Phillips Consulting Boosts Efficiency with New Banking Solution

By Olubori Oduntan

Leading business and management consulting firm in Nigeria, Phillip Consulting Limited (PCL), has forged major grounds in the financial technology sector with the introduction of a cutting-edge technology -Intellect Digital Core Banking Solution (CBX) to Nigeria.

As leaders in business strategy, developing and implementing strategies are at the core of what Phillips Consulting does, driving digital transformation is also one of the company’s key strengths, especially in today’s business world that is increasingly technology driven.

Like many industry leaders, Phillips Consulting’s digital transformation is born by the desire to have its clients compete effortlessly while being innovative in their respective industries.

In achieving the objective above, Phillips Consulting collaborated with Intellect Design Arena Limited, a global leading company that offers services in Financial Technology for Banking, Insurance and other Financial Services. This collaboration, which involves joint implementation, presents Phillips Consulting as the first and only official Nigerian partners of Intellect Design Arena Limited.

That is, Intellect Design Arena develops the solution and implements it, however, continuous support is provided by Phillips Consulting’s financial technology experts, who have been well trained in solutions support and implementation to provide support to all Intellect’s clients in Nigeria after implementation.

Speaking on the Core Banking Solution, Managing Director of Phillips Consulting Limited, Mr Robert Taiwo, revealed the rationale behind it and its benefits to the Nigerian financial market.

“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 said.

“But 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.

Intellect Design Arena Limited is a global product developer with a start-up approach-based business model with the maturity of an established specialist in designing advanced technology products for global financial platforms. The company specializes in developing customer-focused products on a digital platform across Global Consumer Banking (GCB), Central Banking, Risk and Treasury Management (RTM), Global Transaction Banking and Insurance (Intellect SEEC).

Though Intellect Digital Core Banking Platform is new to Nigeria and was recently implemented by top Merchant Bank, courtesy of Phillips Consulting Limited, it has been integrated by numerous financial institutions around the world.