From left to right: Debal Dutt, Marketing Director, Intellect Design Arena; Banesh Prabhu, CEO, IntellectAI; Kannan Ramasamy, Director of Partnerships, Intellect Design Arena, at the launch of Purple Fabric
Powering the essential evolution of AI towards connected enterprise intelligence
— Banesh Prabhu, CEO of IntellectAI
BENGALURU, INDIA, August 13, 2024 /EINPresswire.com/ — IntellectAIa business unit of Intellect Design Arena Ltd, which focuses on cutting-edge AI technologies, announces the launch of Purple Fabric, a pioneering platform that accelerates enterprise adoption of AI for financial institutions (FIs). Harnessing the potential of the composable and intelligent open financial platform based on First Principles Thinking eMACH.aiPurple Fabric represents the next step in the evolution of AI, moving from basic automation to enterprise connected intelligence, enabling financial institutions to achieve substantial business impact.
AI promised to revolutionize industries, but many financial institutions have struggled to deliver tangible results, often due to challenges with rules-based orchestration and rapid integration of AI into existing processes. However, the true power of AI lies in intelligence connected to the business. Recognizing this, Intellect leveraged its three decades of domain expertise to develop Purple Fabric, a decision-grade AI platform designed to overcome data fragmentation and silos. The platform focuses on ethical AI, addressing data bias and ensuring traceability through a full audit trail.
Purple Fabric is a revolutionary enterprise AI platform that transforms business data into actionable AI insights and solutions. By enabling Retrieval-Augmented Generation (RAG) data and enabling subject matter experts to rapidly build and deploy AI-powered solutions, it creates a knowledge bank from six key sources: structured and unstructured enterprise data, policy, market and regulatory information, and tacit knowledge. This foundation enables the AI expert agent system to deliver accurate, goal-oriented results with exceptional speed and accuracy. Additionally, Purple Fabric introduces Situational Workflow Automation and Rapid Micromodeling (SWARM) capabilities, improving human efficiency through adaptive and responsive automation workflows.
Purple Fabric offers financial institutions the ability to align their AI ambitions with an honest assessment of business readiness and adopt a modular transformation design journey. The six powerful Purple Fabric products include:
– PF Imagine: An ultimate AI solution creation tool for product managers to independently design and implement AI use cases without the need for data scientists
– PF Govern: Enables organizations to maximize the potential of generative AI while adhering to strict governance standards. It addresses 14 key governance issues and provides detailed references for auditing data sources, verifying data integrity, and enforcing user management policies.
– PF DIMS (Document Intelligent Management System): allows companies to create AI-based document information and leverage it as APIs in various applications. This is made possible by a combination of four high-performance technologies: document ingestion, classification, extraction and trusted data
– PF Expert Agent: Uses knowledge from various sources to generate actionable insights. It also enables the creation of autonomous user journeys with AI alerts and nudges. At a recent AI Bootcamp, five teams created their own expert agents in just three days
– PF Triad: embodies seven key regulations established by the European Union ensuring impartial decisions and recommendations for key roles in the firm. It has been successfully implemented in wealth advisory, complex investigations and losses, setting a new standard for impartial decision-making in financial services
– PF LLM Benchmark: Assesses coding tasks, reasoning, and language comprehension. It includes anonymous LLM battles, multi-round questions, common-sense reasoning questions, quick efficiency assessment, leaderboards, and more.
“Purple Fabric is more than just a platform; it’s a productivity tool that enables financial institutions to leverage AI for real business impact,” said Banesh Prabhu, CEO of IntellectAI. “Our vision is to enable financial institutions to seamlessly integrate AI into their operations, achieving new levels of accuracy, speed, and efficiency. With its modular design and advanced AI capabilities, Purple Fabric enables financial institutions to confidently navigate the complexities of the financial landscape, paving the way for the future of work through ethical AI.”
About Intellect Design Arena Limited:
Intellect Design Arena Ltd is a leader in enterprise-grade financial technology, delivering composable and intelligent solutions for futuristic global financial institutions across 57 countries. Intellect’s revolutionary first-principles thinking-based enterprise connected intelligence platform, eMACH.ai, is the world’s most comprehensive, composable and intelligent open financial platform. With an impressive range of 329 microservices, 535 events and over 1757 APIs, eMACH.ai enables financial institutions to design and deploy future-ready technology solutions that deliver a significant global competitive advantage.
With three decades of domain expertise, Intellect offers a comprehensive suite of technology products for banking and insurance across four business segments: Global Consumer Banking (iGCB), Global Transaction Banking (iGTB), IntellectAI and Digital Technology for Commerce (iDTC). Intellect is a pioneer in the application of Design Thinking and our 8012 FinTech Design Center, the world’s first design center dedicated to Design Thinking principles, underscores our commitment to continuous and impactful innovation, addressing the ever-growing need for digital transformation. We proudly serve over 325 clients globally, supported by a diverse team of solution architects and domain and technology experts in the world’s leading financial centers. For more information about Intellect, visit: https://www.intellectdesign.com/
IntellectAI, a business unit of Intellect Design Arena Ltd focused on cutting-edge artificial intelligence technologies, provides institutions with intelligent tools that improve customer engagement, streamline underwriting and claims processes and enable data-driven strategies.
Nachu Nagappan
Intellect Design Arena Limited
+91 89396 19676
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