Press release from Business Wire India
Source: Polaris Software Lab Limited
Monday, October 25, 2010 08:55 PM IST (03:25 PM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Information technology; Technology
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Intellect™ GUB M180 Addresses Banking Efficiency Challenge
Revolutionary Enterprise Banking Solution with 15 Year in-built Solution Longevity
Chennai, Tamil Nadu, India, Monday, October 25, 2010 -- (Business Wire India) -- Polaris Software Lab Limited (POLS.BO), a leading global Financial Technology company, today announced the launch of IntellectT 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, "We have seen about 4-5 generations of technologies that spawned banking products, each adding 'fat' 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 Intellect™ GUB M180 to set the Financial Technology agenda."
The Business Services Framework approach led to financial technology enabling efficiency at three critical stages:
. Hubs - that integrate and connect information silos, where business rules and workflows are orchestrated and then distributed
. Role-based Workstations - Dealer Workstations, Relationship Manager Workstations, etc vs. the traditional 'functionality-based' application systems
. Customer Business Exchanges (CBXs) - where the end-customer designs personally relevant business services
"Customers need superior technology, functionality, and real time manageability, without compromising on performance and profitability," 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.
Polaris' 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.
IntellectT 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 - London Convergence 2010 in association with The Financial Services Club of London, where Intellect™ GUB M180 was premiered to an audience of 50 leading transacon banking and payments experts. The world's top 6 global banks who are all Polaris IntellectT users, attended the unveiling of Intellect™ GUB M180.
About Polaris Software Lab
Polaris Software Lab (POLS.BO) is a leading Financial Technology company, with its comprehensive portfolio of products, services and consulting. Polaris has a talent strength of over 10,000 solution architects, domain and technology experts. The company owns the largest set of Intellectual Properties in the form of a comprehensive product suite, IntellectTM Global Universal Banking (GUB) 10.0. IntellectTM is the first pure play SOA based application suite for Retail, Corporate, Investment banking and Insurance.
Polaris is headquartered in Chennai and has offices in all global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India, Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New York, Chicago, Fremont, Pittsburgh and Chile. For more information, please visit http://www.polarisFT.com
CONTACT DETAILS
ShaileshDhawla, Polaris Software Lab, +91 9711811460, shailesh.d@polaris.co.in
Dwaipayan Deb, Polaris Software Lab, +91 9962536442, dwaipayan.d@polaris.co.in
KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, IT, TECHNOLOGY
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