Polaris Software Lab Limited (POLS.BO), a leading global Financial Technology company, today announced the launch of IntellectTM Global Universal Banking (GUB) M180, the most comprehensive enterprise banking solution.
With a conservatively estimated over 70 lines of business, and well over 1,500 distinct products to be managed, complexity in banking is here to stay. Varying customer requirements and behaviour patterns, and evolving regulatory frameworks across geographies, present a formidable efficiency challenge to banks. Every discrete product added on to legacy technology adds waste in the system that can jeopardize the entire system over time.
Explaining the compelling context for change, Arun Jain, Chairman & CEO, Polaris Software said, âWe have seen about 4-5 generations of technologies that spawned banking products, each adding âfatâ to a system that is increasingly weighed down by inefficiency. It was about time to address the issue, and as a pioneer and thought leader in the financial technology domain, we created IntellectTM GUB M180 to set the Financial Technology agenda.â
The Business Services Framework approach led to financial technology enabling efficiency at three critical stages:
â¢ Hubs â that integrate and connect information silos, where business rules and workflows are orchestrated and then distributed
â¢ Role-based Workstations â Dealer Workstations, Relationship Manager Workstations, etc vs. the traditional âfunctionality-basedâ application systems
â¢ Customer Business Exchanges (CBXs) â where the end-customer designs personally relevant business services
âCustomers need superior technology, functionality, and real time manageability, without compromising on performance and profitability,â said Govind Singhal, COO, Polaris Software.
Financial Technology must deliver on multiple fronts simultaneously. Rather than slowing renewal activity, the financial crisis has served to accelerate it. While renewal is still high-cost and high-risk, it is also high-reward, because it enables higher agility and efficiency in ways that are transformational for the bank. Enterprise Banking Financial Technology Solutions must be comprehensive. They must provide life cycle assurance and must necessarily emerge from Industrial strength SOA.
Polarisâ investment in Services Oriented Architecture (SOA) technology, and its approach to each banking product as a business service, translated into a fundamental shift in architectural thinking. The new structure provided a blue print for moving from a single monolithic structure to network architecture.
Intellectâ¢ GUB M180 is engineered to provide 15 year in-built solution longevity, with concurrent and subsequent technology upgrades. In a world of product silos and limited functionality, Polaris is unique in its comprehensive lifecycle assurance. Highly rated by analysts and business users, the solution offers the best price-to-performance proposition.
Polaris recently hosted the Financial Technology Leadership Forum â London Convergence 2010 in association with The Financial Services Club of London, where IntellectTM GUB M180 was premiered to an audience of 50 leading transaction banking and payments experts. The worldâs top 6 global banks who are all Polaris Intellectâ¢ users, attended the unveiling of IntellectTM GUB M180.