Hungary-headquartered OTP is to deploy Intellect Digital Core (IDC) core banking system by Intellect Global Consumer Banking (iGCB). OTP has partnered with the consumer banking arm of Intellect Design Arena Limited to power its banking experience.

OTP Group is one of the largest banking groups in the Central Eastern European region. It employs over 41,000, is present in 12 countries serving 17 million clients and total assets exceed €100bn.

OTP says that deploying IDC’s solution means it can launch innovative products and features through the composable architecture-based platform. This gives access to ready microservices, packaged business components and events. In addition, it offers a curated experience and increases addressable market with a country-ready marketplace leveraging APIs. It will also improve the efficiency of the bank’s employees through workflow-based processes and rule-based engines built across products. And finally, it will accelerate growth through the cloud-native platform.

Peter Csányi, Deputy CEO, Chief Digital Officer, OTP said: “Customer is at the heart of everything we do at OTP. We saw similar synergies with iGCB. We believe that the flexibility of the core banking system may enable us to create sustainable, personalised banking experiences suitable with the diversified needs of our customers. We look forward to beginning a new era in banking with iGCB.”

‘The world’s most comprehensive open finance-enabled core banking system’

Rajesh Saxena, CEO, Global Consumer Banking (iGCB), Intellect Design Arena, added: “At iGCB, we believe in comprehending the customers’ psyche and empowering them with exponential technologies to go beyond the expected. We unveiled IDC, the world’s most comprehensive open finance-enabled core banking system, last year for Europe. This technology partnership with the largest bank in Hungary, OTP for IDC reaffirms our focus on being ‘customer first’. We continue to invest significantly in strengthening our eMACH.ai platform. We are building regional delivery models and investing in local talent, to deliver a future resilient, scalable, secure banking experience for the CEE region.”

Intellect platforms will be implemented in parallel in two members of OTP Bank and its subsidiary in Bulgaria, DSK Bank.