarding and seamless experience in their journeys.
Our repeat business propositions from customers and growing nos. of customers is a testament to the immense value Intech has been creating in the BFSI segment. We have been reinventing our classic business models by bringing something new to the market. We integrate disruptive technologies to stay connected with customers and make sure we are delivering the solutions they want and need. We are investing in state-of-the-art technologies such as AI, ML, Blockchain, API and microservices and delivering products and services which have been felicitated across the BFSI domain.
BUSINESS CONNECT: DOES THE LEADERSHIP TEAM IN THE ORGANISATION BELIEVE IN DIVERSITY AND INCLUSION? IF YES, HOW IS IT FOSTERED HERE?
Surajit Roy: For Intech Diversity and Inclusion is a critical value which is important for business growth, innovations, resilience and adaptability. Ensuring dignity, value for talent, and providing all employees with a level playing field to perform with a free mind, is part of our company culture. This propagates open honest conversations and nurtures creativity & innovation, collaboration and resilience in our system. Our leaders reach out to teams. They also ensure that teams are heard, respected, valued, and retained. We believe a confident and expansive workforce leads to great Customer Service and Delight.
We espouse the virtues of self-awareness and this enables us to see and address bottlenecks. As we provide a diverse, equitable, and inclusive work environment company always has access to a variety of perspectives, skill sets, and experiences. Our employees, as human capital, feel included and engaged and go the extra mile for the organization. This higher engagement has a ripple effect on profitability, innovations, team morale, and retention.
BUSINESS CONNECT: WHAT KIND OF WORK CULTURE EXISTS IN YOUR ORGANIZATION?
Surajit Roy: We have an agile, innovation-driven, startup mindset. Our values of integrity, intelligence and ingenuity are our foundations of collective culture. We believe in upskilling our employees, who are our human capital. We believe in having long-standing relationships with our esteemed customers and also having the trust of our valued employees. We believe in encouraging a positive, dynamic, inclusive and performance-driven work culture to nurture employees, grow them, and build a passionate and committed workforce. We understand the voice of our employees and know what we could do to further create an environment where employees feel fulfilled and heard.
BUSINESS CONNECT: PLEASE HIGHLIGHT THE ACHIEVEMENTS AND ACCOLADES ATTAINED BY THE COMPANY SO FAR?
Surajit Roy: Our Brand and products have been felicitated by various industry platforms. We are happy to make a mention of the same:
- Most Trusted Brand on CNBC TV18 platform for IDBI Intech
- Prestigious Brand by ET Edge
- MD & CEO was Featured in Forbes – Business Icon 2021 and Fortune India – Business Leaders 2021 and CIO View – Most Successful Business Leader to Follow in 2021. He was recognised as Promising Business Leaders of Asia 2020-21 & 2021 -22 by ET Edge and as Inspiring CEO 2021 & 2022 by ET Edge
- ET DataCon Awards 2022 for IDBI Intech
- Recognized Among ET Best Brands Recognized as ET Iconic Brands
- FCBTA Award for i-AML for Best SaaS
- Technoviti Award for iQuick and i-Mobot
- Technoviti Award for Enterprise Risk Management
BUSINESS CONNECT: PLEASE SHINE SOME LIGHT ON THE FUTURE ENDEAVOURS OF THE COMPANY
Surajit Roy: IDBI Intech is a global player in technology-led business transformation by integrating disruptive technologies to ensure customer delight and profitable business growth. We envision our products and services as a catalyst for the digital business transformation of clients. Ours is a continuous improvement and continuous delivery approach for agile execution of new and upgraded products for evolving customer needs.
We also believe in creating future leaders who will act as change agents in the corporate and social milieu in the times to come. As part of this initiative, we have launched Utkarsh, our corporateacademia mentoring programme where our domain and technofunctional experts mentor college students to bridge the gap between industry and academics by training students in the latest technologies and banking system and preparing them to understand the functions, technology and opportunities.
BUSINESS CONNECT: LASTLY, IS THERE A MESSAGE BUSINESS CONNECT: YOU WOULD LIKE TO GIVE TO OUR READERS?
Surajit Roy: We believe that success is to create enablers for others to grow. This thought, having a multiplier effect, is the key to delivering supreme technology-led business outcomes to customers across industries and geographies and establishing good business relationships that are integral to success. Our foundation is strong, which stands high on prioritizing the customers and making them win through robust pillars of innovation, agility, strong work culture and cohesiveness. We believe that the challenges we face today are doors that open to greater opportunities tomorrow.
A DELIGHTED CUSTOMER AND A HAPPY WORKFORCE IS OUR STRENGTH.
(IDBI Intech specialises in Regulatory and Compliance solutions in Financial Crime. Please visit our website for more information www.idbiintech.com)
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