This Chennai based FinTech company zooms after bagging a large deal from SBI

This Chennai based FinTech company zooms after bagging a large deal from SBI

by 5paisa Research Team Last Updated: Dec 07, 2021, 03:30 PM IST

State Bank of India has chosen Intellect Design Arena Ltd, a digital platform to accelerate business expansion and improve operational efficiencies through STP.

Intellect Design Arena Ltd, a cloud-native, future-ready, multi-product FinTech company for the world’s leading financial and insurance clients, today announced that State Bank of India, one of India's largest public sector banks, has chosen Intellect Wealth Qube - Digital Wealth Management suite for its digital wealth management transformation agenda.

The Wealth Management Business is the Bank’s top priority and its primary task is to offer the best products across categories from leading fund houses giving their customers the flexibility to invest, transact and view their portfolio through digital channels such as internet banking, mobile and remote relationship model and the Bank felt that Intellect’s Wealth Qube was the perfect fit.

Reason for choosing Intellect: State Bank of India has chosen Intellect's digital wealth, contextual and composable platform to accelerate business expansion and improve operational efficiencies through STP. The bank was looking for a robust modular platform across the front, mid and back-office powered by deep predictive analytics, AI/ML with strong in-built regulatory controls across customers, Bank and markets. The digital platform will enable the Bank to provide its customers with a DIY wealth platform and the architecture is such that it allows the Bank to deliver customer delight with the ability to keep adding new products and services quickly.

Management response: Commenting on the win, Ramanan SV, Chief Executive Officer, India and South Asia, Intellect Design Arena Ltd said, “Intellect is honoured to bag the large digital wealth transformation deal from State Bank of India to support them on their digital journey and growth plans. The bank’s decision to undertake this transformation program is a reflection of the bank’s abiding commitment to deepen customer satisfaction while modernizing for the future. This is a highly disruptive and strategically important deal, demonstrating the acceleration in thinking in wealth management among global banks as they move to their digital future and reinforcing Intellect’s position as the partner of choice for the world’s largest banks”.

The digital wealth platform has been recognised for its product capabilities and implementation success, having won awards for its robust marketplace platform and results delivered post-implementation at a leading Asian bank, recently, respectively.

This news got a positive response from the market. At the time of writing this article, Intellect was trading at Rs 660.35, 1.95% up for the day.

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SENSEX
54,326.39
1,534.16 (2.91%)
Nifty 50
16,266.15
456.75 (2.89%)
Nifty Bank
34,276.40
960.75 (2.88%)

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