Name: iGTB at Sibos 2023 – How banks can keep up with shifting customer demands
Uploaded: 2023-11-02T14:43:06.683Z
Duration: 409.07
Description: At the Sibos 2023 conference in Toronto, FinTech Futures sat down with Manish Maakan, CEO of Intellect Global Transaction Banking (iGTB), to discuss what the company calls “the consumerisation of commercial banking” and how financial institutions should be looking to adapt their strategies and upgrade their tech to meet the shifting demands of customers.

15-Manish Maakan.mp4

15-Manish Maakan.vtt

ENGLISH

{{00:00:05}}
This is FinTech Futures at Sibos and I'm
joined by Manish Maakan, CEO of IGTB.

{{00:00:11}}
Manish, thank you so much
for taking the time out.

{{00:00:12}}
Pleasure to be here.

{{00:00:13}}
Excellent.

{{00:00:14}}
Just to get started, I'd like
to give us a quick introduction

{{00:00:16}}
to yourself and the company.

{{00:00:17}}
Hi, my name is Manish Maakan
and I'm CEO for Intellect Global

{{00:00:20}}
Transaction Banking Division.

{{00:00:23}}
We focused on providing solutions to
commercial and corporate banking to

{{00:00:27}}
solve their transaction banking needs.

{{00:00:29}}
And we've been in this business
for the last 30 years and we

{{00:00:33}}
currently have about 105 customers
leveraging our infrastructure

{{00:00:37}}
and technology across the world.

{{00:00:39}}
Excellent.

{{00:00:40}}
Thank you again so much for taking
the time out to speak with us.

{{00:00:43}}
iGTB says its mission is the
consumerization of commercial banking.

{{00:00:47}}
Can you tell us a bit more about the
core tenets then of that philosophy?

{{00:00:49}}
So if you look at the effect of
consumerization, each one of us as a

{{00:00:54}}
retail consumer have always had that
instant gratification on anything

{{00:00:58}}
we wanted to do, there's a sense of
emergency in what we want to do, we get

{{00:01:02}}
experiences as connected user journeys
these are things not available to a

{{00:01:06}}
corporate or a commercial bank from that,
users of corporate and commercial bank.

{{00:01:11}}
The user journeys.

{{00:01:12}}
are disjointed.

{{00:01:13}}
We live in a world which is T plus one.

{{00:01:15}}
There's real time payments
which is just really coming in.

{{00:01:18}}
It's still not available on of that.

{{00:01:19}}
As we looked at these challenges in
the marketplace with islands of data,

{{00:01:24}}
and now data becoming so prominent, but
it was distributed in islands of data.

{{00:01:30}}
That's where we came up with
this theme and purpose for

{{00:01:32}}
consumerization of commercial banking.

{{00:01:34}}
What retail banking was getting,
why is commercial banking,

{{00:01:37}}
corporate banking customers not
getting that same capabilities?

{{00:01:40}}
So we looked at this and we looked
at the technology aspects of it

{{00:01:43}}
and we said, what is required?

{{00:01:45}}
Is the composability of the
solution, is the contextuality and

{{00:01:48}}
hyperscale and secure solutions?

{{00:01:51}}
So we married the two aspects
of it and that's where we've

{{00:01:54}}
invested on a cloud native.

{{00:01:56}}
platform, and we define the
technology architecture blueprint

{{00:02:00}}
for it which, which, lives the
principles of what we call an EMAC.

{{00:02:05}}
AI, which is an event driven
infrastructure, which is

{{00:02:08}}
microservices API first, cloud
native, headless, and has embedded AI.

{{00:02:13}}
With that as a foundation.

{{00:02:15}}
We started this journey on
consumerization of commercial banking.

{{00:02:19}}
We're seeing a very good strong acceptance
from the corporate world on this.

{{00:02:25}}
And we're also seeing good
industry analysts talk about

{{00:02:29}}
it, that these are the needs.

{{00:02:30}}
So we find it's a right
marriage in the right direction.

{{00:02:33}}
Excellent.

{{00:02:33}}
You've touched on a few things there,
but how would you say commercial banking

{{00:02:36}}
has evolved in over the last few years?

{{00:02:38}}
I think If you look at the
transaction volume on commercial

{{00:02:41}}
banking is continuing to grow.

{{00:02:43}}
The payments volumes across markets
are consistently growing, which

{{00:02:47}}
is creating its own challenges and
needs from each of the customer.

{{00:02:51}}
So that's the area we are focused
on helping the banks to work upon.

{{00:02:56}}
Excellent.

