Intellect Design Arena Limited (INTELLECT) Earnings Call Transcript & Summary

Good evening, everybody, who join this session, the Techno -- second Technology Day for Intellect. It's my pleasure with the interest, all of you as the investor, for participating in this journey of Intellect of building a global corporation which can service the financial institution in need of products in a global market. The purpose of Intellect, as we articulate, is to provide large enterprise-grade composable and contextual solutions, driving higher business impact, reducing cost and risk on a sustainable basis. If I -- our assumptions of our industry, there is a 3 dimensional complexity for the bankers today. First is, we are managing 4 generation of technology from mainframe to client server to 3-year architecture and now moving to the cloud architecture. Exponential growth of financial products, which happened over the last 20 years is creating a complex mesh. And there's a global ecosystem of fintechs and regulation, which is evolving. There are 3 dimension complexity, which is increasing the cost almost tenfold for advanced market customers. So cost of managing one customer, if I divide the number of customers, it comes to almost like between $50 to $100 per customer per year is a kind of a cost in advanced countries. What is our proposition Intellect brings on the table? Intellect brings on the table is open finance platform. We have 250-plus package business components and 900-plus APIs on unified data model across 10 lines of business and low-coding platform, AIML algorithm, we can accelerate the digital journey by 2x and reduce the technology cost by 3x to 5x. That's our promise to the marketplace. So that's the disruption we are bringing by bringing -- reducing the cycle time and by accelerating the journey 2x. Intellect brings more than 600 fine-grained user journeys across the product lines like core banking, lending, credit card, wealth, central banking, liquidity, payments, collections, trade and supply chain finance, treasury. And once we define this user journey its's much, much -- easily composable on the system. And all these user journeys are so well defined on confluence where customers can participate and understand where the value creation can be there, what the value impact point can be there. And we are finding our 95% of the user journey is customers are accepting as it is, Intellect's value proposition. The next slide I'm covering, principle of Intellect as a sustainable institution or building an institution. We are in this business for the last 30 years-plus, with Polaris and Intellect together. And with this kind of value proposition, we are looking for another long journey in coming years. For that, we need to build a strong culture of design thinking, providing continuous drive spot unstated need of the market and keep driving with a strong technology research. Where I'm standing and delivering, this is the first agenda I took when I set up Intellect is that we need to change the culture of the company, culture of design thinking. I got inspired from Silicon Valley, that what makes Silicon Valley company different. There's a culture of design thinking, which is time for launch much earlier. They make the thinking process of the entire organization very different. They understand the customer problem very different. And through the challenge we had when we are sitting in India and sitting in Madras and sitting -- how do you create a kind of a culture. And it took from 2011, I started this work. 2013, we set up at 30,000 square feet of design center. And over the last 7 years, we are able to build some of the culture which is specifically quite powerful, where we are able to get very micro detailing of the product and technologies. Second principle, we look at it for institution, we need a calibrated and scalable, sustained and profitable work, calibrated, sustainable and profitable growth which can and have a high-impact technologies for the customer business. We need to -- the third principle is smart and collaborative teams. The teams are important here because we need experts with the connected intelligence. We need domain experts. We need technology expert. We need customer expert. We need process experts, all come together for simplification and that -- and design teams. So meeting the agenda one, that is the second -- third principle, which we have. Fourth principle for us is, we must contribute to the community, society around us, not just by donation of CSR funds, but participating in development of the young child and rural India. And we'll be an environmentally sustainable organization, investing a lot of time in conserving a lot of carbon footprint from last -- since beginning. So there are 4 principles. Our journey, Intellect 1.0, lot of you must be knowing about it. It was a journey of investment, investment and investment, where we have to create a brand and have very great R&D products. So we invested close to about INR 1,250 crores for R&D and invested close to INR 2,000 crores for sales and marketing and brand creation of Intellect because we didn't want to take Polaris brand, which are service brand, and wanted to create a new persona for the Intellect brand. 2.0 journey was revolving around industrialization, monetization and customer centricity. First 2 years, we spent time in industrialization. We believe that our profit will start turning out sometime in June 2020. And exactly that is the time when we started turning out decent profit from that point in time onwards. We ensured that our monetization journey was not coming in the way of industrialization of the product. And we were signing the customers which are top-ranking customer, marquee customer, who challenged us in our thinking process to provide a technology edge. And that's where our major investment has gone in to meet their expectations, meet their requirement. And now I'll show you the list of the customers that we have. And I think that's a gold mine for our growth journey going forward. We have 5 stages to drive sustainable and scalable product business. For building a product which has a life cycle value of $100 million to $500 million, we -- it's 5 stages of product. First is building -- identifying a need, a gap, unstated need in the market, building that product, winning first reference, design branding and marketing. Then we need to look at aggressive selling and building a funnel of it. And then we have to get into Stage 5 of partnership with strategic alliances and mining. So as of now, out of 12 products that Intellect offers, 3 products are in Stage 5, 4 products are in Stage 4, and there are 5 products, a pipeline for next 5 years in Stage 3. Our Intellect value framework when we work out, we look at 6 capital around which we work Intellect value, which we deliver to the investors, customers and employees. C1 is technology capital. Customer capital is C2, brand and sales capital, talent capital, execution capital, finance and risk capital. This 6 capital to me is like a cube, a cube is 1 centimeter cube with 6 faces of it. When it goes to 3-centimeter cube, it creates 27x more value because all the 6 capital grow simultaneously drives the business growth. Let me just take you through the technology capital, which is the most competitive edge for Intellect. Intellect has 4 exponential technologies, 12 products and 4 platforms. So that in a nutshell what we have built up over the last 7 years of our journey. These 20 different technologies we're able to build it up. For technology edge, to provide the edge for enterprise-grade solution, we need to work on 7 different areas. If you look at this design center, there are 7 research labs in this design center, each representing Alphabet, which is on the left side, which we call COPARIS. C stands for customer experience technologies where we built Canvas technology. O stands for operational excellence technologies, STP technologies, where Turmeric and IDX plays a critical role. Performance of the application where cloud and MACH services. APIs, headless play a critical role. Analytics, where Canvas and FDS plays a critical role. Proactive risk management technologies, where FDS is the data management platform. I, for integration technology, which is Turmeric. And 2 for 5-walled security technologies, which is ARX. So once these technologies we create today, low-coding platform. So where we don't -- when we -- somebody has to write a new application, he doesn't have to touch all the 7 areas because other areas come ready-made to him. It's like symmetric kind of a design, where you make a change in 1 place, but all 7 places support and you don't have to work on it. So these 7 areas in which provides technology edge for enterprise-grade software. A lot of fintech claim to having a U.S. experience very quickly within 6 months, 9 months. But our enterprise grade application, all the 7 dimension has to come in place, and that consumes a kind of a quality of investments which enables a large customer like SocGen to purchase or HSBC to look at it or a resource deal to look at it or SBI to look at it. With this technology stack, when we combine the data model, we create products. When we launch these products on a cloud and repeatable format, it become platforms. When we integrate with third-party participants and fintech company, it becomes marketplace, and it becomes fintech ecosystem. So this is our journey, which is the 4-stage journey for the way we approach the financial products. So it's not only just a financial product plus technology stack, then products and then platforms, and then marketplace. We announced last quarter that we'll be investing in AIF fund. It is for Intellect 4.0 journey. Not for the current journey. Currently we're moving from products to platforms. And then to prepare ourselves in advance, ahead of time, we taken the approval of Board for investing INR 100 crores into AIF fund, which will help us out to sign up and partner with the players, which will play out in 2024, 2025 for us to move in the direction of marketplace. So that may be for Intellect 4.0 while platform is a journey for 3.0. There are 7 elements which are driving our growth or providing tailwinds for us. They're shifting. The market is shifting from on-premise to cloud. Since our cloud investment, which we made in 2017 was ready, we are able to encash on it. There's an open architecture. There's APIs, the headless, the MACH, the micro services, PI, cloud and headless, fintechs. These are the tailwinds, which is helping us in our growth business. Now this data insight technology, which is completely designed by Intellect so that it's relevant for underwriting platform, which Manish will take you through, it has got 7 elements, D1 to D7: Intellect Web Extraction, Intelligent Document Extraction, Customer Data Lake with big data. Then we have a big algorithms from data accuracy, data science algorithms and data governance and packaging. This is a platform we started working on 2017 in U.S. And it took almost 3 years of our early investment to sign a first customer. And now we have more than 9 customers on this cloud and now scaling up, which Manish will take you through. The second technology is iTurmeric technology, which helps in building a marketplace. It has 5 elements: API Exchange, API Studio, Experience Studio, Integration and Orchestration. We combined the 3 things together. We say flow, rule and integration has to come together, and that's where Integration and Orchestration studio is there, and then developer sandbox. These 5 elements bring us and accelerate our delivery time to almost 2x. We are able to provide a POC to the customer as per his ecosystem and integrated with his ecosystem between 6 to 8 weeks' time. And that's a wining proposition for us in Europe, where we don't have a reference like we won the research deals in Sweden against 18 competitor, and we won auto deal against 27 competitor because of this technology plus 100 PVCs of retail banking plus API and data models. This is a kind of a complex technology, which is required to deliver high-performing streaming technology for corporate banking payments. Corporate banking payments are -- runs in hundreds. High volume is required. We are using some of the Netflix technologies like -- for streaming and contextual technologies, our own proprietary technology, [ ALISA ], which makes it contextual payments or predictive payments, all are part and parcel of this complex architecture, so I don't want to explain you this architecture. This just show that how complex wiring needs to be done. It's like a motherboard design, and that's why the -- sometimes you ask a question who is your competitor. Sometimes these competitors are just evolving to such kind of architecture. Then third piece is the cloud. Again, the 5 areas, in this area even to C5 from infrastructure management, to provisioning, to run time, to orchestration and management and to application development. And if I take application development to the next slide, this is the kind of technologies which is required to wire together again for demonstrating the high-performance technology. We are winning in Europe, America, Canada, Australia, Singapore, Middle East, where we are winning. This is the technology then now Indian clients are demanding all these technologies, what we are talking to various prospects in India. So in short, why we are winning? We have functional debt and debt, which is 30 years of experience put into the place. So our components are very, very rich, which keeps us very different from new-age fintech player like Mambu or Thought Machines, where they bring a technology set, but the functional set, we bring in together, so -- and we differentiate from the old payer like Temenos and other player where we bring the technology piece, which is very, very powerful technology piece because of contextual solutions. So this is a unique piece where we bring functional and technology, both cutting edge. These are the 12 products from Intellect Digital Core to Quantum Banking for Central Bank, Digital Lending, Digital Cards, CBX, Liquidity, DTB Payments, Trade and Supply Chain Finance, Treasury, Underwriting and Wealth. These are products which is driving our business. Where 3 products, liquidity, GTB and Intec Quantum are as category leaders. As soon as your category leaders, it gives you a premium brand. And we win more than 50% of the opportunities where we compete, even 60% to 70% of the deals in this space. There are 4 products very quickly catching up in payments: iKredit360, which we launched, which Rajesh will take you through today; digital core and underwriting; and other platform. GeM platform, which we launched sometime in 2017, today, driving the growth for the company. These are the 4 platform, iKredit360, which is we are launching in Europe in month of July. CashPower22, which recently launched in September. Xponent, which is launched in U.S. in the beginning of the year. And GeM, which we launched in 2017. On customer capital. Customer is where Intellect belief meets the reality of the value creation. We just want to work in those spaces of the customer. We are not competing in the general products. We compete in the space where there's value creation opportunities there, whether in reducing costs or building new business case for generating additional revenue. We love demanding customers. Actually, this is the DNA of the Intellect solution architects who loves the challenge. And we love those customer who limits our imaginations -- who challenge our imagination and help us drive that edge in our solution. Intellect products have been chosen leaders of each market, which ensures comprehensive functional depth and architecture. High NPS scores drive product referenceability in the market, leading to higher growth. More customers drive higher product maturity, thus reducing implementation cycle time, leading to higher growth and higher margin. Typically, our customer life cycle revenues for top 20 customers ranges between INR 100 crores to INR 500 crores in the last 7 years. I'll show you the numbers. These are a few of the metrics which is there are more than 1 million customers have moved almost double from 2015 to 2021 in the last 6 years. More than -- the customer who delivers $3 million revenue or more than INR 20 crore revenue has moved 3x in the last 6 years. Our top 10 customers give $76 million. Top 20 customer gives $111 million. So then there's no customer dependency, as such no customer concentration, but each customer is valuable and drive substantial value. There's a strong customer stickiness where 80% revenue comes from, repeat business. 