OTP Bank will implement iGCB’s Intellect Digital Core and Lending to elevate the banking experience for their Retail & SME customers
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.
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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.
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