technically and from a price perspective. He also added that the vendor had strong reference sites across the country, including Mekong Housing Bank, Saigon Hanoi Bank and Vietcombank.


The implementation started in late 2010 with a full


requirements analysis with teams from the vendor and bank, followed by customisation and development. There was then a full round of UAT, with a pilot phase towards the end of 2013. After the pilot branches had launched, a full migration occurred in February 2014.


Intellect primarily supports VBSP’s lending products (it


offers a range of loans to disadvantaged communities for areas such as housing and infrastructure), with other services such as trade finance and treasury viewed as ‘something we might invest in in the future’, said Te. VBSP was now planning to upgrade its hardware platforms, to cope with the increased performance of the new system and the expected uplift in transaction volumes. Te added that the bank hoped to be able to continue to work with the vendor on new enhancements and expansion, but there were strict procurement rules which must be adhered to for all IT projects in Vietnam. Te felt that the new system would give the bank greater clarity and operational improvements. ‘Because it is a centralised system, rather than a distributive system like before, it supports the bank to manage all the business requirements and ensure the security of data as well as providing information for the management to make decisions much better than the previous system.’ He remarked that overall the project had been successful, ‘especially compared to some other projects in Vietnam’. Elsewhere, in early 2015, Development Bank of the Philippines (DBP) concluded its core system selection process in favour of the vendor. The implementation was to be carried out with local partner, Kaisa Consulting, and would see the full replacement of the Misys Equation system. DBP allocated a budget of $6.5 million for the project. The scope included deposits, loans and general ledger. The Intellect Suite was selected on the basis of a technical scoring and price comparison process, pipping FPT at the final stage. On the technical scoring side, Polaris scored a total of 83.01 per cent, whilst FPT’s proposal achieved 81.9 per cent. In early 2014, Polaris unveiled reorganisation and


restructuring plans. Following regulatory and shareholder approvals, the company would be split into two entities, one of which, dubbed Intellect Design Arena, would house the products, and the other, Polaris Financial Technology, would take on the services side of the business, including working with other third party banking system suppliers. Intellect Design Arena comprises four business lines: global universal


banking, risk and treasury management, global transaction banking, and insurance. It features 22 products and was predicted to generate revenues of around $85 million annually. Polaris Financial Technology was expected to generate annual revenues of around $330 million. For the year-ended 31st March 2014, the services


business grew 18 per cent and constituted 79 per cent of consolidated revenues, while the product business grew 14 per cent. However, all of the profit was from the former. The services business had profits for the year of Rs Crore 312.66 (Rs Crore 66.22 in FYE 2013) whereas the product business had a loss of Rs Crore 17.09 (compared with a loss of Rs Crore 20.26 in FYE 2013). 47 per cent of the latter’s revenues were from the Americas and Europe. A management statement was released in February 2014: ‘The restructuring exercise has been misconstrued by a certain section of stakeholders with repeated mention of possible sale. Despite the company clarifications, these rumours continue to surface, impacting customer relationships, distracting management and employees. Polaris is not for sale. The company is poised to leverage its rich assets in banking and technology to accelerate growth of its two distinct businesses – Products (Intellect) business and IT Services business.’ The product business continued to grow in the year ending 2015 with the company reporting the revenues of Rs 609 Crore a year on year growth of 14%. The company continued to invest in partnerships to improve the scope of their products. One such partnership was with OutsideIQ which was expected to bring in bring better risk analysis to insurance product Intellect SEEC. May 2015 brought in a new client deal with HDFC Bank of Sri Lanka selecting the Intellect’s Digital Core (Core Banking Solution) for its core banking operations in the region in a one-year project. It will replace a 20-year- old in-house developed solution. Infosys and Sungard were also considered, but lost out to Intellect.. The supplier said that this was their fifth deal in the Sri Lankan market. Egypts major banking player, Commercial International Bank (CIB), also went live with a new custody system supplied by Intellect design arena. Intellect Custody was installed in six months, and covers the entire custodial functionality at CIB. The year also brought about another win for the supplier at India based IDFC Bank which took on board the Intellect’s Global Transaction Banking (iGTB) solution suite. The supplier claimed the full implementation was completed in five months with the solution going live in October 2015. The year also saw a deal for Intellect in Malaysia where Hong Leong Bank Berhad (HLBB) selected the Intellect Global Transaction Banking product to overhaul its wholesale banking business. The implementation was expected to include the omnichannel


Universal Banking Systems Market Report | www.ibsintelligence.com 237


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