DBT Bureau
Bengaluru, 26 June
Intellect Design Arena, a multi-product financial technology company, has won an outsourcing contract from Canada’s largest credit union Vancity.
The company in an exchange filing said that the seven-year deal would see Vancity leveraging Intellect’s Digital Engagement Platform (DEP) for retail & SME digital experience along with Contextual Banking Experience (CBX) for commercial digital experience.
Vancity has over 5.70 lakh members and $35.5 billion in assets under administration, according to the filing.
Under this collaboration, Intellect Design’s platforms- eMACH.ai, DEP & CBX together will enable Vancity to offer comprehensive banking & lifestyle services including retail onboarding in minutes and SME onboarding in a day, personal financial management and social banking. It will also help Vancity to provide complete visibility of member portfolios through intelligent dashboards and insights.
“We are thrilled to join hands with Vancity, a respected leader in the credit union space. This collaboration is a testament to our shared vision of delivering exceptional member experiences through innovation and digital transformation and our commitment to the Canadian market. Our DEP and CBX platforms are designed to cater to the dynamic needs of modern financial institutions, and we’re excited to see how this partnership will enable Vanity’s offerings. This partnership is not only a pivotal moment for Intellect and Vancity but also sets a new benchmark in digital banking innovation, showcasing the potential of strategic collaborations in creating enhanced value and experiences for credit union members worldwide,” Rajesh Saxena, CEO of Intellect Global Consumer Banking (iGCB) at Intellect Design Arena said.
“We feel we have found the right partner in Intellect Design Arena, and a technology partner that understands our needs and will enable us to deliver on our commitment to meet and exceed our member expectations,” Wendy Murphy, Chief Technology Officer of Vancity said.
The share price of Intellect Design Arena is trading 1.17% down at Rs 1,062.90 (11.25 AM) on Wednesday after surging more than 4% yesterday.
