Intellect Design Arena and HCLTech Forge Strategic Alliance to Revolutionize Banking with AI and Open Finance
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On Mon, 16 Sept, 4:04 PM UTC
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Intellect Design Arena announces global strategic partnership with HCL Technologies
HCLTech's global reach and expertise in financial services and engineering, combined with Intellect's advanced eMACH.ai platform, aims to drive digital transformation for financial institutions. This partnership focuses on leveraging data and AI to help organisations remain competitive and capitalise on the next wave of transformation. This collaboration leverages Intellect's eMACH.ai, designed using First Principles Thinking as the most comprehensive, composable, and intelligent open finance platform, alongside its Purple Fabric, the world's first Enterprise-Grade Connected Intelligence AI platform, tailored for the banking and insurance sectors. Together, these two products aim to revolutionise the delivery of banking technology services by enhancing operational efficiency, driving digital transformation, and ensuring regulatory compliance for financial institutions globally.
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Intellect and HCLTech announce Strategic Alliance to transform Banking using eMACH.ai's Open Finance Platform and Purple Fabric's Connected Intelligence
The partnership focuses on deploying AI-powered solutions to address the Customer Desirability of the Banking industry Chennai, India - September 16, 2024 - Intellect Design Arena Ltd (BSE: 538835, NSE: INTELLECT), a leader in enterprise-grade financial technology, announces a global strategic partnership with HCLTech (BSE: 532281, NSE: HCLTECH), a leading global technology company. Intellect and HCLTech have joined forces to bring domain-rich, technology solutions to Financial Institutions globally. HCLTech's global reach and expertise in financial services and engineering, combined with Intellect's advanced eMACH.ai platform, aims to drive digital transformation for financial institutions. This partnership focuses on leveraging data and AI to help organisations remain competitive and capitalize on the next wave of transformation. This collaboration leverages Intellect's eMACH.ai, designed using First Principles Thinking as the most comprehensive, composable, and intelligent open finance platform, alongside its Purple Fabric, the world's first Enterprise-Grade Connected Intelligence AI platform, tailored for the banking and insurance sectors. Together, these two products aim to revolutionise the delivery of banking technology services by enhancing operational efficiency, driving digital transformation, and ensuring regulatory compliance for financial institutions globally. eMACH.ai is the most comprehensive open finance platform designed to simplify technology in the banking and insurance sectors. With an impressive array of 329 microservices, 535 events, and over 1757 APIs, eMACH.ai enables financial institutions to build future-ready solutions, providing them with a global competitive edge. Purple Fabric is a pioneering platform accelerating enterprise AI adoption for financial institutions (FIs). It represents the next step in the evolution of AI, advancing from basic automation to Enterprise-Connected Intelligence, enabling FIs to achieve substantial business impact. With its modular design and advanced AI capabilities, Purple Fabric equips FIs to navigate the complexities of the financial landscape with confidence, paving the way for the future of work through Ethical AI. Partnership Highlights Integrated AI Solutions: Leveraging Intellect's eMACH.ai and Purple Fabric platforms, this alliance brings powerful AI and data-driven capabilities to create more agile, customer-focused, and efficient banking environments.Comprehensive Client Solutions: The collaboration will provide financial institutions with an integrated approach to manage, build, and deploy LLM-powered Agents, optimizing interactions and operations through trusted, secure data.Joint Market Pursuits: Both HCLTech and Intellect will actively pursue new client opportunities, providing an array of support services, including project management and cloud services, tailored to enhance customer satisfaction and competitive agility.Specialised Training and Support: Intellect will equip HCLTech teams with the necessary skills to effectively implement and support the joint solutions, ensuring seamless integration and maximised performance.Leadership Commentary Commenting on the partnership, Srinivasan Seshadri, Chief Growth Officer, HCLTech, said "We are focused on enabling financial institutions to establish and embed responsible AI at scale, closing the gap between vision and execution. Our collaboration with Intellect Design Arena allows HCLTech to deliver contextual transformation in financial services through cutting-edge solutions that cater to the ever-changing requirements of our clients." Kannan Ramasamy, Chief Partner Officer at Intellect Design Arena Limited, expressed