Intellect Design's iGCB chosen by Mineral Development Bank to transform banking solutions; stock jumps ~1%

25 Jul 2022 , 12:46 PM

Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena Limited, announced that Mineral Development Bank has chosen iGCB’s Intellect Digital Core to revolutionize its banking solutions.

Mineral Development Bank, with the help of iGCB’s Intellect Digital Core, will be able to improve the customer experience by using relationship-based pricing, better product cross-sell and upsell recommendations, and so on. By utilizing the product configurator, it can launch new products in days rather than months.

Further, it will enable real-time international and domestic payment processing with high volume capability, provide a centralized limit for loans, trade finance, overdraft, and will derive several other benefits.

The bank, a new entrant in Myanmar, plans to open 15 branches this year. The bank will be able to innovate faster than its competitors thanks to the digital transformation.

To implement the platform, iGCB has collaborated with ACE.

“We are excited to be working with Mineral Development Bank. The upgrade will allow the bank to provide more exciting experiences for its customers and launch new products more quickly, all while improving productivity and lowering costs. Myanmar has been an important strategic partner for us in APAC.

We are thrilled to be able to offer its citizens a banking experience that is more real-time, seamless, hassle-free, and connected than ever before,” commented Rajesh Saxena, CEO, Global Consumer Banking (iGCB), Intellect Design Arena.

At around 12.50 PM, Intellect Design Arena was trading at Rs694.90 up by Rs5.1 or 0.74% from its previous closing of Rs689.80 on the BSE. The scrip opened at Rs685 and has touched intraday high and low of Rs704.55 and Rs685 respectively.