Phillips Consulting Limited Partners with Intellect Design Arena to Revolutionize Banking in Nigeria.
Phillips Consulting Limited (PCL), a leading management consulting practice serving clients across Africa has partnered with Intellect Design Arena Limited to develop and jointly implement a new digital banking platform called Intellect Digital Core Banking Solution to Nigeria for the first time. The formidable force recently implemented the first “Intellect Digital Core Banking Solution” in Nigeria for Nova Merchant Bank.
Phillips Consulting collaborated with Intellect Design Arena Limited, a global leading company that offers services in Financial Technology for Banking, Insurance and other Financial Services. This collaborative banking solution will no doubt revolutionize the Nigerian banking industry.
The new digital banking Solution, Intellect Design Arena Core (CBX), was developed to accelerate the digital banking and channel transformation journey of Banks the solution comes with a Digital 360 proposition with an inbuilt design for both Digital Outside and Digital inside. Digital Outside ensures True Omni channel and consistency of customer experience at all touch points while Digital Inside drives operational excellence. Flexible and scalable the intellect platform is build around customer experience.
This new digital banking solution was developed to accelerate the digital banking and channel transformation journey of Nigerian banks. Nova Bank, a newly licensed merchant bank with a focus on wholesale and investment banking, is the first in the country to adopt this innovative technology.
Building local capacity, this joint partnership allows Phillips consulting’s own Tech Consultants render on-going support to all financial institutions after implementation.
Flexible and scalable, the Intellect Design Arena Core platform is built around the customer experience, with a 360 proposition with inbuilt design for both Digital outside and Digital inside. Digital Outside helps to ensure a consistent customer experience at all touch points while Digital Inside ensures operational excellence.
Mr. Robert Taiwo, Managing Director at Phillips Consulting said “In banking, the digital discourse has shifted from ‘nice to have’, to critical business imperative. Market share will increasingly swing to those banks that can quickly and effectively respond to technology advancements. The ability to grapple with 4.0 technologies such as AI, Big Data, Robotics and Blockchain, will differentiate the leaders from followers. Superior interconnectivity and system integration will enhance customer-centricity and this by default will accelerate first mover advantage.”
Mr. Taiwo advised that technology must not become the end in itself. “Me too” strategies will not be effective. CEOs must therefore drive business aligned digital strategies which speak directly to the operating models and value propositions of their respective organisations”.
Mr. Taiwo added “Our combined PCL and Intellect Design Arena solution will support Nova bank in achieving a key business objective of empowering and enhancing the journey of its customers”.
Commenting on the solution, Senior Partner, Seun Ngonnase said implementing the core banking solution will save time and resources “In today’s world, banks require a single, seamlessly integrated global payments system for domestic and cross-border transactions. This system must eliminate manual tasks and enhance interoperability. Implementing Intellect’s Core Banking platform will save time and money for the bank while providing value-added services to their customers. The whole idea is based on the concept of Contextual Banking; customers should bank in the way they want to and how they want to.”