20% of our active customer generated revenue more than one product. So it's the beginning of our cross-sell journey. So Intellect 3.0, when we are looking for cross-sell journey is just the beginning of it. And consistently, we are increasing the NPS scores. This is a list of marquee names of what we take applied in. This is what we believe a product from India has been accepted by CIBC, by Northern Trust, one of the largest trust company, AMC company in U.S., Nationwide Insurance, [indiscernible] in Canada, JPMorgan Chase, BNY Mellon, [indiscernible], CWB in Canada, Citibank, [ DNS Presto ] in Chile, Fifth Third Bank, Bank of Montreal, Liberty Insurance, Amerisure. I think 14 customers, each one is a marketplace by itself. We have listed down out of 28, which we have in Americas. We have 24 customers in Europe, which starts on St. James's Place. Santander, largest bank in Spain. SEB, largest bank in Nordic. HSBC, largest global banks. Citi in Europe as well. [indiscernible], we recently signed a deal. Lloyds. [indiscernible] from Austria. [indiscernible] from Germany. Barclays from U.K. SocGen from France. Nordics bank, Nordea -- Nordic. I think this is who's and who of the European market. That was our agenda for Intellect 2.0. We achieved that at Intellect 2.0. 3.0 agenda is to provide customer mining around each account to drive that growth. Middle East and Africa, again, this is about who's and who of Middle East. Finastra Bank, FAB, ADIB, Ali Bank, Equity Bank, QNB, ADCB, Dubai Islamic Bank, Gulf Islamic Bank. ENBD, the second-largest bank. Our [indiscernible], FAB and ADIB, the other 2 Signature Bank there. Net Banks, Saba, [ Mashrak ], Arab Bank, corporate banker. Out of 125 customer, these are just 14 bank samples we have taken, which are driving our growth in these areas. India, we take pride in working with the Reserve Bank of India, building their entire backbone: Nabar, MP, Chandra Bank, GeM, we have MSP for them. Utkarsh SBI, DBS Bank, HDFC, ICCI Bank, XGS Bank, LIC, IDFC Bank, Federal Bank. APAC, again, Citi, [indiscernible], Bank Indonesia. CIMB in Malaysia, ANZ in Australia. BDO in Philippines. HLBB, Malaysia. Vietcom in Vietnam, Bangkok Bank, Thailand. GeoTrust Bank and Bank Mongolia. UB, Larger Singapore Bank, Bank Central Asia, SHB, BIDV, NAB and Westpac. Again, there's 18 accounts in APAC, which are -- each marquee accounts and last 6 year of our journey to build up our systems, which are suitable for those markets. The payment system, the wiring has been done. Our new customer acquisition has become faster, and implementation cycle is reducing substantially. These are kind of a simple metrics of lifetime value of the customer. It is as high as $114 million for 1 -- customer one. Customer 2 is around $57 million. Customer 3 is around $42 million, $34 million. So these are the range which is where 1 customer, 2 customer. A, I'm not able to give you the name. And it goes down to $13 million, means INR 100 crore to INR 1,000 crores is the range of value for a customer. So our products are so sticky. And so long-lasting once you go there, they've got a very huge stickiness and revenue continues and grow. Third element I want to cover is around brand and sales capital. So once you have a good technology capital, then you have a good customer capital. Third is building a brand and sales capital. All of you understand that Intellect Design was no brand in 2015. In the last 6 years, we created a global brand, again, more powerful with a new persona in our chosen 1,000-bank market. We created a brand around Intellect DTB, Oxford School of Transaction Banking. We also built a brand with Cambridge University. We have exhaustive coverage of all 12 products among 10 global analysts. Now we have started receiving -- 40% of our leads are full leads. They call us up, they approach us to the website, and that's how we build out the pipeline. And this brand is generating a healthy pipeline of close to INR 4,900 crores. And this doesn't -- this is a qualified lead of INR 4,800 crores, and there is an equal amount of opportunities adding from all of the leads. This, we all know. We are #1 in retail banking, #1 in corporate banking, #1 in InsurTech by IBS sales league table. With Novarica, our AI/ML platform is rated #1. We have 7 awards, including Best Value with our customer. Liquidity, DTB and Quantum Banking are -- all the 3 leadership quadrants are in -- leadership quadrant with analysts. This is our value proposition. This is our analyst reporting, which is substantially -- like this kind of reports, we have 50 reports getting published in 2020 and close to 48 already published for the year 2021, where our products are being compared with the global leaders in the marketplace. And that creates a referenceability of the analyst when somebody is looking at RFP. We have a great opportunity in Americas. Our opportunity in America is in those areas which are very unique to Intellect. We are in hyperscale corporate banking operating system, which is about streaming. And we have gone live with Fifth Third Bank, Liquidity, virtual accounts, escrow and data underwriting. So we choose an American market not to go around a standard product like core banking or lending in a Phase 1. We want to go in a Phase 2. But Phase 1 was Arrowhead, which drives very distinct value for the customer. Our data underwriting platform, which combines 3 things in the submission of the application, which is AI-based data, which enriches it, and supported by the complete underwriting platform. It's very unique there because you're connecting the end-to-end of underwriting space, where we have a fragmented competition available in the marketplace. We are able to carefully nurture Canadian market with our payment system, our retail banking systems like in Concentra. And that creates a great opportunity of when we won the deal of Concentra against Bank Base. It has provided us an entry into Canadian market. And then similarly on Chilean market, we have a card processing system, which is working for more than 4 million cards. If I look at European market. GTB was our forte we invested a lot of money in building a footprint in Europe with setting up a canary office in London and then expanded to Spain, Sweden, France, Austria. We worked out on an IDC. Then behind GTB, we went with the core banking solution there. And after that, we are getting -- going there in the lending solution. So it's very, very calibrated approach of looking at it. The big market in Europe is to replace legacy with a smart micro services-based high-grade platform on the cloud. Middle East, Asia and Africa, I think everything is present there. All the products of Intellect suits there, with the leadership now, as products are now stable in Kenya or Africa, all the markets in Mauritius or market in Nigeria. In African markets or all the markets in Middle East, whether UAE, Qatar, Bahrain, all the markets, Saudi Arabia. So over a year, all the 12 products are getting traction. Now from -- the potential which is available, we need to capture it, and that comes from the sales capital. From brand capital, it naturally move to sales capital. We have a Europe office located in London with 50 senior profiles for catering Europe business. We have a U.S. office led by -- so London offices led by Manish Maakan, and Andrew England. While U.S. office is led by Uppili Srinivasan and Jim McKenney. Start with 30 senior leaders from our New Jersey office. Canada office is led by Syed Quader and [indiscernible] was our adviser, has more than 40 leaders driving focused growth in the market. Dubai office is led by Rajesh and supported by Banesh and hosts more than 40 leaders covering Middle East and Africa. Singapore office is led by Jaideep Billa, and has more than 25 liters to drive growth in Asia Pacific. Sydney office is led by Anil Varma and has focus team of 6 members. So I think each office is fully -- and India is definitely -- is part of our core area led by [ Ramnan Venkat ], who runs it. We have a partnership ecosystem around IBM, Microsoft, AWS. Country-specific partner in 18 countries. We have more than 25 fintech companies which are contributing to our marketplace, which when we work with our deals, they support us in some of the areas. Our funnel, as I mentioned, INR 4,800 crores, INR 48 billion of a funnel. Our destiny deals, which we start tracking from Q2 FY '21 has moved to 54 in the last 1 year. Major deal wins, which is -- we are taking pride. During the COVID time -- I think this is a very, very interesting during the COVID time, we could win these deals. Most of the -- quite a lot of deals. We start from BNY, Mellon, Santander. In U.S., Northern Trust. First Republic Bank, Concentra, CIBC, CWB, Amerisure and ICW. The 9 deals, which are all large deal or signed logos where all the presale effort is done out of India. The 6 large deals were very, very large deals. One is SocGen from France, where we saw liquidity. It's a global deal for implementing liquidity for 30 countries. Lloyds bank. HSBC was a humungous deal. More than 50- to 54-country implementation, Research Bank. Another very tough deal for building a product around core banking, lending and credit cards. Auto, which is again a marquee accounts. St. James Place, where we build up a next-gen is UX AI/ML. Again, we have 6 deals, ANZ Bank, BDO, [indiscernible], Vietcom, BRI, Bank PNG. India, GSC Bank, SBI, DBS, [ Kandara ] Bank and Kotak. We have large deals capability of the organizations to prove the point that organization now has a competency and capability to win the large deals. And in the large deals [indiscernible] multiple geographies. So the presale capacity, the product management capacity, the product maturity is there to win this deal on a sustained basis. Because all the 5 geographies, we are working on a sustained manner and supporting a lot of work from India. But large teams in each of our sales offices are now working very, very cohesively and collaboratively. This list continues. FAB, Jordan, Kuwait, Equity Bank, Bank of Jordan, Nedbank, Nedbank South Africa, Saba, ADCB, Eximbank, Arab Bank, Mauritius Telecom, Bank Mozambique, Bank Mauritius, QMB. Around 13 deals in Middle East. So now this is a next capital which comes in, who makes it possible, which is we call talent capital, not human resources. This is the talent that we have. We celebrate the talent of the people who are not written there resuming their life or after they join Intellect. And that runs in hundreds, not in a few, but in hundreds. We celebrate talent with the ability to challenge status quo and commitment to deliver with a new belief. The 2 institutional framework that we have, we have partnership council at the level. We have close to 35 members are the member of Partnership Council, who drives a 3-year agenda, followed by 110 member, Corporate Executive Council, to drive 12-month agenda to drive the business plans. And there are 600 Konarks, young leaders, to drive high-performance culture. Intellect enjoys our learnings from 29 national nationalities, which is employed by Intellect. In fact, deep customer impact, we have more than 1,500 profiles with more than 10 years' experience. We have 900 researchers working in R&D. And average experience for R&D team are more than 8 years. There are a few other names which I'm showing where you may be knowing all the Board members. But this is a phenomenal Advisory Board we're putting together. What attract them to join Intellect journey is each one of them came from a background of top-notch organization and they're advising us. Andrew England, who is advising us, he was a leader in Europe banking, who have been most of the leadership bank in Europe. Dave Ravell, he worked in Canada for all the great institutions in Canada. Prabal Basu Roy is adviser in financial area. Pradeep Kapur, ambassador -- he's former ambassador to Chile, joined us 4 years, 5 years back. Sanjeeb Chaudhuri, who was a leader in retail banking space, global leader, technology leader in the banking space. Swarup Choudhury, leadership in technology space. Ted Malloch is a professor from Oxford industry, but a great networking person. Vikram Sud, a leader in operations space with the global banks. So each area is represented by one of the strategic advisers who drives our product industries and functionality. So I think that I'm fortunate to have this team of 6 Board members and 8 strategic adviser who works with our teams in all the locations with our customers to drive value. This is a management team which you must be knowing most of the time. I'm not going to the name by name. In our talent, design thinking is our DNA. We are passionate about innovations. Lakshya is the our visioning exercise. The way we work circle time, encourage diverse thought, but keep the tribe together. And most approachable leadership. Moving to execution capital. I think after these 4 capitals and we put all them together, it's starting from technology, moving to brand, moving to customer, then to brand, then to talent, now all the talent comes together to drive the execution capital. In the last 5 years, what we have changed, the dynamics is that we used supposed for a deal, we are licensed used to be 40% and implementation is 60%. Today, our license is close to 60% plus. In some deals, 70% is licensed. And 30% to 40% is implementation. And cycle time is much more reduced. That shows a maturity of -- mature execution. Comprehensive delivery, excellence framework, we have D1 to D7 framework, which is well articulated, reducing and fine-tuning every piece of our delivery framework. We are reduction in digital transformation cycle time 30% year-on-year. So if you use to take 18 months for digital transformation, we are cutting down by 30% year-on-year since 2019 onwards. And that is what is driving us more deals in the marketplace. Extremely low defect density post go-live. We have more than 50 customers with less than 0 defect for 6 months. That's the kind of maturity of the product. Driving partnership-led implementation methodology. So this team is driving -- all partnership can implement our solutions. Finance capital evolves around business growth, focus on annual recurring revenues, ARR growth. Our cash flows. Investment throughput in our R&D dollars and driving EBITDA growth. So these are the 5 driving focus area, which we look at in finance capital. Large deal sign-ups focus on Destiny deals, leading to 22% growth rate. So it's growing gradually. If you look at last 6 quarter, the rate of the growth also increasing. Not just the growth, but rate of growth is also increasing. Our net 0 debt global fintech companies, must be one of the very few companies in the world with a 0 debt, with 20 technology platform. Basically 4 technology, 12 products and 4 platforms. Net cash, which are negative of INR 114 crores moved to INR 257 crores positive as of September. High-quality execution, which we have mentioned, drives execution capital, drives high license-linked revenue growth of 55% over the last 2 years. Cloud, SaaS, AMC held in ARR growth of 74% over the last 8 quarters, INR 583 crore in Q2, '22 September, from INR 335 crores. This is a critical piece. We are focused on license-linked revenue growth, not implementation revenue growth. In spite of complete technology stack, the total technology assets -- capitalized asset stood at INR 191 crores, and under WIP at INR 348 crores as of September '21. EBITDA grew to INR 419 crores as of September '21 from just INR 95 crore during September '19. Just 2 years, it moved 4x. And PAT grew from INR 43 crores to INR 315 crores, almost more than 7x. These are the numbers available for you to reference how our Q-on-Q performance is there. This is my last 12-month plotted number to show how the sustained license-linked revenue is moving from INR 640 crores to INR 926 crores. Annual recurring revenue moving from INR 314 crores to INR 583 crores. Gross margin moving from INR 734 crores to INR 931 crores. EBITDA moving from INR 139 crores to INR 417 crores. In summary, we continue our strategy of calibrated growth with predictable profitability. Our agenda is to going deeper with a strategic customer. The list of customers, I put it, our agenda is to go deeper with each one of them. And then getting wider with more customers in existing markets where we implemented the solution. Getting wider with a platform in new markets with a partnership with Microsoft, the 4-platform strategy. And then building a network of partners who can implement the solution for -- on the top of our platforms to drive the growth. Thank you very much. This is a summary of the presentation -- or summary of what teams have done since we met Technology Day one on 17th March to now 8 months. There's significant progress of proving what technology I promised to the reality of the business. So at this point of time, I would like to invite Manish to speak to you about GTB, how is the cash power platform and world platform. So as I mentioned, we're moving in Intellect 3.0 journey from product to platform. So we are having 12 products. These products are growing at their growth pace. And on the 5 markets, you have observed, we have signed phenomenal number of deals in each market and each with a very marquee account. Now product business is growing with a good trajectory, which we set 20% growth year-on-year. Now this is a time when we are looking at it, to look at next engine of growth, which is a platform. Engine of growth of 4 platforms. Manish will take you through the CashPower22. So Manish, over to Manish for taking care of the next journey for the platform or make investors aware about the investor capability. Over to Manish.

