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Budget News

  • Intellect Design rises after winning order from SBI for digital transformation
  • December 07,2021  10:34
  • 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 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.

    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.

    Commenting on the order win, Ramanan SV, chief executive officer, India and South Asia, Intellect Design Arena 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.”

    Intellect Design Arena, a specialist in applying true digital technologies, is the a full spectrum banking and insurance technology products company, across global consumer banking, central banking, global transaction banking (iGTB), risk, treasury and markets, and insurance.

    The company reported 39% rise in consolidated net profit to Rs 59.2 crore on a 6.8% increase in income from software product license and related services to Rs 373 crore in Q2 FY22 over Q1 FY22. It had recorded a loss of Rs 17 crore on an income of Rs 327.5 crore in Q2 FY21.

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