{{00:02:56}}


{{00:02:56}}
And what kind of challenges do
you think banks face at the moment

{{00:02:59}}
when it comes to meeting, shifting
consumer demands, especially when it

{{00:03:02}}
comes to new technologies coming out
all the time and new competitors?

{{00:03:04}}
Yeah, that's a good question.

{{00:03:06}}
It's like I spoke of disjointed user
journeys and disjointed islands of data.

{{00:03:11}}
You're not able to guarantee
an experience to a customer.

{{00:03:15}}
Plus, once you've got so much
data over there, you're not

{{00:03:18}}
able to get insights of that.

{{00:03:20}}
And that's where we're right
now currently investing on.

{{00:03:23}}
We've launched IGTB Copilot along
with Microsoft, which looks at all

{{00:03:26}}
the data insights and helps each of
the role holders of Whoever is in the

{{00:03:31}}
transaction banking to get assisted
user journeys and they're able to

{{00:03:35}}
deliver better from that perspective.

{{00:03:37}}
Excellent.

{{00:03:38}}
And how should banks be looking to adapt
their strategies and what technologies

{{00:03:41}}
should they be looking into when
it comes to this to keep up really?

{{00:03:44}}
I think like I said The base religion
I want to almost say for technology is

{{00:03:49}}
first look at the architecture blueprint.

{{00:03:52}}
Does your architecture blueprint
comply to an events driven,

{{00:03:56}}
microservices first, API first,
cloud native, headless architecture?

{{00:04:00}}
And have you designed for an
embedded AI infrastructure on this?

{{00:04:04}}
You've got the architecture
right, the technologies can come

{{00:04:07}}
in, the new ones will come in.

{{00:04:08}}
Adapting, then you will look at
technologies which adapt to these

{{00:04:11}}
architectures and you go on.

{{00:04:13}}
That keeps the longevity of your
investments, what you are making in.

{{00:04:17}}
So that's where we've invested first on
the architecture, then on technology,

{{00:04:21}}
and now currently on embedded AI in
the whole space to help the banks.

{{00:04:25}}
to do better on this corporate
commercial banking space.

{{00:04:28}}
Just off the back of that as well
what are the key services that

{{00:04:31}}
you think banks should be offering
them to make sure that they remain

{{00:04:33}}
competitive in this environment?

{{00:04:36}}
See getting, leveraging data insights at
every level it's, about islands of data.

{{00:04:42}}
How do you get in meaningful
insights out of it?

{{00:04:44}}
And that's how the experience
and connected user journey,

{{00:04:48}}
that's how the end corporate
consumer experiences can improve.

{{00:04:52}}
Look at the large global
banks from one aspect of it.

{{00:04:56}}
They're all focused on
their home domestic market.

{{00:04:59}}
It's got a lot of...

{{00:05:01}}
I don't want to use maybe
legacy infrastructure.

{{00:05:04}}
It's been an infrastructure
which has been built over years.

{{00:05:07}}
Keeping the, it's very expensive to
keep up to date to that and throwing

{{00:05:11}}
it away is also not an easy option.

{{00:05:13}}
I'm seeing a very interesting
pattern where large banks are

{{00:05:17}}
back to saying In the emerging
markets, that's an opportunity

{{00:05:20}}
for us to put new technology in.

{{00:05:23}}
Typically, you never get a chance
to support those as your global

{{00:05:25}}
reach is expanding because your
domestic market takes over.

{{00:05:30}}
We're winning a lot of mandates
where the global banks first are

{{00:05:33}}
going to the international market,
then they come close to the home

{{00:05:36}}
market, and then they bring the
infrastructure close to the home market.

{{00:05:39}}
That's a solution which is less expensive.

{{00:05:42}}
Gets you opportunity to try, adapt new
technologies, take the fear out of it,

{{00:05:46}}
scale it up, and bring it to home market.

{{00:05:49}}
Now that's a winning trick right
now I'm seeing in a lot of banks.

{{00:05:53}}
Excellent, And just to quickly
finish off, I mean you mentioned

{{00:05:55}}
the EMAC AR as well earlier.

{{00:05:57}}
Can you tell us a little
bit more about that?

{{00:05:58}}
Have you got anything else
in the pipeline as well?

{{00:06:00}}
No, so that's the architecture blueprint.

{{00:06:02}}
We are building everything what we do.

{{00:06:05}}
is built on top of it and we're
off, this also offers a capability

{{00:06:09}}
for banks to actually what we
call create signature solutions.

{{00:06:12}}
It's the composability, the architecture
offers you the composability.

{{00:06:16}}
I'm look, I've got investments in this
four blocks which are working very well.

{{00:06:21}}
These two blocks are incremental
what I have required.