So let me walk us through the Intellect journey over the last 6 months from the last time we met each one of you, how we have progressed this journey and where we're headed. I'll give a brief snapshot of from a GPV perspective, what's happened and then focus on one specific product which we are now graduating to a platform, and talk through that journey. Before I go through that, I think, once again, try and recap the leadership team, which is helping us take this forward. Andrew, introduced. Arun introduced Andrew, Dave, Ted and Vikram, who work very, very closely along with me in the markets. And [indiscernible] who run these 2 businesses for me and fill managers, marketing and RC sitting next to me is the Global Head of Solution Consulting. I think everyone is about 30 years-plus in this business. And I think most of us are here at least 10 year-plus if more, not more. So that's been the -- so what I'm going to focus on is what's the ABCD of our business in iGTB, give you a snapshot in what the iGTB product pillars are, the 5 pillars. What market trends have we observed with the advent of COVID over the last 18, 24 months. How is it changing, and how are we -- what's our new business proposition to leverage the current trends. And also give you a snapshot of why we win in the marketplace and how are we going to accelerate that using a platform journey to go over and above the 20% growth rate, which our products are driving. So we've got 2 sets of products in iGTB. DTB and LMS are in our Stage 5 of the journey. And CBX, PSH and TSC are in the Stage 3 of the journey. All these 5 platforms over the last 3 years have been modernized to become cloud-native platform and to be ready for the digital next journey. The demand which we have seen through the last 3 years the wins which we are having have been driven by our planned and predicted forecast on how cloud native will move towards. Our #1 platform, digital transaction banking, which through -- right now through Middle East, Africa, India, Asia has a good footprint across 34 countries, and we've got 60 customers on this. This has been -- this is where we are practically winning 3 out of 4 deals in most markets today and is our leading winning strategy to help us expand our footprint. The second platform is on liquidity management, where we are market standard actually of what's happening, 56 countries with 45 customers. We actually sweep over $4 trillion of cash every year. And the bigger thing is 23% of major currencies, cross-border sweeps happens on our platform. I think if we were to innovate and create a commercial model and charge a 0.01 basis points of this -- our revenue will start adding 0. So that's the kind of innovations maybe we have to look at as we go forward in our journey on the commercial side. CBX, which is our digital platform, is a standard backbone now. This makes the clear, the contextual composable hyperscale architecture of it helps us actually differentiate in the market and helps us significantly create a moat against the rest of the competition. We'll talk a little bit more about it later. Payments, we've now got 30 countries, about 39 customers, completely new brand cloud-native platform, which has been built. And one very specific innovation which we have done is, based on customers' context, the payments can be navigated to go towards what's the best next action for a customer or what's the best next option for a customer. The system helps them serve it from that perspective. And this is moving towards what a retail world was seeing. That innovation is coming to the corporate world, and we'll talk a little bit more about it. Our youngest platform is trade and supply chain, which right now is with 22 customers across 11 countries. We're leading right now the largest Asian and the European transformation, with UOB as well as Raiffeisen Bank. And these are the large -- in the last 3 years, the largest transformation is happening on the scale, where UOB is going to be around 14 countries, and Raiffeisen will be around 15 network banks across Central Eastern Europe. I think Arun shared that major deals which we have won in the last 8 quarters, 15 of those 20 deals in JTB, actually, the customer has bought us before. That demonstrates a very strong brand recall and our NPS working. This is the true proof of what we have invested upon, what we stand for. Customers are buying again. Customers, when they change jobs to a new job, we are the first port of call for them to help achieve their success in the market. So this is like the true gold nuggets for me and for the team on which we are building the business. Taking it forward to what are the market trends which we are seeing over the COVID period. All of us have seen our lives actually change quite significantly since March last year. And looking at these 21 months, what's happened. What we have observed is, the commercial banking is actually driving close to $1 trillion revenue for the banks from that perspective. We did see a dip in payments happen during this year, the corporate payments. But all indications from all analysts, McKinsey, BCG and everyone else says, these will go -- start going back to 6% to 7% from '20 to '22. If you look at the 4 variables in this, which is the account-based liquidity, which is a significant portion, then domestic and cross-border transaction and the commercial card transactions, we are able to play 3 out of the 4 zones in this -- out of the $1 trillion. We're right now not playing commercial cards, but are able to support everything else in that perspective. And we play -- this is helping us see a much larger TAM from that perspective. As we have seen with COVID, the small business banking has had a challenge as well as their demands are changing very, very significantly. They are expecting from the banks to be able to serve -- digitally serve them from where they are and give them the experience of what a retail will last for. And a sell-in survey actually shows that 45% of the customers in U.S. are not satisfied and 17% are likely to switch in the next 12 to 18 months from their current banks. So that puts pressure on a lot of banks from that perspective. This is what's leading to a significant number of transformations right now coming through U.S., which you have seen in our growth journey. The corporates are also putting a lot of pressure -- and corporates and regulators are putting a lot of pressure for the banks to transform their technology. I spoke of the SME growth. Regulators are quite concerned on the operational resilience. And in the last 21 months, as everyone moved to work from home, the regulators actually came up clamping down quite heavy. The most recent case all of us have seen is a bank in Japan. We're right at the top, heads out to roll because of lack of operational resilience and not making right investments and not moving away from legacy. I've seen the same thing happen in U.K. So this is becoming a major trend for which will drive people to modernize their platforms. And they cannot just keep patching up things what they have been doing. The customer experience, we talked about, which is driving the switching away from the banks. And also corporates are digitizing their environments. And they've spent over $3.5 billion, and they're demanding APIs from every bank so that they can manage this environment -- corporates can manage their own environment much better. COVID has also pushed. We've seen across the board, adoption of digital has been very, very strong. I think all of us have experienced of how quickly everything moved to digital. And what this proves is that in the coming 24 months, banks are going to be looking at 3x faster to invest upon -- at least 80% of their customer interaction has to become digital in nature. That's a demand that's driving. That's a McKinsey trend, which they have called out. Taking from there, focusing on the corporate bank side, the 22 -- it's about the TAM of that, the total spend -- corporate bank spend is close to $47 billion going up to $55 billion by 2025. Of that $47 billion in 2022, about $7.6 billion will be on application spend. That's the area we play. That's the time we drive and which is going upwards of $9 billion in the coming years. So global IT spending around corporate banking is expanding and growing. A very significant trend, part of this application spend, which we have observed is, there's a 25% growth on SaaS spends, so which clearly indicates a significant shift to buy versus build. So what was being in-built applications on-prem from customers, which were all legacy application, banks are truly looking at a SaaS option to migrate away. A SaaS option also offers you to start launching new business, and then in parallel, work on migration, thereby derisking what you've been doing in the past technologies. So that's a very significant shift which we have observed. And that's where part of our platform strategy comes into play. So what does lead into? What's going to be our new business proposition? We're looking at all these trends and the success we have had in the past. DTV, which was our #1 leading product for all emerging markets, where I was focused across 300 banks today, will help us hyperscale. Converting this into a product platform -- product to a platform business will help us hyperscale the business model. We're now looking at coverage of about 1,000 banks with this new cloud cash power platform with new experience, bringing -- the trends which we are looking at is how is the consumerization of commercial bank happening, how iGTB Cash Cloud platform will help leverage that and help us hyperscale the model. Like I showed you in the example before on the contextual payments, consumerization of commercial bank primarily means that the composable user experience, you're letting banks as well as end corporates compose their own experience. The real-time contextuality on the transaction as you are on what we have all experienced as we are doing on an Amazon by we get recommendations of people would have also looked at the following things, and that's what we avoid. That kind of real-time contextuality in helping corporates make the right level of payments, that's coming into the play. The self-service enablement for corporates, which is actually helping banks move their back office towards customers' front office, it helps banks reduce their cost and it gives the flexibility to corporate to be able to serve themselves. The whole experience and branding of products, and the SaaS -- one additional thing it offers is an on-tap functionality extensions on the cloud. It's easy to adopt and easy to consume all because of the new architecture which we have seen. I'm going to briefly show you a small video of what our vision of consumerization of commercial banking, which we talked of and against what we are executing. [Presentation]

So this is a great example of how a contextual personal assistant in-built into your corporate application helps you take decisions as you are navigating through your financial life going through managing your spends, expenses, need to pay plan for rates, plan for interests, all of that, and it helps you advise that. And now we're taking this CashPower platform. We've actually converted this into 3 distinct composable offerings, looking at across the corporate segment. Our first platform in here is CashNow, which will help innovate the business banking. It's got 78 distinct user journeys with 25 APIs, ready off the shelf for banks to launch new business banking or migrate the current platforms onto it. The second platform is CashXtra. They'll be looking at helping, rejuvenating the SME banking. And here, we've got 134 user journeys straight out of the box, valid right now with live examples across 34 countries, like I said, and with 50-plus open banking APIs. The final one is the CashPower, which is to help scale mid- and large corporates. It's got 197 user journeys and 75 open banking APIs. This is the 1 core platform composed into 3 different offerings to help different sizes of the banks to launch their business much faster than what it is. So what we have now in working in partnership with Microsoft Azure, over the next 2 to 3 quarters, we're going to roll it out to 1,000 banks -- covering 1,000 banks across 70 countries. We've just announced -- a couple of months ago, we announced the launch into Middle East and Africa that piece of the launch has happened. Next, we are looking at Europe, moving to APAC and Latin America over the next 2 quarters. This is a rollout, which we'll do. This is what's expanding the TAM from what we were currently focused on 300-odd banks, 1,000-odd banks and to bring this all on a subscription SaaS revenue. And this is what is typically what we have seen in a SaaS, where an account-based revenue helps you create a hockey stick, and you're part of a much larger financial supply chain. That's the big initiative, which we are working on and rolling out. What COVID has helped us prove is that we don't need to be physically implementing systems moving from country to country. It's also helped us prove that cloud adoption has moved very, very fast, and that's helping us get confident and drive this across markets. A small message from our partner from Microsoft. He's been -- This is Peter Hazou. He's also been a customer with us in 2 banks before, and he's driving the partner relationship from Microsoft Azure, and he has a brief message for us.

Hello. My name is Peter Hazou. I'm Director of Business Development at Microsoft within our financial services industry team, and I focus in particular on corporate and commercial banking and within that, global transaction banking or treasury services. It's a massive line of business globally, and it's highly relevant because it's how banks help their corporate clients with their working capital needs; and particularly in today's changing world of supply chain and commerce globally, it's a crucial area for banks to focus. Banks are investing to modernize this area. Microsoft helps in that. We're a platform, and we're focused on helping banks modernize and digitally transform. But to do that, it's really important that Microsoft has the best partners for that process. In that sense, Intellect Design is a leader in this space. Intellect Design has tremendous domain experience. I know this from my banking career. I worked closely with them before Microsoft, but generally, they continue to innovate and really become the main solution provider in this space of corporate and commercial banking and transaction banking generally. Their product, CashPower, is tremendous. It's, in a box, transaction banking with many different elements. And Microsoft is working closely with Intellect Design in terms of how this gets deployed globally at banks. It's obviously as a service in a very modern sense, so it stays evergreen. It's easier to deploy than old -- older systems that the whole market's transitioning to cloud-based services, which give a lot of advantages in terms of agility that's so important but also data, data tools. And it's really a modernization process, and we're very proud of our partnership to help Intellect Design in terms of how they roll out CashPower globally.

Thanks, Peter. Moving on to why we believe this platform journey, we'll be able to accelerate our growth. We will -- you have to build upon looking at why we have been winning in the marketplace and how the acceleration will be fast track looking at this. So we look at 7 reasons why we win, and we believe this will help us continue to win and accelerate what we're looking at, go into deep into one. Number one reason is our leadership position in the market been consistently ranked as #1 best-selling wholesale banking transaction. This is IBS' data, which looks at, in the past years, how much sales you have done. And this is just based on volume of sales done they track globally against all vendors and publish this. This is an external endorsement that it is -- we are the highest selling product from that perspective. Other than that, 12 leading market analysts consistently across the board have been rating us as a market leader for this and our partnership with Microsoft, AWS, Google and IBM to help us lead this journey forward. The second reason we win consistently is our customers as our big promoters. We've got a 2020 NPS score of 60, and I showed that in the last 8 quarters out of the 20 destiny deals, which iGTB won 15 of those were where the customer had bought us before and believed in us and then gave us that opportunity to serve and rebuild that trust, taking the partnership forward. So that's the major point, which proves that I've got one customer, which is Emirates NBD. They're the third largest bank in the region, and their CIO had a short message for us on our partnership. [Presentation]

Okay. The corporate and transaction banking transformation is actually part of a broader AED 1 billion technology transformation that the bank started in 2017. This transformation is two-pronged. So on one hand, it's technology focused, so overhauling the complete stack from how we manage infrastructure, how we develop applications, how we integrate via APIs. And this is a technology-focused, stack-focused transformation. But at the same -- on the other hand, there's another axis, which is bringing in best-of-breed components from partners to really enhance the capabilities of the bank. On the corporate and transaction banking space, this meant bringing in the platform from Intellect, so businessONLINE, which is the name that we give to that platform internally to Emirates NBD, to actually provide best-of-breed capabilities for the corporate. We are now in the third year of that transformation. So as part of the business-focused deliveries of that transformation, so businessONLINE went live and it's actually supporting thousands of customers currently doing transactions with the bank. So on the technology axis, we actually touched everything. So we completely change the way we manage infrastructure, so bringing in the knowledge of how cloud natives do it. So everything become -- became software defined from network through to databases to compute. So everything now is software defined. We can spin environments. We can set up machines in seconds when previously it took us days or even months to set them up. We have set up the largest private cloud in the Gulf. And currently, we have 90% of our infrastructure, of our applications running on this new cloud-native platform, a private cloud that you've set up. Another dimension was on architecture. So fully decoupling the components, integrating them via APIs, RESTful APIs. So the standards that also the cloud natives use, integrating them by event-driven integration, also developing our own applications when required using micro services, so a completely decoupled component-based architecture. We booked worldwide for platforms that could serve corporates. And if those -- both platforms actually existed and that could accelerate our time to market in terms of bringing in capabilities for self-servicing corporates. And with Intellect, we found that platform. It actually is a very rich platform functionally and more importantly, from the user interface and user experience, it's a completely upgraded platform. It actually focuses on the customer experience, on providing the user with dashboard, information about his corporate -- his enterprise, but not only that, supporting end-to-end journeys on just not just transaction banking but beyond.

