Hungary’s OTP Bank taps iGCB for core banking revamp
OTP Bank, a listed retail and corporate bank based in Budapest, Hungary, has selected Intellect Global Consumer Banking (iGCB), the consumer banking arm of Indian banking tech provider Intellect Design Arena, to upgrade its core banking system.
OTP Bank taps iGCB for core banking upgrade
Following on from the pair signing a cooperation agreement back in May, OTP Bank is now using the vendor’s Intellect Digital Core (IDC) offering and its lending platform to power the digital banking experience for its retail and SME customers.
The bank is currently active in 11 countries across the Central and East Europe (CEE) region, including Albania, Bulgaria, Croatia, Hungary, Moldova, Montenegro, Romania, Russia, Serbia, Slovenia and Ukraine, with plans to enter the Uzbekistan market “soon”.
The new core system is also expected to afford OTP Bank’s employees greater efficiencies through the adoption of workflow-based processes and rule-based engines.
The core system will also be implemented by DSK Bank, OTP Bank’s subsidiary in Bulgaria.
Launched in Europe last year, IDC is promoted as “a microservices-based, API-first and cloud-ready product suite”. The system is built on Intellect Design Arena’s open finance platform eMACH.ai, which will afford the bank access to ready microservices and packaged business components.
Peter Csányi, deputy CEO and chief digital officer of OTP Bank, cites “similar synergies with iGCB” as a reason behind its selection of IDC, and says that the system “may enable us to create sustainable, personalised banking experiences”.