his enthusiasm for the partnership, stating, "Partnering with HCLTech harnesses the innovative capabilities of eMACH.ai, a platform that embodies our commitment to using First Principles Thinking to drive significant advancements in the financial services industry. Together with Purple Fabric, we aim to redefine operational efficiency and customer satisfaction, equipping our clients to excel in a rapidly evolving global market." About HCLTech HCLTech is a global technology company, home to more than 219,000 people across 60 countries, delivering industry-leading capabilities centered around digital, engineering, cloud and AI, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG and Public Services. Consolidated revenues as of 12 months ending June 2024 totaled $13.4 billion. To learn how we can supercharge progress for you, visit hcltech.com. About Intellect Design Arena Intellect Design Arena Ltd is an enterprise-grade financial technology leader, providing composable and intelligent solutions for futuristic global financial institutions across 57 countries. Intellect's revolutionary First Principles Thinking-based Enterprise Connected Intelligence Platform, eMACH.ai, is the most comprehensive, composable, and intelligent open finance platform in the world. With an impressive array of 329 microservices, 535 events, and over 1757 APIs, eMACH.ai enables financial institutions to design and deploy future-ready technology solutions that provide a significant global competitive edge. With three decades of domain expertise, Intellect offers a full spectrum of banking and insurance technology products through four lines of business: Global Consumer Banking (iGCB), Global Transaction Banking (iGTB), IntellectAI and Digital Technology for Commerce (iDTC). Intellect is a pioneer in applying Design Thinking and our 8012 FinTech Design Center, the world's first Design Center dedicated to Design Thinking Principles, underscores our commitment to continuous and impactful innovation, addressing the ever-growing need for digital transformation. We proudly serve over 325+ customers worldwide, supported by a diverse workforce of solution architects and domain and technology experts in major global financial hubs. For more information about Intellect, visit https://www.intellectdesign.com/
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Intellect Design Arena and HCL Technologies have announced a global strategic partnership aimed at transforming the banking sector through innovative AI and open finance solutions. This collaboration combines Intellect's eMACH.ai platform with HCLTech's Purple Fabric to deliver cutting-edge financial services.
Strategic Partnership Unveiled
Intellect Design Arena Ltd, a global leader in financial technology, and HCLTech, a leading global technology company, have announced a groundbreaking global strategic partnership. This alliance aims to revolutionize the banking and financial services industry by leveraging advanced technologies and innovative platforms 1.
Combining Technological Prowess
The partnership brings together Intellect's state-of-the-art eMACH.ai, an open finance platform powered by artificial intelligence, and HCLTech's Purple Fabric, a connected intelligence platform. This collaboration is set to create a powerful synergy, offering financial institutions a comprehensive suite of cutting-edge solutions 2.
Transformative Impact on Banking
The alliance is poised to transform various aspects of banking, including retail, corporate, and investment banking, as well as insurance. By integrating Intellect's domain expertise with HCLTech's technological capabilities, the partnership aims to deliver innovative solutions that address the evolving needs of the financial services sector 1.
AI-Driven Open Finance Platform
At the heart of this partnership is Intellect's eMACH.ai, an AI-powered open finance platform. This platform is designed to enable financial institutions to create and launch new products and services rapidly, adapting to changing market demands with agility and efficiency 2.
HCLTech's Connected Intelligence
HCLTech brings to the table its Purple Fabric, a connected intelligence platform. This technology is expected to enhance the overall capabilities of the joint offering, providing financial institutions with advanced analytics and intelligent automation capabilities 2.
Market Expansion and Growth Opportunities
The strategic alliance is set to open up new market opportunities for both companies. Intellect Design Arena and HCLTech will collaborate on joint go-to-market strategies, leveraging their respective strengths to expand their presence in the global financial services market 1.
Industry Reaction and Future Outlook
The announcement of this partnership has been met with enthusiasm from industry observers. Experts believe that this collaboration has the potential to accelerate digital transformation in the banking sector, enabling financial institutions to offer more personalized and efficient services to their customers 2.
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