So that's the story of Emirates NBD, the CIO talking about it, the AED 1 billion plus investments over the last 2.5 years, they have made, and they chose us as the transformation partner for corporate banking to deploy on a cloud and the largest Gulf private cloud on it. And they've also won numerous awards for this technology transformation leadership. It's our privilege to be part of this transformation happening in the market and get -- feel very proud when our customers get recognized for extending their trust to us to help them transform their environment. We're going to do a little bit of a deep dive into the technology behind it, which is the corporate banking operating system. I'm going to request my colleague, [ RC ], to give us a little more deep insight into it.

Thanks, Manish. We've seen what one of our customers had to say about our digital cloud platform and how it has helped achieve their goals. Let's now go a little bit back behind the scenes and see what this technology is all about. We call this technology as contextual banking operating system, C-B-O-S or CBOS for short. Now what does CBOS enable? It enables a composable platform that can deliver a wide variety of user experiences for all segments and verticals. So bank can now engage all their large corporates, mid-caps, SMEs, business banking customers on a single platform. When we have a beautifully designed reference UI, banks can visualize and build their own UI/UX, which is what we call as headless. CBOS also enables contextual behavior, which means banks can deliver more personal user experience, full of insights, recommendations and, more importantly, service amplifiers to enable cross-sell and upsell. CBOS also enables a connected experience by cutting across product silos and delivers a range of experience APIs to drive digital engagement. CBOS is built for the cloud. It's completely cloud native, uses CNCF, cloud native foundation components with no vendor lock-in. It has got a hyperscale data engineering we'll talk about a little later, which enables corporates to access all of their data regardless of the source without sacrificing security or control. It's made for the FinTech ecosystem, API first, pluggable and open finance ready. This is indeed the digital engagement banking architecture inspired by Netflix. Now let's dig a little deeper and look under the hood. CBOS has all the foundation of horizontal micro services that are required to operationalize a channel. But for an engagement platform to be truly scalable, it requires a robust data architecture. So we have built all the complex tooling and plumbing to stream data in near real time from any back end into what we call as a high-performance near-channel data store. While the stream's happening in real time, we also transform the data into a schema from which we can serve data. But this is where the magic actually happens. We use a technology called GraphQL to embed AI, ML, to create intelligent data connections and contextual links across all products and combine them into domain services. These domain services have been exposed as experience APIs that can then be composed into user experiences on desktops, tablets, mobile devices and even Alexa. You saw that in the video. This is how we realize a hyperscale composable contextual architecture, which we refer to as Netflix of engagement banking. Now that you've seen architecture, let's look at how this has been used to compose a user experience for digital onboarding. [Presentation]

So you've seen a beautiful example of how we have used the technology behind that I spoke about to create and compose a delightful user experience, which is really personal, really intuitive, easy to use. We, of course, are open banking ready, and Manish spoke about it. Arun also spoke about it. There are about 102 open banking APIs ready across multiple domains. But the truth is we also have to integrate into a bank's landscape, which could be heterogeneous, which we have a mix of legacy and modern applications. We have about 286 ready-made cartridges to help us integrate into any of the back-end systems that the bank may have. And all of this is enabled using our iTurmeric API ecosystem. Arun spoke about it as I in the COPARIS [ frame ]. All this technology, of course, has to be delivered. So we've used a vast experience from 57-plus successful implementations encapsulated all the learning into an implementation methodology that we call iZoom, which enables us to deliver 3x faster and as little as 10 weeks. We have built a number of accelerators across all the aspects of delivery as you can see on the slide.

Thanks, [ RC ], for walking us through the architecture, which is the corporate banking operating system, a user story of how application was composed on top of it and how we're learning from a past execution track record to do an iZoom implementation for these cloud platforms. I think the sixth reason why we will -- we have been winning and now we will win, hopefully, a little more is our commercial proposition where we have a direct business case of offering a pay as you grow with 40% lower TCO versus banks deploying it on their environment. That helps banks take decisions a little faster and also helps them move forward on this. The seventh reason is we are exclusively focused only on transaction banking. We and my entire management team, this is all we do, vis-a-vis, we experienced fragmented competition, which could be monoliners or aggregation of companies acquired by somebody like Avista Capital. And those are things, which is helping us compete over there. They are not focused on this domain. And our focus on this is helping us create that market edge. Thank you very much. And I'd request Rajesh to share his journey from here on.

thank you, Manish. Good afternoon, and good evening. It's a pleasure to talk to you again on this second technology day. My name is Rajesh Saxena, and I run the retail banking business for Intellect. So today, the way I've structured the presentation today is basically in 5 chapters. The first 2 chapters, I'm going to just recap about what's the size of the market opportunity and what are some of the trends that we are seeing in the retail banking technology space, what is our strategy for growth. Then I'll switch gears and talk a little bit about iKredit360 platform. This is our latest platform that we launched in Europe in July of 2021. I'll talk about this platform. I'll talk about why iKredit360 platform and give you peeks to that -- a peek view into what could be the revenue potential from iKredit360 platform perspective. From a size of the market perspective -- and I think these are some of the slides that I've used earlier, so for some of you, it may be a repeat. The size of the market, when we look at it from a retail banking perspective, we estimate the size to be about $60 billion. If you look at from that -- from there, if you look at change the bank market, which is the space that we play in, it's about $18 billion. And if I take out the geographies that we are not present, it's about $10.8 billion, and this market is growing at a CAGR of about 10% year-on-year. What is interesting, however, is if you look at the right side of the slide, you see that the SaaS revenue in FY '21 was only 15% of this market, and that is supposed to grow disproportionately higher. And by FY '25, we assume that in the total market spend, 40% of this will come from SaaS perspective. So SaaS is going to become disproportionately important. And from the market opportunity perspective, you can see that there is a huge headroom for us to grow from a retail banking perspective. I'll talk a little bit about some of the key trends that we are seeing in the retail banking technology space. I think the first and foremost is about digitization. We are seeing a trend about how banks are digitizing all the customer experiences and specifically self-onboarding for retail customers as well as SME customers. We are seeing how every bank across the globe is looking at putting together a self-onboarding using video KYC talking to the regulators, et cetera. And we'll show you a little bit of this in the demo that we will show subsequently. The bankers today, when they are buying technology, they are looking at buying an API-first and a cloud-native architecture-based technology. And they are also looking -- more and more bankers are now looking at SaaS as a model rather than outright purchase. Another important trend really is about data insights gathered from AI and machine learning, how can we get some specific customer journeys and how we can use machine learning and AI to provide those data insights. Last but not the least is all about marketplace and ecosystem thinking, specifically with open banking in play. So these are some broad trends that we are seeing from a retail bank technology perspective. If you look at -- and this is, again, a recap slide. If you look at our strategy for growth from a retail banking perspective, we had said it is built on 4 pillars. The first pillar is about technology first. It's our architecture, which drives everything. So that's pillar #1. Pillar #2 is about product growth engines. Pillar #3 is about how we are building a strategy around advanced markets starting with Europe; and fourth pillar is really about marketplace. And what we have defined earlier was a calibrated, consistent and profitable growth trajectory. But now what I've added in this slide is really there is an opportunity to exponentially grow our revenue in advanced markets in Europe, and what we have launched as iKredit360 would be 1 of that 2. So let me talk a little bit about our product growth engines. I think IDC, which is our digital core proposition, right? This is a flagship product that we had. It's probably one of the few products, which is a fully integrated product suite with composable services across deposits, teller, general ledger, CASA, digital banking, lending, trade finance, anti-money laundering and treasury. What we have also done in IDC 21 is that we have decoupled the UI and the business logic, and we are in the process of completely revamping our UI/UX and IDC 21. It is built on scalable architecture with capacity on demand, and it is cloud native and is available today on AWS, Azure and IBM Cloud with packaged business components. It is -- the APIs that it has, 300-plus APIs that we carry, are all beyond compliant APIs. So IDC 21, which is a composable, contextual open API and cloud-native platform, and we are seeing a good momentum as -- of this product in the markets that we operate. Our second product growth engine is about lending. And when you look at lending, it's -- our lending solution has -- is an integrated suite across retail, as said, we have corporate. It also has all the life cycle starting from origination, loan management, collaterals, limit management and debt management again, very similar to what I talked about IDC. It's a completely cloud-native architecture built for hyperscale. And for some of our customers, we have demonstrated a 5-minute critical EOD for 1.2 million loans. That's the kind of scaling, which we have been able to demonstrate on our lending platform. It's completely container-based, managed by Kubernetes for extreme scale. And what's interesting for us is that it is multi-tenant as well as multilingual. So lending -- our lending -- and we are seeing a huge traction. When I look at Asia, when I look at Middle East and I look at Africa, we are seeing a lot of traction in our lending suite; and specifically on loan origination, we are seeing a lot of opportunities coming our way on loan origination. So our lending suite, which is completely IDL 21, composable, contextual open API and cloud native. The third product growth engine for us is digital bank. And I think a couple of quarters back, I had talked about this saying that one of the largest Middle East bank has given us this opportunity to create what we call as a DNA of a lifestyle digital bank. We are very happy to say that, right now, we are in a soft launch with this bank. We have already done this work. And today, in the latter part of the presentation, one of my colleagues is going to show you an actual demo of how this lifestyle digital bank works, showing you how a customer can self-onboard himself or herself and how we put the marketplace APIs to work together. So this is really the concept of a marketplace, the concept of a digital bank in -- a lifestyle digital bank in play. Quantum banking, this is our product growth engine #4. This is our central banking solution, which we call as Quantum banking. You are aware that this started 10 -- this journey started 10 years back when we won the RBI deal, and it has gone from strength to strength. Today, it is in a leadership quadrant. We are winning 90% of the deals on Quantum bank income our way. And ours is the most advanced, both from a functional perspective. Today, it has 12 modules, and we have completely re-architected from an architecture perspective to make it cloud native as well as full revamp from a UI/UX perspective. We are working with some very large banks on some POCs on digital currencies. And we've won a couple of deals, and you'll hear us talk in the coming quarters about many more deals that we are competing. And we are in the final stages in this space, a complete leadership product by far in this space. So that was really about product growth engines, the 4 products, the product lines that are growing very well from a retail banking perspective is core banking, our IDC product, our lending product, our digital banking proposition and Quantum banking, our central banking solution. I think let me move and talk a little bit about Europe. I think I had talked about Europe. Our Europe strategy was built a couple of years back. It was about building solution, delivery and hosting capability in Germany and U.K., Germany as a headquarters for Continental Europe and U.K. for U.K. What we did was that we won deals, and we have now built referenceable clients in U.K., in Nordics and in Germany. We now have a fully hosted solution in AWS Germany and U.K. And this solution is actually both Azure and Google Cloud ready. Sometime in the beginning of the year, we identified a white space in this -- in the credit space in Europe, and we then put together our platforms to be our first platform from a retail banking perspective, which is the iKredit360 and that is what was launched in July of 2021. And this, we believe, could be a strategy for us to accelerate our footprint in Europe. Let me now show you a quick video, which is our launch video for iKredit360 -- sorry, before I come to the video, let me just talk a little bit about our iKredit360 platform. It is basically a first platform from the retail banking business. And this is really to see how we can expand our addressable market in Europe. So when I talked about the white space. So what we observed some time back is that the world of credit was changing very rapidly and specifically towards -- during the pandemic time. And what we were seeing were some key trends. We were seeing that the banks were moving away from a product thinking to an ecosystem thinking from transactions to experience from mass lending to my lending and turnaround times, which could be based for, for example, in mortgages to, in principle, approvals in minutes. So the battle was really on 3 fronts: how can I own the customer, how can I give customers more choices from a credit perspective, and how can I give the customer the same experience that he or she is used to, whether it's a Facebook experience or a Google experience, et cetera. So the battle was being fought on these 3 fronts. And what we saw was a great opportunity to put together this iKredit360. And this is what we launched in July of 2021. Welcome to the world of open -- it's a completely open finance platform. It is built on composable Credit360 and cloud technologies. And what it really does is it allows financial institutions to compose any credit experience to your customers. So let me give you a -- show you a short video. This is a short launch video that we had done. And then subsequently, I'll come back to the presentation. [Presentation]

