Financial technology is arguably the most complex business globally, with changing paradigms in customer experience, operational efficiency, performance, analytics, risk mitigation, integration and security domains. There is a serious need to understand and reduce complexities arising in this industry.

With the rich experience and expertise developed over decades working with global financial institutions, Polaris Financial Technology, a company specializing in financial technology for banking, insurance and other financial services, launched its 8012 FT Design Center. 

8012 is a center for collaborative design. Noted to be the world's first center dedicated to financial technology, it was inaugurated in Chennai, India, by Michael Harte, group executive, enterprise services and chief information officer, Commonwealth Bank of Australia.

“We believe Design Thinking is the most powerful bridge to balance multiple and often conflicting imperatives. FT 8012, our Design Center, has been thoughtfully created to bring the two powerful forces of Design and Collaboration together,” Arun Jain, chief executive officer and chief architect, Polaris Financial Technology, said in a statement.

According to the company, the center is equipped with a holistic array of product offerings, domain-rich solutions, proprietary frameworks and methodologies to craft impactful solutions. The entire physical space is designed uniquely to stimulate the collective genius of diverse teams, expand their thinking and explore possibilities.

The center is said to have launched five major technologies that can enable banks deliver superior customer experience and unprecedented operational productivity. These include canvas technology that is envisaged to drive front-office efficiencies, hub technology that will drive back-office efficiencies, workplace technology that will bring out the collective genius of diverse teams, master process exchange technology to connect business and technology and FT Grid technology for inclusive and exclusive banking.

The 8012 FT Design Center is spread over 30,000 sq. ft and is located in the 22-acre Polaris campus on the IT Highway in Chennai. The Design Center is interestingly named after the coordinates of its location, 80 degrees longitude 12 degrees latitude in Chennai, India.

In related news, LANDBANK, the fourth-largest bank in the Philippines and one of the largest government banks in the country, went live with Polaris’ Intellect Trade Finance Solution to reduce operational costs and improve productivity.