May 12, Chennai: Intellect Design Arena Limited, the world's first full-spectrum banking and insurance products company for the digital age, today announced that HDFC Bank of Sri Lanka, (51 %) government owned Licenses specialized Bank in Sri Lanka has chosen Intellect's Digital Core (Core Banking Solution) to transform its core banking operations in the region.
The solution, packaged with an integrated set of products from the Digital-ready Intellect suite of products, will drive Operational, Technological, Implementation and Support excellence at a very low Total Cost Ownership (TCO) for the Bank. This is Intellect's fifth CBS deal in Sri Lanka and the second deal in the public sector, making Intellect a leading partner of choice for CBS installations in the region.
Intellect Digital Core, based on powerful technology suite, coupled with superior software design, can help banks become the principal bank of every customer by redefining customer experience.
Intellect's flagship CBS is a functionally rich solution customised for HDFC Bank in Sri Lanka replacing the bank's existing legacy system transforming the entire gamut of banking operations. With unmatched operational efficiency the solution will provide all the ingredients and components to enhance operational growth including, user friendly graphical interfaces and standard UIs. It will provide right information at the right time and enable straight through processing. With the best support, best practices and international standards in technology, the CBS is web-enabled; the enterprise-class platform is all JAVA. This ensures reduction in technology obsolescence.
For HDFC Bank, Intellect will implement:
-Intellect Digital Core (Core Banking Solution) ranging from Core Modules - Savings, Deposits, Loans and Advances, General Ledger, Operational Accounts, Leasing, Counter Operations, Remittances, to other more focused modules such as, Pawning, Debentures, Audit Trail and Access Control with Single Sign-on Remittances and Services with Delivery Channels and Interfaces.
-Intellect's Loan Origination System an art workflow based Credit Origination and processing system. It is a one-stop source for originating credit applications across various types of financial products for SME / Corporate / Retail customers, ensuring a single view of the customer and a standardized, streamlined origination process.
Nimal B. Mamaduwa, CEO & GM, HDFC Bank said, "As HDFC Bank adjusts itself to a more demanding and continually changing technology environment and looks forward to a compelling Core Banking Solution, Intellect brings its diverse mission critical implementation experience to this engagement. Ranked a leader in this segment, with a proven track record in delivering scalable, secure and reliable solutions, we do hope this deployment will complement our bank in a cost effective manner and live up to the expectations of our customers."
K Srinivasan, EVP & Geography Head, Indian Subcontinent, Middle East, and Africa (IMEA), Intellect Design Arena Limited, said, "We are very delighted that HDFC has chosen Intellect Digital Core for their transformation agenda. With our domain expertise, strong track record of building world-class solution and good clientele in Sri Lanka, we are committed and confident of making this engagement successful."
Priyanga Gunasekera, Managing Director, VSIS, a leading Systems Integrator in Sri Lanka said, "we have been working successfully with Intellect for a few years now and we are truly honored with the opportunity to serve HDFC."
Intellect Digital Core is a web-enabled feature-rich solution that addresses the critical need for a scalable, flexible, and secure, customer centric core-banking platform. It is a multi-currency, multilingual solution conceived and built with the anytime, anywhere customer in mind. Intellect caters to the entire range of banking solution requirements across various customer segments of a bank; both retail and corporate.
Intellect Design Arena Ltd, a Polaris Group company, is the world's first full spectrum Banking and Insurance technology products company, across global consumer banking (iGCB), Central Banking, Risk & Treasury Management (iRTM), Global Transaction Banking (iGTB) and Insurance (Intellect SEEC).