HDFC Bank goes for Intellect Digital Core to transform core banking operations

HDFC Bank CEO/GM Nimal Mamaduwa exchanges the copies of the signed MoU with K. Srinivasan, EVP and Geography Head, Indian Subcontinent, Middle East and Africa (IMEA), Intellect Design Arena Ltd. HDFC Chief Information Officer/DGM W.M.A. Bandara, Dimple Gunawardana - Vice President, Product Specialist IMEA, Priyanga Gunasekera – Managing Director VSIS, Presanna Wijeratna – Director, VSIS and  Dilshan Rodrigo - Country Manager - Sri Lanka, Intellect Design Arena Ltd. are also present

HDFC Bank has chosen Intellect Design Arena Ltd., a Polaris Group company, the world’s first full-spectrum banking and insurance products company for the digital age, to transform its core banking operations through Intellect’s Digital Core (Core Banking Solution).  

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 the bank become the principal bank of every customer by redefining customer experience. 

Intellect’s flagship CBS is a functionally-rich solution customised for HDFC Bank, 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. 

Intellect will implement for HDFC Bank the 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 standardised and streamlined origination process.

This solution will provide, along with key benefits such as function-rich solution architecture and unmatched operational efficiency, technology that supports best practices and international standards, 

HDFC Bank CEO and GM Nimal B. Mamaduwa 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.”

EVP & Geography Head, Indian Subcontinent, Middle East, and Africa (IMEA), Intellect Design Arena Ltd., K. Srinivasan 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 solutions and good clientele in Sri Lanka, we are committed and confident of making this engagement successful.”

VSIS, a leading systems integrator in Sri Lanka, Managing Director Priyanga Gunasekera said: “We have been working successfully with Intellect for a few years now and we are truly honoured 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.