{{00:06:23}}
emac.

{{00:06:24}}
ai helps you.

{{00:06:25}}
to add those two blocks into
the architecture and then extend

{{00:06:29}}
these out to do any other things.

{{00:06:31}}
So that's from an architecture
helps you win always and keeps

{{00:06:35}}
your investments longevity higher.

{{00:06:37}}
Excellent Thank you so much for taking
the time out to speak to me, Manish.

{{00:06:40}}
It's been a pleasure.

{{00:06:40}}
No, pleasure.

{{00:06:41}}
Thank you very much for having me.

{{00:06:42}}
Thank you.

This is FinTech Futures at Sibos and I'm
joined by Manish Maakan, CEO of IGTB.

Manish, thank you so much
for taking the time out.

Just to get started, I'd like
to give us a quick introduction

Hi, my name is Manish Maakan
and I'm CEO for Intellect Global

We focused on providing solutions to
commercial and corporate banking to

And we've been in this business
for the last 30 years and we

currently have about 105 customers
leveraging our infrastructure

Thank you again so much for taking
the time out to speak with us.

iGTB says its mission is the
consumerization of commercial banking.

Can you tell us a bit more about the
core tenets then of that philosophy?

So if you look at the effect of
consumerization, each one of us as a

retail consumer have always had that
instant gratification on anything

we wanted to do, there's a sense of
emergency in what we want to do, we get

experiences as connected user journeys
these are things not available to a

corporate or a commercial bank from that,
users of corporate and commercial bank.

There's real time payments
which is just really coming in.

As we looked at these challenges in
the marketplace with islands of data,

and now data becoming so prominent, but
it was distributed in islands of data.

That's where we came up with
this theme and purpose for

What retail banking was getting,
why is commercial banking,

corporate banking customers not
getting that same capabilities?

So we looked at this and we looked
at the technology aspects of it

Is the composability of the
solution, is the contextuality and

So we married the two aspects
of it and that's where we've

platform, and we define the
technology architecture blueprint

for it which, which, lives the
principles of what we call an EMAC.

AI, which is an event driven
infrastructure, which is

microservices API first, cloud
native, headless, and has embedded AI.

We started this journey on
consumerization of commercial banking.

We're seeing a very good strong acceptance
from the corporate world on this.

And we're also seeing good
industry analysts talk about

So we find it's a right
marriage in the right direction.

You've touched on a few things there,
but how would you say commercial banking

I think If you look at the
transaction volume on commercial

The payments volumes across markets
are consistently growing, which

is creating its own challenges and
needs from each of the customer.

So that's the area we are focused
on helping the banks to work upon.

And what kind of challenges do
you think banks face at the moment

when it comes to meeting, shifting
consumer demands, especially when it

comes to new technologies coming out
all the time and new competitors?

It's like I spoke of disjointed user
journeys and disjointed islands of data.

You're not able to guarantee
an experience to a customer.

Plus, once you've got so much
data over there, you're not

And that's where we're right
now currently investing on.

We've launched IGTB Copilot along
with Microsoft, which looks at all

the data insights and helps each of
the role holders of Whoever is in the

transaction banking to get assisted
user journeys and they're able to

And how should banks be looking to adapt
their strategies and what technologies

should they be looking into when
it comes to this to keep up really?

I think like I said The base religion
I want to almost say for technology is

first look at the architecture blueprint.

Does your architecture blueprint
comply to an events driven,

microservices first, API first,
cloud native, headless architecture?

And have you designed for an
embedded AI infrastructure on this?

You've got the architecture
right, the technologies can come

Adapting, then you will look at
technologies which adapt to these

That keeps the longevity of your
investments, what you are making in.

So that's where we've invested first on
the architecture, then on technology,

and now currently on embedded AI in
the whole space to help the banks.

to do better on this corporate
commercial banking space.

Just off the back of that as well
what are the key services that

you think banks should be offering
them to make sure that they remain

See getting, leveraging data insights at
every level it's, about islands of data.

How do you get in meaningful
insights out of it?

And that's how the experience
and connected user journey,

that's how the end corporate
consumer experiences can improve.

Look at the large global
banks from one aspect of it.

They're all focused on
their home domestic market.

I don't want to use maybe
legacy infrastructure.

It's been an infrastructure
which has been built over years.

FinTech Futures

Expert Insight

At the Sibos 2023 conference in Toronto, FinTech Futures sat down with Manish Maakan, CEO of Intellect Global Transaction Banking (iGTB), to discuss what the company calls “the consumerisation of commercial banking” and how financial institutions should be looking to adapt their strategies and upgrade their tech to meet the shifting demands of customers.