So now I'll show you 3 examples of how we are using the same platform for 3 different end purposes. So this is OTTO. This is the deal that we sold for the e-commerce giant in Germany. And what we have sold there is a point-of-sale financing. And you can see how these blocks, these components have been -- those green components have been used to put together the solution for OTTO. If you look at now SME lending, this is something that we have sold to another bank, a very large bank in India, right, how the same solutions, same component, different components are coming together from an SME perspective. And finally, inventory finance. If you look at inventory finance, how we are using this composable architecture to build solutions for the bank. It's the same platform. By picking and choosing these bricks, we can then put together a different end use. A little bit about iKredit360. So iKredit360 empowers financial institutions to expand and extend their credit experiences to become the primary engagement point for customers. And 6 reasons why we believe that iKredit360 platform can win in this space. So the first reason is about that this platform has been custom built for Europe with -- and right now, as we speak, our current focus is only in Nordics and Germany. We are actually taking this platform in Nordics and Germany. And we have won the deals there, and now we are in the process of building referenceable clients. As Arun had said, you identify the unstated need. You build the product, and you get your first customer and make a reference. That's exactly what we are doing for iKredit360 in Europe, current focus, Nordics and Germany. It is a completely API first and cloud-native architecture. What it does is that it allows us to quickly onboard multiple banks and financial institutions. A quick customer onboarding is possible with this architecture. It is a ready platform with all regulatory and local interfaces built. So once we have this first customer to get the second, third, fifth customer is going to be very easy. As I explained to you earlier, this is built on cloud technologies. All the components are built on cloud technology. So it's built for hyperscale. And our competitors in this space and actually in Europe are sitting with legacy platform. And what we are seeing now is that the credit market is evolving. The time to market, most of the banks are asking their technology vendors for a quicker time to market and because of the legacy that our competitors are sitting with aren't able to do that. So the market is really cutting up and opening up for us, and Platform as a Service and price disruption that we plan to do in this space can help us in scaling up this platform very quickly. Six reasons why iKredit360 could be a winner in this space. So I'm going to show you this slide. This is a slide I've done only for Germany. It's about just showing you what could be the potential of iKredit360. It's an illustrative slide. So what we have done here is really looked at the German banking space. It consists of more than 1,800 banks. And if you look at the slide and if you look at the left part of the slide, Phase 1, we have identified 250 -- around 250 banks as a primary target market, which is in the space of e-commerce, large retailer. We already have a reference there. We have special banks and financial institutions and EU and foreign banks and part of the private banks. This is a Phase 1. We are targeting through this platform 250 banks. And this is our research. What we could look at from a pricing perspective is anywhere between EUR 100,000 to EUR 200,000 per month as a subscription, and private banks would be in the range of EUR 50,000, EUR 100,000 per month from a subscription perspective. In Phase 2, which is the larger part of the market, about 1,600 banks, which could be publicly owned, savings banks and the cooperative and union banks. Here, we believe that the market pricing could be somewhere between EUR 30,000 to EUR 50,000 per month. But that's a Phase 2. So if you look at only Germany, right, you can see the potential and the market opportunity that we have. Who's our competitor in this space, iKredit360? We have 3 types of competition here. I think the biggest competitors are homegrown, legacy, which is sitting in Europe. We also have larger but SaaS providers like Sparkassen or Fiducia, Fiducia for example, is in one of the banks, we are replacing Fiducia with our iKredit360 platform. Fiducia has 300 banks on their platform in Germany. So that's the second competitor that we have. And of course, we are seeing some emerge. Since the market opportunity is huge, we're also looking at some new emerging players like Mambu and nCinos and Thought Machine making a foray into this space. So that was really about iKredit360. All this would not have been possible with the leadership team that we have. So the way we structured in retail banking is we have a business development where we have 4 sales -- regional sales manager: APAC region headed out of Singapore, Middle East region headed out of Dubai. Our Europe region is headed out of U.K. and Germany. We just said Germany. And we have our Africa region split between Kenya and Mauritius. From a product perspective, we have business set for digital core, lending and cards, our digital bank proposition and our Quantum banking proposition. From a technology perspective, we have a manufacturing team and our delivery team and support team. And we also have our enablement team. I'm not going to go through the dates, all the names. But what is unique about the retail banking leadership team is really that, for the last 3 to 4 years, we've had almost no churn, and that's what is giving us the momentum to carry forward our agenda. So that's what really -- that's what I really had. So I'm going to request my colleague Prasanna to -- I'm going to request my colleague Prasanna to come now and talk a little bit about the technologies or what is under the hood. And then we'll have a short demo of our -- we'll show you a short demo of a digital lifestyle bank. So Prasanna, over to you.

Thank you. So I'm basically going to talk a little about -- yes. Yes, digital bank that we are enabling in terms of a full life cycle digital bank. And this is fully built on a composable cloud-native and contextual technology architecture where we have brought in the PBCs of not only the Intellect-provided PBCs, but also with the partner PBC space, we have a set of partner ecosystem we have brought in the kind of partners who are helping us with the video grabbing technology, the liveness check technology with respect to various document scraping and then analyzing almost about 240 different countries of passport using AI, ML, these kind of technologies. But also, we have created a super app for a bank, where within the app, life cycle and lifestyle banking services are enabled within a single app. And we are going to take a small glimpse of that. That's all about the specific case study that I want to talk about. So this is for a bank in Middle East region, where we have enabled the bank with your self-onboarding or an easy digital onboarding flexibility, and we have also enabled -- we have used our credit technology, our credit platform to enable the full my borrowing or my loan, my way kind of user journeys with excellent and easy to define payment options by the consumer. So here the customer is designing in terms of the kind of loan product, the loan EMI, how they are structuring it. Everything is done online by the customer themselves, and they also use it for flexi pay in terms of if they are doing any life cycle or lifestyle kind of transactions like shopping, food ordering. Even movie ticket ordering, they can enable it using this particular platform. And then there are goal-based savings, and then there is an interesting champion challenger kind of platform that brings in the kind of gamification into this platform. So I'm going to request possibly my colleague, Mohamed to open up that demo piece and may request [ Dimple ] to walk us through the demo, please.

Yes. Thanks, Prasanna. We'll have a quick seamless onboarding to bring the seamless experience to your customer for quick acquisition as well as how we brought this lifestyle bank [ in July ] with the seamless retention and adding new features and the engagement layer. Today, Mohamed is a new to the bank customer. He's going to onboard himself with a seamless onboarding capability. Mohamed is a residents of UAE, where he's going to onboard himself, just scanning his Emirates ID. Now the unique part of over here is he will be -- the card is read through the NFC. We read the NFC, capture the data after capturing the basic information. There, we -- it's not only the AI/ML capability support to reading the Emirates ID. Today, we have expanded to Qatar to create the Qatar ID, and we are moving into other countries as well to read the other IDs as well to provide the seamless onboarding. There, he confirm; and there, he get the authentication and where he scan his Emirates ID. At the time of scanning the Emirates ID, we fetch the data through the NFC and do the online real-time validation with the EDA and populate other eKYC-related information. The most beauty of this application is where the customer using and all the data get captured and the system further support. If the required information are not adequate, the system already intelligently drive the customer to scan the passport. The system support almost scanning 271-odd passports across the world. And this is the eKYC details, which will be captured by the customer. And apart from that, it's do a proper liveness check. When you say liveness check, it's validate the accuracy of the customer. whether it's a real person to support and eliminate the eKYC risk. You can see shortly how we scan and how we read his image, he's doing online real-time basis, which you can feel it, and he zoom in and zoom out to take the facial movements. This is true robotic process. It's do a proper scanning, identify the liveness of the customer. Plus, it's do a picture matching as well to support the eKYC. As mentioned by Prasanna, we used the RPA-based technology and supported with AI/ML process and the data validation. It's get uploaded. And while it's get uploaded, it's do a validation. At the same time, you do a sanction check as well as a blacklist check as well on the back office. Risk-free customer being onboarded, let's explore the application. What are the other features that Mohamed can experience through true lifestyle banks? Well, this is the other unique part of it, where it comes with the TouchPoints promotion code as well as the loyalty points. And where you can encash your loyalty points, coupons and all the facilities through, you can log out and log in. Now where you can experience, this is the true lifestyle bank, which has -- starting with wallet to the savings to the deposit to the borrowing, along with the [ 4 ] lifestyle features, such as order food, movies and insurance. Plus, you can play games, earn point and encash while you're doing your e-commerce activities like purchasing food as well as insurance and so on. Most important part of this, as mentioned by Prasanna, this is we have directly integrated with the leading food aggregator in UAE through integrating or acquiring almost 83 API services and rendering these services across. And all the UI/UX is built by us using our Canvas platform. It's a combination of Canvas as well as item. There, you order food as well as you can encash your points to order food. And plus, you can avail [ quick ] credits as well mentioned by Prasanna, which support with the micro credit based on customer's borrowing capability, it's provide online real-time credit capability. And it spontaneously highlights the customer that if the customer is eligible for any of the credit lines that spontaneously, it's highlight to the customer that he or she can avail the credit. Yes, completed successfully.

Okay. Thanks, [ Dimple ]. I think this is what we are in the process of -- actually, it's already in soft launch. It's the super app, and we'll be shortly doing a customer launch of this. This app is built on -- it's built by us, and it's hosted on Azure cloud in UAE. So we are very excited to bring this composable and cloud technologies and how fast we can implement to the customer. So that was what we had from a retail banking perspective. Thank you for your time today. And at this point of time, let me invite Banesh to please take over from here.

Thank you, Rajesh. Can you hear me?

Yes.

Yes. Okay. Excellent. Thanks for that excellent presentation, Rajesh. What I'm going to do today is I've got some colleagues of mine who are joining. So I'm the CEO of IC. I've got 2 colleagues of mine joining today. One is Jim. Jim is going to join from the U.S. So it is a good morning to him. I think it's early morning in Boston. And hi, Jim. You okay?

Yes. Good morning. Good afternoon, good evening.

And I've got Deepak, our CTO, who's going to join us from India. And I'm, like I say, fondly today, quarantined in Delhi. So I'm based wherever I'm supposed to be based. Tell all my colleagues I'm sort of just based on the cloud. So today, what I'm going to do -- I think in the last presentation, we touched on the data platform that Deepak ran us through. I think we also spoke about IDX platform. I think today, I'm going to focus on our U.S. insurance underwriting platform. I think as Platform as a Service, this is as close to a full Platform-as-a-Service capability that we've built, and we've invested several years in it. So I'm going to actually touch on the U.S. business and not some of the other SEEC businesses as we go through this presentation. So we have a very interesting management team. Jim and Laila are based out of the U.S., and so is Sandeep, who manages our service delivery. All of them come with a very rich 25-plus years of experience in insurance, in service delivery, in technology and in transformation. So Hari is based out of U.K. He manages one of our most important and large wealth clients in the U.K., which Arun mentioned, St. James's Place, and also does several other work around AI and Salesforce implementations for us across different geographies. Deepak who's the CTO, who's going to join me, is one of the leaders around technology. He's worked a lot on data, on AI and on architecture across technology in both wealth and in insurance. Hitesh, who's based out of India, covers various other business lines for us, including the interfaces with the Life Insurance Corporation and other businesses. And Sriram sort of manages our talent, which is a very young group of people that we brought onboard. SEEC as a business is being more focused around a fintech insurtech type of position. And I think the talent that is required and being built over the last several years has really positioned us excellently in the market going forward. So if we go ahead, this is the way in which we will run the discussion over the next 20-odd minutes. We'll discuss our value proposition. They will also discuss exactly how we are seeing the alignment between technology and operations, getting together in the U.S., how we will actually share with you the experiences we've been having on the ground. I was recently with a recent client that we had won, ICW, in California, and they actually shared the pace at which the pandemic has resulted in significant upgrade in technology that they need to do. I think many of you have dealt with banking, but insurance, if anything, has been lagging a little bit. I think the opportunity for Platform as a Service from our positioning is the right time. They felt the need for us to be able to help them take the business and technology together to make a big difference to underwriting. Jim then -- Jim has been a product leader in underwriting for mid- and large markets for Liberty. Liberty is one of the largest insurance businesses, I guess, in the U.S. as well as internationally. So he's going to actually talk to you about how the manual underwriting process brand and how today we are actually offering them significant benefit of upgrading their underwriting process to a fully automated, to something that we would call end-to-end low touch or almost no touch from an end-to-end delivery perspective, which is so important today in the digital world. Then we just want to touch on the platform, how we compose services for our clients across different business lines in commercial insurance. And then we'll touch briefly on the market size, the opportunity, the competition around U.S. commercial and how platform that we build can scale for helping our customers improve their underwriting capability. So this is really what we're going to cover today. So what is the value proposition today, right? So as I said, as we look at clients, and we've got 9 clients already in the U.S. on the cloud, the underwriting platform, along with the data platform, Magic Submission, you see over here 3 product lines: Magic Submission that takes data from an e-mail with documents, extracts that data, validates the data along with our data platform, enriches that data and then actually helps underwriters underwrite that data. It's actually a combination of 3 product lines end to end that helps the customer underwrite more efficiently. It actually is helping customers prioritize, is helping customers improve the quality of their checks, is helping them manage their risk. And I think the interesting part about this end-to-end model, as Jim will share later on, is that there's significant improvement not just in cost, but also in the clients seeing revenue improvement because they can actually focus on the right clients much faster than they did before. The platform around this, as you heard with some of the other colleagues of mine, is fully composable. It's born on the cloud. It's architected on AWS, and it operates on AWS in the U.S. And I think it can scale up and brings a lot of benefits of the functionalities and the available capabilities that we have built along with AWS capabilities to help our clients consume this service very easily. So they can compose. We help them compose. We sometimes provide them the skills to help them compose their requirements across the platform. The second piece, which is very critical for us, which is at the heart of underwriting -- as you all know, underwriting is at the heart of any of the insurance businesses. It's probably the most important role for the insurance business. I think contextually, what we provide is the data intelligence, the data -- the data platform, FDS that Arun touched on earlier, gives them the capability to look at thousands of data points, use the data to help them underwrite more efficiently and contextually and we build AI models. And wherever required, we always have the underwriters or the operations people as humans in the loop to help them use the data more efficiently to take decisions. And finally, the product is fully cloud native, which is both a combination of the infrastructure on the public cloud but also the ability to consume that through open APIs through connectivity in such a way that they can consume those services either through partners or directly provide those services to other marketplace components within the whole ecosystem for insurance. So this is a value prop. It's resonating very well with customers. We have competition in each of these areas, but there isn't really a good competition across all of these 3 product lines, providing this kind of technology as a platform. So I want to stop at this. I'm going to hand off to Jim as he takes the next slide that actually explains the difference between the old legacy platforms and the new path that we've built.

