Intellect Design ties with Wyth Financial to launch Fully Digital Direct-To-Customer Bank Offering in Canada; Stock surges ~2%

23 Feb 2022 , 11:01 AM

Intellect Design Arena Ltd, a cloud-native, future-ready, multi-product FinTech company and Wyth Financial (a trading name of Concentra Bank), one of Canada’s leading mid-market digital banks, announced that the bank has gone live with Intellect Contextual Banking Experience – Retail (CBX-R) deployed on Microsoft Azure to offer fully digital direct-to-customer bank offering to its customers.

With a cloud-native, microservices-based, and API-first architecture, Intellect’s CBX-R is a comprehensive omnichannel solution catering to the ever-evolving demands of the modern bank customer.

With a vision of becoming Canada’s leading mid-market digital bank, Wyth Financial was looking to leverage technology to launch a superlative direct-to-customer banking experience to customers with a digital-only approach. Wyth chose Intellect as their digital partner for their deep domain expertise and a mutually shared vision of a fully digital bank.

“Our digital banking platform — Intellect CBX has proven to be a game-changer for banks across the globe looking to make the shift from an Omni-digital (available on multiple devices) to a truly omni-channel experience and we are confident that it will create a strong foundation for Wyth Financial to achieve its digital-first banking vision,” commented Rajesh Saxena, Chief Executive Officer, Intellect Global Consumer Banking.

Intellect’s direct-to-customer retail banking offering — CBX-R was launched in just 11 months through a highly effective Agile design and remote delivery model, leveraging the combined expertise of Wyth Financial and Intellect. The comprehensive digital front-end platform has been deployed on Microsoft Azure and will support customer on-boarding, high-interest savings accounts, GICs, EFTs, Interac® e-Transfer, mortgage applications and Registered Products (coming soon). It will enable the bank to operate virtually, and digitally deliver the right client experience in the channel preference of the client through their platform.

Intellect Design is currently trading at Rs663.10 up by Rs12.45 or 1.91% from its previous closing of Rs650.65 on the BSE. The scrip opened at Rs658 and has touched an intraday high and low of Rs668 and Rs657.45 respectively.