OTP Bank, one of the leading banking groups in Central and Eastern Europe chooses eMACH.ai based complete Digital Core and Lending platform to transform their banking experience
OTP Bank will implement iGCB's Intellect Digital Core and Lending to elevate the banking experience for their Retail & SME customers
BUDAPEST, Hungary, Dec. 8, 2023 /PRNewswire/ -- OTP Bank has chosen Intellect Digital Core (IDC) core banking system by Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena Limited to power its banking experience. The contract was signed by OTP Bank represented by Péter Csányi, Deputy CEO, Chief Digital Officer of OTP Bank and András Becsei Deputy CEO for Retail, and Rajesh Saxena, the CEO of Intellect Global Consumer Banking, Intellect Design Arena today further to the cooperation agreement signed in May 2023.
OTP Group is one of the largest independent financial service providers in the Central Eastern European region. It is present in 12 countries with 17 million clients, more than 41,000 employees, and total assets exceeding EUR 100 billion. OTP Group is the 4th most stable banking group in Europe, based on the European Banking Authority's stress test in 2023.
Cloud-based technology and neo-banking functional challenges require a new approach from financial sector players. Flexibility, scalability and high availability are now fundamental requirements for IT solutions. IDC and the lending platform built on eMACH.ai (Events-driven. Microservices-based, API-enabled, Cloud Native, Headless with underlying AI models) are the most comprehensive Open Finance enabled core banking solution and lending platform globally. The offering will help OTP Bank to:
- Launch innovative products and features through the composable architecture based platform, giving access to ready microservices, packaged business components and events.
- Offer curated experience and increase addressable market with a country-ready marketplace leveraging APIs.
- Improve the efficiency of the Bank's employees through Workflow-based processes and Rule-based Engines built across products.
- Accelerate growth through the cloud-native platform.
Commenting on the partnership, Peter Csányi, Deputy CEO, Chief Digital Officer of OTP Bank said, "Customer is at the heart of everything we do at OTP Bank. We saw similar synergies with iGCB and we believe that the flexibility of the core banking system may enable us to create sustainable, personalised banking experiences suitable with the diversified needs of our customers. We look forward to beginning a new era in banking with iGCB."
Rajesh Saxena, CEO, Global Consumer Banking (iGCB), Intellect Design Arena, says, "At iGCB, we believe in comprehending the customers' psyche and empowering them with exponential technologies to go beyond the expected. In line with our strategic roadmap, we unveiled IDC, the world's most comprehensive open finance-enabled core banking system, last year for Europe. This technology partnership with the largest bank in Hungary - OTP Bank for IDC reaffirms our focus on being 'customer first'. We continue to invest significantly in strengthening our eMACH.ai platform, building regional delivery models and investing in local talent, to deliver a future resilient, scalable, secure banking experience for the CEE region."
Starting today, Intellect platforms will be implemented in parallel in two members of OTP Group: OTP Bank and its subsidiary in Bulgaria, DSK Bank.
About OTP Group
OTP Group is the fastest growing and one of the leading banking groups in the Central and Eastern European region, with outstanding profitability and a stable capital and liquidity position: OTP Group is the 4th most stable banking group in Europe, according to the European Banking Authority's stress test in 2023. With total assets exceeding EUR 100 billion, more than 41,000 employees in now 12 countries of the CEE and Central Asian region, the Group provides universal financial services to 17 million customers. As the most active consolidator in the banking sector of the Central and Eastern European region, the Group has successfully acquired and integrated 23 banks since the early 2000s. Currently, the Bank is a market leader in Hungary, Bulgaria, Serbia, Montenegro, and in Slovenia. OTP Group is headquartered in Hungary and has a diversified and transparent ownership structure. The Banking Group has been listed on the Budapest Stock Exchange since 1995. For more information, visit https://www.otpgroup.info/home.
About Intellect Global Consumer Banking (iGCB)
iGCB, the Retail and Central Banking Solutions arm of Intellect, offers an end-to-end Contextual Banking suite for retail and corporate banking across Core Banking, Lending, Cards, Digital Banking, and Central Banking. Its unique blend of integrated functionality and agility is made possible by its Microservices-based, API-first, cloud-native architecture with powerful integration capabilities. iGCB brings to the table a deep knowledge of the developed and developing financial market space and seeks to be the Innovation Partner for those who are passionate about transforming the future of fintech!
www.igcb.com
About Intellect Design Arena
Intellect Design Arena Ltd. has the world's largest cloud-native, API-led microservices-based multiproduct FinTech platform for Global leaders in Banking, Wealth Management, Insurance, and Capital Markets. It offers a full spectrum of banking and wealth technology products through its three lines of business – IntellectAI, Global Consumer Banking and Global Transaction Banking. With over 30 years of deep domain expertise, Intellect is the brand that progressive financial institutions rely on for digital transformation initiatives.
Intellect pioneered Design Thinking to create cutting-edge products and solutions for banking and insurance, with design being the company's key differentiator in enabling digital transformation. FinTech 8012, the world's first design center for financial technology, reflects Intellect's commitment to continuous and impactful innovation, addressing the growing need for digital transformation. Intellect serves over 270 customers through offices in 57 countries and with a diverse workforce of solution architects, and domain and technology experts in major global financial hubs around the world. For further information on the organisation and its solutions, please visit www.intellectdesign.com
For Media related info, please contact:
Nachu Nagappan
Intellect Design Arena Ltd
Mob: +91 89396 19676
Email: nachu.nagappan@intellectdesign.com
For Investor related info, please contact:
Praveen Malik
Intellect Design Arena Limited
Mob: +91 89397 82837
Email: Praveen.malik@intellectdesign.com
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