Well, thank you, Manish. Excited To be here to chat about our solutions that are really resonating in the market. We have a ton of momentum and our value prop is certainly resonating. So the solutions that we're bringing to market is really laser-focused on every step of the underwriting funnel, if you will. Ultimately, what we talk about with carriers is about driving efficiency at every step of the underwriting funnel and then reinvesting in sophistication. If you think efficiency is to take kind of waste and reduce expense ratio, which, by the way, in an industry where at every dollar premium, there's about $0.20 to $0.25 on the dollar is an expense ratio. So it's a very inefficient model that's ripe for disruption, which I'll talk more about. But really, we're trying to get more efficient, take costs out, improve response times to agent and brokers but then reinvesting in sophistication with our multitude of third-party data offerings to help them also improve their loss ratio. So it's really drive efficiency while getting more sophisticated, which enables carrier to kind of out select their competitors, which ultimately drives profitable growth. So more specifically, our solutions, for example, at submission intake, where it used to take 1 day to 4 days even in a midsized marketplace to even ingest submission. We are leveraging our contextualized AI to ingest submissions and now cut that down to seconds or within seconds from an e-mail submission. And so significant kind of speed to process and cost reduction. Today, in that space, many carriers have BPOs or back-office teams or underwriting assistants that are just handling submissions to get them into their technology environments. And so this is certainly the significant transformational change for carriers. Next, I'll talk about kind of submission triage. Underwriters are getting all of these submissions and they're not able to address each and every one of them, which -- they're having to, on their own, figure out which ones should they be working on. And so we have a combination of AI and over 3,000 data elements that we bring to carriers to help them get more sophisticated on which ones are -- don't fit their appetite or on [ best ] quality risk to get a quick decline back to agent and brokers. Agent and brokers, a quick no is as good as a timely yes. And so there's not only kind of your customer, which is your agent or broker is more customer satisfaction, if you will, plus you get smarter, which risks you're actually working on. So we use this term of working smarter, not harder to -- which will cut expenses, but also help you have a higher conversion rate. The third big solution is around data sophistication. In the past, as an industry, in the insurance industry, we certainly consume a lot of data through submissions, submission applications, common applications like a [ cord ] apps in the industry, but there's so much more information to be had on risks. And in particular, in the past, the submission data wasn't really validated. And with our ingestion tools and third-party data, we're able to enrich with over 3,000 additional data elements. In addition, we're able to triangulate the submission information that we do have to ensure that we have the most accurate. We talked a lot about our value props around not only having a lot of data and information but having the most accurate in the industry. And so I think this is critically important in terms of out selecting competitors and understanding your exposures better than your competitors. Underwriter efficiency. In the past, underwriters were spending their time -- you're paying an underwriter to applied judgment in selecting risks. And in the past, they were cleansing data, were organizing data to upwards of half of their time and so to the extent that we drive efficiency, underwriters are able to write more new business and spend more time converting business and in assessing risk. And so clearly, will drive not only growth but improved loss ratio and outcomes. And then lastly, missed opportunity, underwriters are only getting to 60% or so of the submissions that come in. And as I mentioned, they have to, on their own, kind of figure out which ones to work, which one is not. And so bringing our 3,000-plus data elements or artificial intelligence, machine learning, ingestion and helping underwriters better understand which risk to work and having kind of a prioritization is unique and is catching a lot of interest of carriers across the marketplace. So our solutions really are addressing industry legacy challenges and our Platform as a Service is certainly resonating meeting the needs, which is why we haven't so much -- gaining so much momentum in the marketplace. So hopefully, you get an understanding here of the challenges in the industry and the solutions that we're bringing. I'm going to hand it over to my colleague, Deepak, who's going to talk more specifically about our capabilities.

Thank you, Jim. Can you hear me then?

Yes.

Yes. Thanks, Jim. As Jim and Manish are mentioning, the important thing about this platform is about underwriting. And historically, underwriting is a data-heavy business. And we are one of the platform who completely leverages the cloud in terms of processing their very high-volume data and also hosting a deep learning models, which actually process very advanced machine learning capabilities to process images in the text. So what does this mean in terms of the platform? So this platform is kind of built in such a way where we can continuously deliver the capabilities to our SaaS customers on a regular basis. It means we need to really have a very strong cloud infrastructure, which supports a high availability as well as the resilience and also at the same time, process a very high-volume data. So we have built a proprietary fabric cloud and DevOps capabilities, which helps us to wide all the modern cloud engineering to deliver this high-volume data, which could be a structured data or a semi-structured data or unstructured data. And our platform is flexible, agile, resilient and also helps in terms of increasing the acceleration in terms of the product innovation in a secured way. And that is really important in terms of continuously delivering the product features. And we also kind of -- because we process a large amount of data, which could be structured and unstructured. We also need to ensure that we store that particular data securely. And that is where we leverage various data management systems to ensure that we can support that kind of the varied data types. And on top of that, we have built a data service layer to ensure that we can ingest the structured, semi-structured, unstructured data from the various data sources. And here, we have built a proprietary data connector framework, which helps us to connect to the new data sources in no time. And here, we have already integrated with the multiple data sources where, as Jim mentioned, we're able to contextualize and deliver more than 3,000 data limits, which are very critical for commercial insurance underwriting for the various lines of business. And we also have the out-of-box integrations for the various commercial insurance ecosystem, such as the policy admin systems, CRM, document management systems and all. And which is -- again, the uniqueness about the platform is our AML capability. And over the period of a time, Intellect has heavily invested in terms of R&D capabilities for the AI and machine learning models. Here, we have built a proprietary image, processing more than 28 algorithms, we have a proprietary algorithms to process the images. And we have more than with 18 proprietary algorithms to process the document. This is what makes our AML capabilities very unique in terms of making a significant difference in terms of an AI for the commercial insurance industry. So we have various purpose-built AI models for commercial insurance industry, either in terms of the [ next ] classification, either in terms of the construction code. And all these capabilities clearly uniquely position us to provide a data enrichment, but also a very important attribute for an AI, which is in accuracy. And so far, these capabilities helps us to contextually provides the meaning across the various data sources that we leverage for the commercial insurance underwriting. And on top of this, we have this various business services and these business services are built truly with the micro services architecture and aligned to the open API guidelines. And this is what helps us to compose this particular APIs to provide a very unique user journeys and also reduce the time to market. And I'll give you a particular case study in the next slide to give you how we compose this particular APIs to provide a new user journeys. This is what makes this platform delivers new product journeys and also probably the new products in no time to the market. And we're leveraging this particular business services. We have the 3 major products, Magic Submission, Risk Analyst and Xponent, which helps in terms of intake and routing and the data and underwriting workbench. And our platform is not just built for the business users. Our platform is leveraged by the technical users, basically, some of our tenured data science team leverage our platform to -- in terms of expecting their data science journey. Now let me give a very quick walk-through in terms of what is that composable and the contextual means as far as platform is concerned. So as Jim said, one of the key [ proportion ] of the platform is where we can ingest the broker e-mail and the attachments that is submitted with the e-mail, which could be the schedule of values, which could be the [ accord ] and how we can leverage our deep learning AI model and classify the e-mail and understand what the e-mail is about and extract the data from the e-mail and classify the attachments and expect the data from attachments and leverage our AI models in terms of enriching the data and ultimately leverage our integration capabilities to integrate with the third-party system or the policy admin system and connect with them and deliver the data to the [ downstate ] system. So that is what I'll quickly show you in terms of how exactly those user journeys achieved with our capabilities. And what you can see on your screen is on the left side, what is like a user journey is getting the e-mails, following the e-mail and then getting the classifying e-mails. All these capabilities, we leverage whatever that we built over the period of the time to provide -- execute this particular user journey in no time. This is what makes this particular platform truly composable and contextual. Again, AI is what really helps in terms of contextualizing because we ingest a huge data sources and getting the context of that various data sources is a significant challenge, that's where we heavily leverage the UI. And again, AI is all about access [indiscernible], and that's what is the single major differentiator for us. Hope this helps in terms of understanding the power of the platform and how we compose that open APIs that we have built in terms of delivering the user journeys for the users.

Yes, absolutely. Just one second, Deepak. So I think the ability -- this is fully operated on the AWS cloud. So it's fully cloud-native in its architecture. And as Deepak mentioned, many clients of ours need to compose for underwriting different rules to be able to operate this. Our ability to help them set up and run these rules on this platform is extremely easy. Today, they struggle to do that on their legacy platforms and their homegrown platforms that they have. What we've actually done is pulling out this whole underwriting end-to-end process away from their old legacy policy admin systems and get them the flexibility to operate it far more efficiently using this architecture, which is what really is this sort of defines itself as a Platform as a Service from their perspective. Thanks. Thanks, Deepak. Jim, over to you.

Thanks, Deepak. Thanks, Manish. So now I'm going to go into just talking more about the market opportunity, our positioning in the market and the upside. So first, we're laser-focused right now in North American market, commercial lines, which is a $315 billion industry. The top 200 carriers make up 95% of the market. So it's a meaningful opportunity. And I do want to hit a bit on what's driving or what drives the carriers to modernize and what's really the uptick we've seen across all carriers. So first of all, is the economics of insurance is you're taking in premium, you're investing it to match your claims payment, which can be anywhere from several years to 30 years for workers comp, for example. 10, 15 years ago, you could have an underwriting loss, which would be offset by your investment gains over time and still earn adequate returns. Pre-COVID, even with low interest rates and lower for longer interest rates, really put a huge focus for carriers to starting to create underwriting gains because there was little yield to be had. And so folks were looking to tighten up their underwriting performance. And so a lot of focus started about 5 years ago in the commercial line space, to go towards expense ratio, as I mentioned, which is $0.20 to $0.25 on the dollar. And then COVID hit. And clearly, there was a ton of legacy, a lot of manual processes and folks realize that they literally couldn't operate in that environment nor do they think that the talent of the future would be willing to operate in that environment. So there's a ton of interests over the last 2 years of really starting to drive towards modernization. I'd say, the larger carriers maybe had a little bit of an advantage in the midsized carriers and smaller, certainly don't have the scale or capabilities to modernize in the way that we bring our services. So we have a ton of momentum in this space. And last thing I'll say is you see the needs of the carriers, whether it's increased automation with an underwriting workstation or always looking for additional data sources or how to leverage AI and particularly contextualized AI are all needs. And to the extent that you can provide it as a Platform as a Service as we can and make it easy to consume is certainly driving a lot of interest in this meaningful marketplace. On the next slide, I'd say we are well positioned. We have a solid foundation to grow from. We have existing 9 carriers with SaaS relationships today, including 1 in the top 3, which is Liberty. Really, we have really strong and deep relationships with that kind of top row of top 30 type carriers and there's an opportunity for us to continue to expand our relationship with our other relationships below. But as many of you know, very similar on the banking side, the time line to close these deals is 6 to 9 months, and we feel really good of the foundation we've built over the last year. In particular, we've been in 6-plus months with these carriers on the right side, 1 is the top 5, which we're actually replacing 1 of our competitors, which I'll speak about. And then a couple of other top 30 and a top 50 carrier in our pipeline is strong. So we're excited. We have a really good foundation. We have a big opportunity to cross-sell within the existing relationships were in and our prospect and the outlook looks strong.

Just one -- sorry, Jim, just one point, Deepak, if you can go back for 1 slide. I think to Jim's point about taking a long time to get customers to sign up. I think the reality is that many of them have been, like I said earlier, using all legacy policy admin systems or homegrown type of solutions. Now all of them, including the IT people on the carriers believe that they need to make the change, but they don't necessarily have all the IT skills to manage the cloud model, the data model more efficiently in a more automated way, the way we are bringing it to the table. So the team does a lot of work. We've actually created not just seamless PoCs but also we actually run [ Sprint Zeros ] for them to feel comfortable to operate it themselves. And very often, we would run this in parallel with other business lines. Normally, some of these carriers have multiple business lines. So they either would start with one of our products, like you've got over here on the right side, one of the top carriers is starting with Magic Submission first, which is the intake and routing. And then over a period of time, they will eventually run the whole process through to underwriting in stages. But for them to use the composable Platform as a Service to do that becomes a lot easier. So across 1 business, they can start with products or they can start together. Everywhere they use data more efficiently because data, as Deepak mentioned, is at the heart of this whole underwriting capability. And on the other side, we have the ability to then add several business lines. Some of these carriers, we see have somewhere between 4 business lines as a small 1 and they can go all the way up to 12 business lines within the commercial lines. And I think the ability to scale that over a period of time is definitely one of the other opportunities that we will see sort of take shape as we get more and more of this Platform as a Service up and running. Sorry, Jim. I just wanted to add that. Yes.

