Intellect Global Transaction Banking (iGTB), a transaction banking specialist from Intellect Design Arena, is launching a suite of artificial intelligence-powered solutions for commercial and corporate banking built on the Microsoft Azure OpenAI service.
iGTB Copilot will utilise large language models, machine learning, predictive analysis and virtual agents to help financial institutions with cash management, liquidity, investments, deposits, cash forecasting, virtual accounts, trading and more.
This will help banks gain deeper insights into customer trends and evaluate client satisfaction, optimise value for revenue growth, and implement risk management.
The firm showcased iGTB Copilot for Payments at Sibos 2023. The solution was developed in collaboration with Microsoft using Azure Open AI and provides relationship managers at banks with a conversational platform that leverages customer and transaction data. It is currently undergoing trials with select commercial banks.
“Azure OpenAI is transforming the way industries work with its purpose-built tooling enabling effective prompt engineering, experimentation, and safety mechanisms that allows our partners to deliver newer customer experiences and analytics,” said Madhan Arumugam Ramakrishnan, corporate vice president of Microsoft Cloud for independent software vendors at Microsoft. “The power of Azure OpenAI services combined with iGTB Copilot for Payments is key to unlocking incredible insights within the ISO 20022 banking data repository. These new insights have a direct impact on a bank’s corporate clients who cut across industries such as healthcare, retail, pharmaceutical and manufacturing. We collaborated with iGTB to deliver a reference architecture and co-engineer patterns for success.”
Uppili Srinivasan, chief operating officer of iGTB at Intellect Design, said: “There are two dimensions into how banks can use the copilot. One covers cost reduction and the other is about risk avoidance, such as liquidity and forecasting. Copilot is about imagining the possibilities for banks. We’ve now launched the payments copilot and we’ll be rolling out copilots for other areas of baking such as trade finance, supply chain finance and digital engagement within the next six months, covering more than 50 use cases across the suite.”
Technology Record is at Sibos 2023. Read more news from the event on the Technology Record website.