Phillips Consulting, Intellect Design, partner to develop core banking solution for Nova Merchant Bank

Phillips Consulting Limited has partnered with Intellect Design Arena Limited to develop and jointly implement a new digital banking platform called Intellect Digital Core Banking Solution.

PCL is a management consulting practice serving clients across Africa.

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.

Intellect Digital Core Solution comes with a Digital 360 proposition with 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. Completely flexible and scalable, the Intellect platform is built around customer experience. The partnership between both parties, allows Phillips Consulting’s own Fintech Consultants to render on-going support to financial institutions post-implementation.

Senior Partner at Phillips Consulting, Mr. 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.”

As leaders in strategy and being at the forefront of digital technology and innovation, Phillips Consulting joined forces with Intellect Digital Arenato implement this platform not just as a digital solution for banks but as an accelerator of data analytics, AI and machine learning.

As the first bank in Nigeria to use the Solution, Chief Executive Officer of Nova Merchant Bank, Mr. Chinedu Ikwudinma explained why “There was a reason we chose this. Our aim was to identify a solution provider that is geared for the future. If you look at the banking system today, there are lots of developments in terms of digital banking and the customer experience now drives banking activities.”

The Chairman of Nova Merchant Bank, Mr. Phillips Oduoza, added,“The selection of Intellect Digital Core was borne out of the bank’s philosophy of “New Thinking, New Opportunities”. We wanted a platform that would empower our clients, offer a superior customer experience and lay a robust digital foundation for the bank. Intellect Digital Core is an open and flexible architecture which allows us to seamlessly integrate with other systems to offer end-to-end solutions”.

The Managing Director of Phillips Consulting Limited, Mr. Robert Taiwo, explained “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”.

He also warned “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 digital solution will support Nova bank in achieving a key business objective of empowering and enhancing the journey of its customers”.