Yes, absolutely. Thank you. Next, I was just going to talk briefly about our competition. Again, I think we're well positioned. We have, in my mind, the broadest solution offering in the industry. And you'll see here Novarica, which is an analyst that covers the insurance industry shows us as having the most advanced underwriting solution set and the broadest which puts us in a very unique category. You'll see below, there's some very point solution focused competitors in this space. On the right-hand side, we kind of talked about our different solutions on our platform, whether it be the Magic Submission Intake & Routing, our data offering for our end-to-end underwriting capabilities. And you can see there that there's not a lot of common competitors in this space. And so we feel really good that we bring a breadth of solutions to the carriers, which is certainly resonating really well. We have some pretty fierce competitors in here, but they're solving very point solutions. So I think we're really well positioned. And in some cases, we're actually replacing one of our competitors in the magic submission space with the top 5 carrier right now, which is, again, another example of the strength of our solutions. Next, we will transition it to hear from one of our customers.

[ virtual ]. And I wanted to send you and the team of a Thanksgiving message. It was Thanksgiving last week. And keeping up the tradition that we've had for the past 3 years, I just wanted to record a message and send it to all of you so that you can share with the team. As always, like the relationship between Liberty Mutual and Intellect continues to grow. And it is one of the strongest ones that I have in my portfolio or in the digital transformation portfolio across Global Risk Solutions North America. And you've always been a very knowledgeable and a very flexible partner. I think that is something that I've noticed or I've experienced more with you done with vendor partners, and you've delivered transformational technology at a very reasonable and lower level of investment. And our journey started with property, we started looking at Intellect for property. And now we have been able to quickly implement it across all lines of businesses in the property and casualty space, what was calling [ GL Auto ]. And we are seeing the benefits, right, in year 1, we are seeing the benefits. And the benefits aren't just expense ratio related, right? Of course, the technology that we have helped us seamlessly transition close to 30% of our workload that was being processed here in the U.S. We were able to transition that to our offshore center to our offshore partners in India. But other than that, we've seen some real tangible benefits in the loss ratio space where we have, for example, consistently now created a process where construction code and occupancies are identified using AI rather than leaving it to the discretion of individual underwriters, of course, giving them the flexibility that they need. Coming back to the expense ratio benefit. As I said, we've been able to transition our high-touch BPO operation into a streamlined machine that is augmented by our technology. And that's IDX, but if you think about this catalyst, which is also a product that I'm extremely proud that we were one of the first in the industry to implement. That has had a meaningful impact on our loss ratio and the accounts that we've been able to bring onto our book because we've brought information to the fingertips of our underwriters. They've been able to understand costs better and understand exposure better, get a holistic view of accounts through all the subsidiaries that the account might have and see through the dependencies that exposures in 1 line might have on the other. So all in all, I think we are making great progress, and thanks to you. We chose you as a strategic partner. Because of your purpose-built technology, that is how I would classify you and your team's domain knowledge and the data that you've been able to source, the sophistication of your technology and that we've seen with the machine learning feedback loops, which very quickly allow us to capture new scenarios and handle more and more complex accounts. And you've been -- and the investments that you yourself are making in your product to continuously evolve, your products and build it in a true Platform as a Service. And we are big on Platform as a Service you have -- we are eventually move into the rent versus build model. So I think the model will position not just us, but any carrier partner that you might have to have sustainable growth and profitability. So thank you for everything that you do for us on a daily basis, and I look forward to continuing our engagement. I hope you had a great Thanksgiving, and I hope you have amazing holiday as well. And to those who celebrate Merry Christmas, Happy Hanukkah and take care. Bye.

So you've heard from -- so I showed that -- the analysts had showed us as really well positioned. You've heard from one of our largest customers in Sandeep, which is a top 3 carrier in the U.S. And we're also being recognized in trade publications as Best InsurTech Company to Watch in 2021 and several other awards. So overall, we've worked really hard. We've -- as you heard from Deepak, our products and platform is in really good shape. Our brand is well positioned. We're well positioned against our competitors. And so for us, we're really excited about scaling at pace from this point forward. And so really excited about our opportunities moving forward here. So thanks so much for your time today.

Thank you. Thanks, Jim. Thanks, Deepak. I think, Arun, I want to hand off to you.

Thank you, Manish. I'd be short on the 3 platforms we look at CashPower22, iKredit360 and Xponent underwriting platform fourth platform, which is driving our growth is GeM, which only a few must be aware of that account. The government marketplace, the complex procurement system using our technologies is enabling a very high adoption of eMarketplace. We are today 56,000 buyers on the platform. There are more than 3.2 million sellers on the platform. Close to 8,000 to 15,000 orders at least. I think it's a very significant contribution of our technologies to drive high adoption of government procurement. It's one of its kind in the world. [ And I think silos, this complexity happened is because of the technology in it ]. And its growth is sustained year-on-year. So government has given a lot of impetus to this. So these 4 platforms are our strategy for going wide. And our customer asset, which I've shown you in the beginning was going deeper into the customer. So those are the assets which we can keep to that customer in coming years to assure that our growth momentum is there for multiple years going forward. So that's a history. At this point in time, I would ask for the questions what you have. Well, it is a long listening. Praveen, please go ahead.

Thank you, Arun and the leadership team. [Operator Instructions] First, we have [ Vivek ] to ask his questions. [ Vivek ], you can speak now. Okay. Can we have Mohit Jain.

In the meantime, I'm answering the question of [ Anil ] who had asked a question at the chat box that will this slow down the license revenue growth? As of now, not. We have a large market share of the last 12 product lines, which are coming in. And this is only an addition to what platforms will drive that growth. Maybe in next 2, 3 years, the more the [ revenue we will make 2% ], I think immediate number, license revenue will stay for at least next 12 months. Yes, Mohit.

Sir, my question was similar to the previous one. So for last, while you have given good deep presentation on the last 8 quarters. But our license revenues as the USD million is not growing much. And part of it is because possibly iGTB advanced market deals in the last 4 quarters have slowed down a bit. So what is our outlook there? And what corrective steps are we taking to sort of correct this slowdown in sort of say license revenue developed market iGTB?

[ Network revenues are there ] on GTB and some of us will be coming in coming quarters. So it's not only about GTB interpretation. Let's say, license review, which is GTB has a good revenues in these last 2 quarters. So it's not about GTB. I think license revenue levels of around $50 million license numbers year-on-year is a stable number. I think you need to look at license link revenue, which is a significant growth, whether it's a cloud. So it's about making a choice between license and cloud. So overall...

So how do you -- like how should we interpret it like license will remain stable, cloud will grow gradually? How should we read your number?

Yes. So I think -- as of now, you need to look at combined revenue license plus cloud together. That's the best way to look at your revenue not in 2 line item.

Okay. And sir, second was just split of SaaS, like I think in one of the slides, in one of the divisions, you gave a split of SaaS revenue. But how is it like in iGTB and iGCB, what percent of their revenue would be SaaS? And how do we like track SaaS number from individual divisions?

Anyway, we don't publish in digital some 1 Intellect strategy, but we have...

Annually -- ballpark, any ballpark number would help.

Not a line of business higher right now. So it's too early to get in that zone of doing...

But would it be safe to assume that the SaaS growth that we have seen that would have primarily come from iGCB apart from GeM.

Yes. So you can assume that as a median. So [ GCB or iGCB ] both are the first driver. iGTB has started the revenue on CashPower22. So that's what the Manish has shared. We just launched last quarter on a platform basis. So that's how the business is running.

Right. Sir, third was on the progress of IBM partnership like we have this partnership for a few years, and I noticed you have added Hexaware in your [ PPT ] this time. So what partnership have we done there? And what should we expect like more partnerships? And how do we see progress there, license versus implementation revenues.

So now you have seen this platform, which Rajesh has presented, Manish has presented. Now it's a time when they can build this solution by the partners till the time we were not choosing the partners for working in the conventional traditional implementation methodology, which requires too much of a micro training to the partners. And this opens -- open finance platform, when we are giving a publishing a complete micro services on [ contours ] are able to engage the partners much better. So we were working on this strategy in the last 18 months. Now we are -- after the launch of the platform, where transitions described the entire -- the ability for composing the solution. At this point in time, we are talking to 3 more partners on this same space, [indiscernible] has joined only working on the partnership. So I think you can see a good traction on the partnership with revenues sometime in '23. So around 18 months from now, we can see a good traction on partnership revenues.

These 3 more are again from Indian IT...

No, no. Not Indian IT, they're global IT and some European partners and some U.S. partners. We are working with them.

Last was an auto deal, like is it more license are the implementation revenue behind us? How is the implementation going to -- or how is our revenue going to impact from these over the next 12 months or so.

This is a very, very first experiment last year when we won the auto deal. This is a deal with partner and themself do it. So do-it-yourself kind of a platform. We may mature our platform on the where [indiscernible]. Auto was the first example where we have given the complete micro services, and we have provided a small team of 7, 8 people to support them. While they have 50 people team is building the entire end-to-end solution. And that has given us the confidence that in Europe, strategy of iKredit360, we can include partner. So our implementation revenue, as you observed, has not grown, we have focused mainly a license-linked revenue, because it gives you better margins. So you -- the impact will be visible on the margins. And we think...

The revenues would come in SaaS model, is that correct?

Yes, revenue will come in SaaS model.

On a per transaction as they grow revenue. The way you work for...

A per transaction basis or per month basis or per business line basis, like in Banesh case, underwriting case for business cycle basis, in Rajesh case we're seeing per month basis of infrastructure. So you rent the infrastructure at $20,000 a month to $200,000 a month.

Okay. So this one is on the per month infrastructure rather than commission per transaction kind of thing.

It's both are there. 21 customers, I mean, smaller customers may look at it per transaction basis, but the people are more comfortable on it per month and linked to the account. So per month as well as accounts. It's a multidimensional SaaS model comprising as a separate subject. Mohit, I'll share with you when you...

So what I mean to ask, sir, was that auto deal revenue.

Yes. Auto deal is on a per month basis. So that's a specific deal, you're talking about. I think all the models are there for various customers. And we'll not be sharing about this deal, what is underlying contract rates.

There's no special deals. So that's why I wanted to know, but that's all from my side.

Yes. Thank you, Mohit.

Next, we have Rahul Jain. Rahul Jain, you may ask.

My question is related to different references that were made during the presentation. One was by Manish and other by Rajesh. About the time that they have mentioned their respective space. And of course, in the presentation, there was some idea about the same also. But when we say that we are #1 in the space when we say that it's a $7 million, $8 million application markets and then you look at our revenue. So how one should co-relate how this piece is being cut to various players? And how -- what should we have set for the next 5 to 10 year perspective?

Rahul, platforms what we are designing is like a same thing any such platform takes 5 to 7 year plus. And we are looking at each platform can be up to INR 200 crores to some INR 500 crores or INR 600 crores per platform. So that's the objective of designing the platform. It may go from $30 million to $100 million. So each platform can be $100 million of insurance. So it's like an independent company into tomorrow. It's like a full platform company, what you call fintech company taking independent funding. This company is built in Intellect with debt-free come. Nobody is taking investment on it. So these 4 platforms are like 4 independent companies.

So if I have to connect the dots, then you can -- you're saying individually, each of them can be on an average $300 million product and total revenue potential could be $1 billion base?

That's why I'm saying $50 million you can take it safely for $5 million to $7 million, but potentially is there when you have hockey stick, one of them can become $100 million because you can't project all these fintech companies to be getting $100 million or $50 million. There's lot of hope built into it. So when you are taking it clear market leadership in the U.S. for underwriting platform for sale, and then we come to Europe and then we come to Asia, when we take CashPower22 to 1,000 banks. When you take iKredit360 only Germany market, it still is a huge market to look at it. And when we go to Germany to the neighborhood countries and then you take the same iKredit360 to U.S., the market potentials are very large because what you are seeing is that the way composability has been created. This is kind of an engineering marvel, I would say, in software industry to create that composability the way Deepak has demonstrated, the way Rajesh has demonstrated, the way [ Hari, RC ] has demonstrated. Each one of them has demonstrated that, but there is similarity in the design, which is there. So that's the beauty of it.

Right. Then one follow-up on the industry, Arun Jain has been around was so very long and we all know that how long do this technology adoption or modernization agenda for the banks. But we have not seen Tier 1 banks going for announcing major deals, a major overhaul in the last couple of years. And we also have seen that initially we were winning bigger and bigger deal, but that's again kind of not there in last 6 to 7 quarters. Of course, the last thing but not getting bigger and bigger like what it used to happen earlier. So a, what is the -- what are the 1 or 2 factors which gives you confidence that major bank Tier 1 banks in the world will adopt core solution and our kind of offering and when it can happen and how we would be positioned in that space.

Rahul, we have announced so many deals, large deal wins. You forgot a [indiscernible] for small deal to happen? Is it so small deal to happen? Is it -- so if you look at the 8 quarters deal, which you announced, there are more than 30 deals are there in large deals in this segment. So what I'm talking about that people are not investing or we are not doing -- so something is wrong in our understanding of the list name -- or the list, which is demonstrated in 8 quarters. They are all [ market names in a market ].

Yes, of course. What I'm trying to refer is that I think one of the larger things that we have signed earlier where in the estimated zone of $20 million, $30 million, $40 million kind of the size. And of course, these names are [ market ], especially on the corporate banking side. But what I'm trying to understand is that, let's assume, a Tier 1 bank or top 30 banks in U.S. if they decide to do a major overhaul over a 5- to 6-year cycle, whatever time point they may require what could be an average deal size and when can such an opportunity can happen?

