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Expert Perspectives Reimagining Banking with AI, Cloud, and Design Thinking
At the Global Finance’s 2025 Global Bank Awards in Washington, D.C., Arun Jain, the Chairman and Managing Director of Intellect and Chief Architect of Purple Fabric, presented a transformative vision for the banking industry. Jain describes this new phase as the “fifth wave of banking,” characterized by the integration of artificial intelligence (AI), cloud technologies, and design thinking.
Central to this vision is Purple Fabric, touted as the world’s first open business-impact AI platform. Jain emphasizes its role as a democratizing force within the banking sector, aiming to empower business and operations teams by making AI accessible beyond the realm of data scientists. The intention is to facilitate the co-creation of contextual, composable solutions that yield measurable efficiency improvements and enhance customer experiences, all while adhering to stringent ethical standards of transparency and trust.
Jain argues that the banking sector must pivot from a product-first approach to a customer-first strategy. He advocates for a shift in focus from designing products and adapting customer journeys to building solutions centered on the financial events that shape the lives of customers. This includes everyday transactions like paying bills and receiving salaries, as well as more complex situations such as home purchases and wealth transitions.
This customer-centric philosophy is embodied in eMACH.ai, Intellect’s modern architectural framework. Built on principles of Events, Microservices, APIs, Cloud, Headless technology, and AI, eMACH.ai enables banks to create unified platforms that respond in real time to the unique financial-event patterns of customers. The adoption of these modular building blocks is expected to lead to quicker innovation cycles, personalized engagement, and the ability to scale new business models at significantly lower software costs compared to traditional legacy platforms.
As financial institutions continue to grapple with evolving customer expectations and market dynamics, Jain’s approach presents a framework that not only prioritizes immediate customer needs but also positions banks for sustained growth and adaptability in a rapidly changing landscape. By leveraging advanced technologies and innovative design, Jain’s vision may very well redefine the future of banking.
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