The fastest growing economy in the MENA region is fertile ground for past-compatible, future-proof banking technology. This article describes the perfect blend for scalable digital transformation.
Globally, Egypt ranks 6th in rate of internet penetration. It is the fastest growing economy in the MENA (Middle East and North Africa) region. It is on the cusp of new structural reforms, greater financial flexibility and making inroads into the e-payments world. Individually, these developments are significant but not extraordinary. However, when seen together, they set the stage for digital transformation in the banking sector. The question now is, can technology rise to this challenge?
The answer is yes. Not a conceptual, theoretical ‘yes’, but a practicable, economical and exciting ‘yes’. With over 25 years of exclusive focus on BFSI (we coined ‘BFSI’, by the way), we have built a revolutionary core banking suite called the Intellect Digital Core (IDC) which can give banks the arsenal they need in a post-COVID global economy. We can illustrate the unique strengths of IDC with just four facets.
1. Future-Proof Architecture: IDC microservices based, API-first and cloud native architecture is a game changer. It breaks the one-shoe-fits-all paradigm and brings a level of flexibility to how banks would prefer to drive digital transformation. Instead of a ‘rip and replace’, banks can now transform in a Progile (progressive + agile) manner. That’s not all. With an integrated workflow engine, this architecture enables a high degree of process automation and STP-enabled operations.
2. Unbeatable Breadth of Functionality: This is a single integrated platform with product designer, dynamic segmentation, pricing configurator, cross-sell and up-sell tools. Front-to-back capabilities across retail and corporate, Islamic and conventional segments. Best of breed lending, seamless branch banking, world class treasury and an extremely efficient trade engine. We could go on and on, but end-to-end is the best way to describe IDC functionality.
3. Designed for Digital: In the age of open standards and intuitive UX, the IDC suite can open a world of innovation. Olive Fabric, a revolutionary integration platform enables seamless interactions with third-party service providers as well as internal systems. With a range of DIY tools – from screen designers to report designers and API orchestrators – you can not only create sandboxes of innovation, but also quickly launch them to a waiting market.
4. Assured Implementation Methodology: If we were to describe our methodology in one word, it would be ‘Accountability’. We spare no effort in making sure we implement the vision we share – and this includes seamless tech integration, reduced risk in data migration, dev ops to match the bank’s needs step for step, online e-training for users, all led by dedicated product experts with the leadership team on speed dial.
As far as Intellect is concerned, every strategic move we have made particularly over the past year- whether at a business level or a product level-has been a direct response to the needs of aspirational, innovative banks.
With over 10 clients in Egypt alone, Intellect’s expertise, and IDC’s growing impact in the region are second to none. We look forward to contributing even more to the growth of this vibrant, ambitious economy. The future is here, and IDC is the technology that will usher it in.