I think that 54 Destiny deals are there many of good deals are there in that 54 Destiny deal, which we can't share right now with you. I think they are there in pipeline. Core banking transformation may not happen as at pace as you rightly said. But I think iKredit360 is a very, very smart platform of connecting core banking, lending and cards, which is a very unique space for us to work on. So I think overall perspective, which I want to build up, we are guiding the market 20% growth, we upgraded to 22% growth, and we are still bullish about the market to grow on a consistent basis. So we have -- our growth philosophy of 20% calibrated growth and 30% EPS growth. I think that's what we are driving the company. We may achieve something better than that in some of the key periods. But I think design is only for 2030.

Thank you, Rahul. The next question is from Nishid.

Congratulations. Beside both the quality of presentation and the content of the presentation has been setting the new standard actually. And then what I like particularly was the seriousness and the kind of work that has gone behind making this presentation and especially in terms of content in all the 3 divisions, I think given the details of the plans on and all the key clients. So my first question is the key change, as I see it, is to mind these market clients that we have won over the last 8 quarters and how we can cross-sell and sell more products to the existing customers. That's my first question.

That's right. I think that that's -- we are putting the strategy of customer account management, customer centricity 3.0, I use the 2 words, go deep, go wide. We go deep with the account. So that's one strategy where we are now investing into a customer account management. So in a few quarters, we'll make putting at least -- we identified 20 accounts where we want to really go deep into -- out of 260 accounts, 10% of account, we also go deep and build up a cross-selling agenda here and then go wide in the platform. So this is a [ very value ].

There was a very good play from very mature -- When can we see this account becoming very big for us. So let's say, I'm just trying to put a bigger, let's say, when do we have it in [ $50 million ].

It will happen, Nishid. You really invested so much of time, patience and trusting the company. I think in last 4 quarters, what you are seeing is phenomenal and will not disappoint you.

Manish talked about the 1,000 banks as a target and a partnership with Microsoft. Can we have a little more of the Microsoft partnership. Is this an exclusive partnership? Or are we going to do want to move with the cloud guys like Microsoft has got Azure, but so, AWS and Google. Is this an exclusive partnership?

Manish, do you want to respond to that?

Yes, I'll that. CashPower is on exclusive on Microsoft right now. That has a platform we have chosen as something on which we will build and take it out. Microsoft is not exclusive for it, it's only limited to right now CashPower, and they don't have any -- actually, there's no one else for them also to be able to offer this from that perspective, having an integrated cash platform.

And is there any time you're have in mind on achieving [ 1,000 banks ] project?

So the coverage plan is being built. We have launched, like I said, Middle East and Africa, we have launched Europe, we're going to launch in the next quarter in Asia in the following quarter, followed by Latin America. So over the next 3 quarters, we have to provide coverage and leverage the Microsoft distribution to cover them.

A few questions on the panel, which is there, is do you want to go NASDAQ? I don't think we ever thought of it right now. There's no -- how do you benefit from fintech era? I think we are getting benefited from fintech era, getting good Destiny by pipeline. How would you invest INR 100 crores mark by strategic fintech partnerships? I think it is next 6 to 18 months for building up an Intellect 4.0, as I mentioned, but we are moving to platform and for the next 3 years, we will stabilize the platform, and then we go to marketplace. And during that time, we will be putting the entire fintech structure in place and a very small money of INR 100 crore to look at it to build up this marketplace. Should we expect growth in [ networks lit ] and more products go from Stage 2 to Stage 5? Yes, the investment we are building it up. But I think we want to calibrate at 20% and see more products will come into this bucket. Today, we announced SBI win for wealth. I think this was a major, major win for State Bank of India to choose a full best product, which is supposed to be Stage 3 product and being been selected by the largest bank in India with the almost 10 evaluation, which have gone into for the product because it's built on same technology, it drives a substantial value creation. How the SaaS revenues linked to your customer operational metrics? Could you give example across [ revenue ]? No. As of now, no. Noted and unusually high unbilled revenue in your balance sheet, do you have partially to drive this down and revenue remains 30 to 45 days, which will drive the better cash flow? Yes, we are driving it. We'll come back to you and you see some results of improving the item or some unbilled revenue, the nature of the business, the nature of business itself having unbilled revenue because between the milestones. There's a long cycle or reducing the implementation cycle time, as I mentioned in the existing capital by reducing the cycle time, we'll be reducing that. Automatically, it will get reduced. Any plans [indiscernible] Intellect? Intellect has done [indiscernible]. When do we expect our first $100 million deal? I think taking step-by-step approach is much better for all of us. So I think we are not looking for $100 million deal in the next just 4 quarters at least. We want to go step-by-step approach. What is the basis of financing deals, can we do open market buybacks, plays our cash? Okay. These are the 2 suggestions. We listened to earlier suggestions. Just 1 question, based on our understanding players like [indiscernible] so far focusing a lot on CBS. However, due to positive flows, they are also entering into a micro service like us. Do you see them as a competition? Yes, obviously, everybody's competition because the technology is not a positive for Intellect alone. But if you have a 3-year leadership advantage then, I think we will capture the market more in the next 3 years. That's an advantage we can get. This first relationship in -- we had other relationship, a smaller relationship and this is the largest platform, digital transformation relationship. And for the AIF, we'll bring some partner, okay. How many quarters do we expect to take to go $60 million to $100 million run rate. Earlier, you said 5 years to hit $400 million, but you seem to be more bullish and taking 3 to 4 years template there. You were quite -- [ Vivek ] is reading the mind, but I think just what our management team sitting in this room is trying to look at it. We have a $61 million quarterly run rate. So $75 million should be in the next 3 quarters, 3 to 4 quarters. So $100 million should be 3 to 4 years.

So we have [ Jagdish ] who has raised the hands. [ Jagdish ], do you want to ask a question?

Yes. Thanks for this technology dates second, giving more insight to the company. And my question is regarding this our GeM platform deal and Magic and this auto deal. So these are something a bit different from our I think right -- so are we focusing any kind of thing providing -- using our domain alerts and everything, right? So maybe we can go a bit to the other domain like related to finance only, but maybe e-commerce and other and focusing on these new fintech companies, those are so aggressively coming to lending, right? So can we focus on them? And what is our strategy towards that?

Yes, definitely. I think what is there is now we have a technology platform. So 4 technologies plus 12 products and a 4 platform, 4, 12, 4. These 4 technologies rendered us to get into e-commerce procurement when our capacity and GeM is a great example of building a sustainable, highly secure, highly -- high-performance-oriented platform using those technologies. We can look at it at some point of time. As of now, our hands are full. So it's not that for next 2 quarters or 3 quarters we'll be looking at it. But in a long run that opportunity is available, we'll take a decision based on how much we can take the bait and it will be more of a strategic Board decision to look at it. But from a technology perspective, we are there.

Yes. And one more thing. So we have some distribution technologies like UPI and other things, those are disruptive technologies right? So many companies are coming with the technology, right? So what is the kind of risk associated to our projects, which are in Stage 3, right, once they are entering the Stage 5. So are we making them as a platform? Or again, they are taking a long time, right, maybe 3 years or 4 years to go to that stage, right? So again, considering the risk factors associated with the competition. So what the strategy we are changing just advantage on our low-code platform, right, and getting the experience of these platforms, which are already going to advance the market, right? So what are the lessons learned advantage we are taking and making our Stage 3 products more -- how we are making them more stronger and robust to that competition?

[ Jagdish ], is our stand is very, very simple. Like when we look at GTB and we went to Europe with GTB, we honored the GCB. Normally, we have started with the 4 platform. So 4 platforms will take another 18 months to stabilize and then build up a momentum. Now once that learning happens for us for the platform, putting another core platform, next core platform will be much easier for us to do it. And in those markets, we can extend our market to the next 4 platform because I can use the same micro services platform to launch 12 or to launch core banking. So fundamentally, it's the same infrastructure, which we'll be using of AWS or your for driving this growth. Our choice is where we can really do a combined focus of market-facing forces, domain forces and my technology, my capacity, what I need to have. So I think what is a hurry. There's no hurry as such. We need to book calibrate it, 20% growth is we have calibrated. That's how I think we are taking a strategic decision. So this time, we are not going in a hurry. And just more we want to ensure that quality the delivery in each of these markets like Germany market, so difficult for us to -- any Indian player. I don't know who has gone from India to Germany to wholesale cloud infrastructure, as I said, bold decision of Rajesh and his team to say that we will set a cloud in the Germany and turn to the iKredit360 there instead of -- And it's a very demanding market for looking at it. Once it crossed it is Banesh crossed underwriting workstation in the U.S. Now once that same cloud that Banesh is running on underwriting platform, iKredit360 can sit on the same cloud as such whenever Rajesh is ready in next 2 years, it will sit on the same cloud and same underwriting which he is doing on the insurance. He can use for the lending as well. So it is just a matter of time. It made us choice to be made on the -- So I think it's a choice of many for us, but our management team and Board when I'm putting a good advisory team, such a beautiful set of advisers and Board members and our management team, what it has shown in the table is enabling us to take a very cautious decision is still best.

Yes. That's great to know. And coming to other questions. So we have some iKredit product, which is exclusive for Europe, and that product can be also used for India also, right? So this cross-selling product to the customer and also a platform level when the platform more people are using the platforms and AML will become more advantage, right? So does just add the network effect and everything, right? So -- and again, the competition when switching costs and that will be increased. So what are the advantage we get to that? And what are the -- aggressively we are making our platforms reach that level?

It's only -- I think we need to choose the market. I think strategy is choosing market, which is the right paying market, right disruption market. That's a mistake, most of the player makes it that we don't choose the right market. We just jump to India market. India market is easy to do, but if I -- I think can you get the pricing of euro versus you are getting a price in rupees, it's a [ 1 is INR 90 ] difference.

Okay.

So we make some choices, [ Jagdish ]. I'll say the whole rollout is strategic advisory team and both to make some choices. And from an investor perspective, I think what the assets what we have today, whether it's a customer form or technology assets or leadership asset are one of the best in the world.

Yes. Great. And in the presentation, 40% of the deals are just a full product, which are coming to us. So that is a great to know. And remaining that 65%, say, are we conducting any technology which are for the new investors, right? So from taking any India, right? So there are -- I believe there are many banks that are not using that latest technology, right? So are we exclusively conducting any technologies to them just to showcase that Europe, they are using this advanced product, right, why don't you use it? So are Intellect as a company, [indiscernible] exclude conduct some sessions to the initial banks, maybe that might help...

Yes. So it's a marketing job. Maybe you put your suggestions to me and separate me. Now as time is getting -- moving that and you can ask questions.

So we have the last question from [ Narayan ]. [ Narayan ], they can go ahead.

I mean I already paste my question in the chart. So I just wanted to know what is your status of the Magic Aadhaar? Do we already have some customers using this?

Yes. So Magic Aadhaar as a linkage to the regulation. So as of now, regulation is not tightly met. All have taken proposals from us. So as soon as regulation comes at Magic Aadhaar will become necessary and essential part of that backlog, which is [indiscernible] during COVID time, they are postponing it. The Magic Aadhaar will have traction. As of now, it doesn't have a traction. We have very few customers right now. We anticipate much more in anticipation of regulation to be there before 31st March '22, but it's -- it seems to be [indiscernible] right now.

Just one last question, sir, if I may. So it seems to be doing really good in Europe and other areas. So -- but -- are we facing challenges with respect to acceptance in Americas? Or how is the deal pipeline there, sir?

It's good pipeline. We won -- we have 25-plus customers in Americas we have chosen some certain products for certain markets. If I go to the slide, America, we chosen a very differentiated products, where we are going with a virtual accounts, liquidity, CBOS, underwriting workstation here and machine learning. The American market is total for very differentiated products so that we can enter into accounts established 25 accounts portfolio. And once that policy account portfolio is there, and we have a trust with account, then we expand into other areas. So every market has a different strategy. Europe has a different strategy because Europe invested most. So that's what we are getting a better return and China market is quite doing well for us. Now the U.S. market, which is supposed to be most difficult, I think, we are the only company which has established such a good footprint in America organically. Most of the players even in Europe pay and they went to America they only enter to the acquisition, not by organic growth.

Last question in the chat. What is the status on Jim do we see traction in Jim?

Yes. It used to. So thank you very much. I think thank you for patience for the 3 hours, you listened to us, to our management team. Your presence in this forum helps us out. I mean sharpening -- because as the investor, we are cautious, help us to understand the investor perspective and you have exposure to other companies and bring on the table when you ask a question, help us out in removing certain blind spot to us. And I'd say it's a good participative forum for you to understand what complex this technologies are. So how are you creating a moat for other people to come in this technology. So the questions you used to have, will anybody come in this marketplace, somebody invests for many dollars and bigger. It's not about investing $1,000 or $5,000 in this technology, it's about engineering marvel. So engineering are never copyable. It's very difficult for it to be copied by just anybody else. So fixed animation movie by any Indian animation movie makers. So we are a lot of -- the more we build this technology, more, more we create for ourselves. And that's why the 2 years back when the questions were there, what is the more, Infosys can invest on many dollars, TCS can invest millions dollars and where will you exist after that. I think today show you could have seen that how well these are engineered to drive the value for our customers and for Intellect investors. Thank you.

Thank you for joining us today. In case of any further questions or any follow-up calls required, investors can write to [email protected] or [email protected]. Thank you, and you can disconnect the call. Have a great day.