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Intellect announces Strategic Partnership with Resurs Bank

Posted On: 2021-09-17 17:21:16 (Time Zone: IST)

Intellect Design Arena Ltd, a cloud-native, future-ready, multiproduct FinTech company for the world's leading financial and insurance institutions, ranked #1 in the world for Retail Banking by IBS Intelligence, announced that it has entered a strategic partnership with Resurs Bank, the leader in retail finance in the Nordic region, with market leadership in Sales Finance business in Sweden, Norway, Denmark and Finland.

Resurs Bank is investing in a new, entirely cloud-based banking platform that creates the prerequisites to provide customers and partners with state-of-the-art services, interfaces and products. Intellect will be implementing its microservices-based, API-first and cloud-ready digital banking solution Intellect Digital Core (IDC) and iKredit360, which is a composable, cloud-native technology platform that has been exclusively designed for European financial institutions.

By investing in a new, entirely cloud-based platform, Resurs will be able to meet the growing demand from customers and partners for user-friendly and scalable solutions and services in an entirely new way. Intelligent technology and an API-driven cloud-based system will create the preconditions for customers and partners to be able to access personally adapted self-service applications in real time, providing Resurs with the opportunity to further optimise its processes and create even more efficient and scalable operations.

Commenting on the strategic partnership, Rajesh Saxena, Chief Executive Officer, Retail Banking, Intellect Design Arena said, "Intellect is deeply honoured with thisstrategic partnership with Resurs Bank. The bank's decision to undertake this transformation program for its new banking platform is a reflection of the bank's abiding commitment to deepening customer satisfaction, while modernising for the future. This is a highly disruptive and strategically important deal, demonstrating the acceleration in thinking among global banks as they move to their digital future and this also reinforces Intellect's position as the partner of choice for the world's largest banks."

Resurs is strengthening its position as an innovative company in payment and financing solutions in the Nordic market. The development work of integrating the cloud-based banking platform is set to begin now and is planned to be completed in the next three to four years.

Commenting on the new banking platform, Nils Carlsson, CEO of Resurs Bank said, "The demands and expectations from customers and partners for user-friendly and customer-adapted services and products are high. The new platform will provide us with strength and the opportunity to accelerate our processes for innovation, product development and go-to-market, aspects that we see that customers and partners of today and tomorrow both request and demand. By applying modern technology and through close collaboration with Intellect, we can more rapidly meet the Nordic market's consumers and retailers with payment and financing solutions that are at the forefront of the industry, with the ultimate goal of providing a fantastic customer experience in real time, for example, in subscription solutions and other circular financing solutions that we see are becoming all the more important."

Sebastian Green, CIO of Resurs Bank, added "Since the beginning of the transformation journey last autumn, intense work has been ongoing to evaluate different potential suppliers for a new core banking system and to ensure that the project has the right prerequisites and organisation prior to the implementation phase. It is now time to deliver innovative products and services with a long-term perspective to create quick, simple and secure customer experiences in all of our markets. When this is complete, we will have a fully modern and tech-oriented bank in terms of our core systems."

The contract was signed in Helsingborg, Sweden on 16th September 2021.

Shares of INTELLECT DESIGN ARENA LIMITED was last trading in BSE at Rs. 677.55 as compared to the previous close of Rs. 662.3. The total number of shares traded during the day was 102499 in over 6901 trades.

The stock hit an intraday high of Rs. 706.95 and intraday low of 665.55. The net turnover during the day was Rs. 69971095.

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