iTurmeric is an integrated application programming interface (API)-led cloud platform developed by Intellect Design Arena, which generated Rs 1,500 crore in revenue in financial year 2020-21.
Launched in May this year, iTurmeric’s API-first architecture, and microservices-based platform will enable banks to modernise and participate in the experience economy.
EnterpriseStory caught up with Kannan Ramasamy, who was appointed Global Head (Partnerships and Alliances) and Business Head of iTurmeric, last month.
Kannan Ramaswamy: Historically, banks would have to engage with software companies to build a custom development software. To build a small workflow, tens and hundreds of sources would have to work on these projects.
With a low code platform, the building blocks are in the platform itself, and even a non-developer can develop applications to business quickly. Low code platforms like iTurmeric provide end-to-end, front-end, the back-end, UI/UX, integration and orchestration, the workflow, business process management, and more.
It also has an environment development sandbox, reducing the setup time. Banks or enterprises need not have multiple partners or vendors. It reduces training efforts, deployment time, technical staff, and leads to cost savings for the banks, and much better outcomes.
Kannan Ramaswamy: There are three components to iTurmeric. There is heavy pressure on banks to generate revenues on new product launches. iTurmeric helps reduce cost and save money for banks.
Making them more agile would mean faster launch of new products. They need not spend huge amount of dollars for it. There will be no need for them to buy an entire infrastructure as it will be on the cloud. This is the first component.
As things change rapidly, banks will have to change. Otherwise, they will be left behind. So, it becomes very important for banks to become more digitally adaptable.The second component is to be a digital adaptation of banks. Instead of starting a costly multi-year project, banks should adapt to a low code platform like iTurmeric, which will help them across the bank to build reliable, scalable solutions in a short period of time, with much better quality.
Typically in banks, the IT investments are towards the heavy-hitting IT products, core banking, internet banking, mobile data with data warehousing, and so on. It is becoming clear that these are not really helping the banks grow the business, the way it should be. Things are changing. So the third component is: to be agile as the younger generation consumers want products on demand. For instance, when one applies for a credit card, they expect it to be delivered at the doorstep within 24 hours—not two or three weeks.
Kannan Ramaswamy: iTurmeric was built to be a global product. Launched in May, we have signed up two customers outside India. It is built for the international market with a brilliant engineering team from India.
We have had a soft launch. Our focus in the next two or three quarters is to do our work quietly, and get this product validated across various geographies in the world.
We are aiming for multiple geographies in different banking sectors, rather than in one part of the bank. It will probably take us three or four quarters to announce major wins. The big rollout plan, numbers and so on will come out in about two or three quarters.
Kannan Ramaswamy: Currently, we have not signed any contract with Indian banks. But, we have a few pilot runs signed with a couple of large banks in India. Each of these pilot runs will be for roughly four to eight weeks, depending on the client.
India is a big market for us. We are already working on the National Financial ecosystem. We are proud to say that the National Financial ecosystem runs on Intellect. For instance, our platforms are used by the Reserve Bank of India, NABARD, and LIC.
We also work for the government e-marketplace, and Intellect is the independent software vendor for the community e-marketplace for the digital transformation. The AMFI, Association of Mutual Funds in India, also runs on our platform. So, India is a big market. We are signing up for pilot runs on iTurmeric and other products as well.
Kannan Ramaswamy: The strategy is very simple. We want to be the first choice of any low code platform within the financial services or banking industry.
We are one of the few if not the only one which has built the platform specifically to address banks to become more agile. This is based on research for the past three years, and we want to be the most preferred platform in the next 24 months.
In the next two years, we would have an established product in the market. That’s the first priority and first strategy. The second strategy is to have the right partner in the right region to help us take the brand to the right customers.
And third, obviously strategies with the right team which Intellect already has. We have a great engineering team, and will capitalise on Intellect’s sales organisation across the globe. But, we want to be seen as the first choice of digital accelerator low code platform for the banking industry.
Kannan Ramaswamy: The challenges differ on a client-to-client basis. But the larger challenge would be to make them understand how important iTurmeric would play, and make them move from the legacy frame of mind to a newer digital mainframe.
It is more about mind shift rather than a technology challenge. There are many players who are offering similar solutions, but not exactly the same solution because they are in multiple industries. Intellect is the only one focused on the banking industry.
In India, we are well positioned because Intellect is a big brand, with enough customers there. There will be a pricing challenge when you get to the next stage of growth, as the Indian market is always a low-cost, high-volume game.
But for now, our focus is to remain number one in this space, get up in market share, and get the brands established very well to get acceptance within the banking industry.