Intellect Design Arena bags deal from SBI for its Digital Wealth Transformation
The cloud-native, future-ready, multi-product FinTech company - Intellect Design Arena, has announced that India's largest public sector bank, the State Bank of India (SBI) has chosen ‘Intellect Wealth Qube® - Digital Wealth Management’ suite for its digital wealth management transformation agenda.
Intellect Wealth Qube® is an award-winning cloud-native, API-first, obsolescence proof platform that promises to empower relationship managers to deliver higher productivity at lower costs. The digital wealth platform has out-of-the-box modular front, mid and back-office capabilities that enable wealth and private banking businesses to innovate and scale quickly.
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.
SBI had been looking for a robust modular platform across the front, mid and back-office powered by deep predictive analytics, Artificial Intelligence/Machine Learning along with strong in-built regulatory controls across customers, banks and markets. Intellect Design Arena’s digital platform will enable the bank to provide its customers with a DIY (Do It Yourself) 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.
To quote Ramanan SV, CEO, India and South Asia, Intellect Design Arena, from a filing with the exchange, “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.”
On Tuesday, December 7, 2021, shares of Intellect Design Arena opened at Rs 648 per share on BSE and surged 3 per cent to touch an intra-day high of Rs 668.
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