Intellect Design Arena launches banking technology solution named Intellect Digital Core for cooperative banks

Intellect Design Arena on Wednesday announced it has launched a banking technology solution product called Intellect Digital Core (IDC) for cooperative banks in the Indian market. IDC is composed of eMACH.ai, the world’s largest open finance platform. Shares of the company were trading 0.11% higher on Wednesday.

Intellect Design Arena explained that cooperative banks in India face many hurdles such as limited access to modern financial services, higher competition, and regulatory constraints. With the launch of Intellect Digital Core, the company aims to provide these lenders with enhanced core banking facilities, loan management systems, digital engagement platform, trade finance, and better security.

Intellect Digital Core’s features include an open banking business model, Banking as a Service (BaaS), and bank-in-a-box architecture with a cooperative avatar. The company also claims that banks will be able to increase their scalability, security, and operational efficiency through cloud resources. Ramanan SV, Intellect Design Arena’s chief executive officer in India and South Asia, said the technology is composed of the ‘First Principles’ Technology Suite eMACH.ai, enabling banks to become digital enterprises, thereby driving exponential growth.

“Intellect Digital Core also supports a wide range of regional languages, ensuring the message is accurately conveyed to the target audience,” he noted.

Intellect Design Arena reported a 5.7% year-on-year (YoY) decline in its net profit for the fourth quarter of the financial year 2024 at ₹85.48 crore. The company’s total revenue fell 1.35% to ₹612.14 crore. The earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter declined by 4.35% YoY at ₹136.58 crore.

For FY24, the company’s net profit rose 25% YoY to ₹333.69 crore. The total income for the year grew by 12.25% YoY to ₹2,521 crore. EBITDA for the year rose 22% YoY to ₹548.53 crore. Shares of the company have risen by nearly 8% since the beginning of the year. The stock has gained nearly 60% in the last one year.