Wyth Financial Launches Fully Digital Direct-To-Customer Bank Offering in Canada

Intellect Design Arena Ltd, a cloud-native, future-ready, multi-product FinTech company and Wyth Financial (a trade 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 omni-channel solution catering to the ever-evolving demands of the modern bank customer.

With the modern world being shaped by organizations that are putting customers at the centre of everything they do, customer expectations have become higher than ever. They demand exceptional, seamless experiences across channels and innovative products at value from everyone they do business with - including their banks. To remain relevant, banks need to drive highly tailored, cross-channel interactions with their customers and provide them with an intuitive and intelligent user experience.

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.

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.

Commenting on the implementation, Don Coulter, President and Chief Executive Officer - Wyth Financial said, "Wyth Financial is "The Bank That Does," which means thinking differently about how we interact with our customers. Intellect felt like a natural partner in our digital journey because of their deep domain expertise, formidable range of digital capabilities and customer-first mindset. The implementation will help us rapidly deliver innovative digital banking services and exceptional experience for our customers."

Rajesh Saxena, Chief Executive Officer, Intellect Global Consumer Banking added "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. For instance, with this launch, Wyth Financial can now ensure a fully digital customer on-boarding process through the mobile channel- involving driver's licence scans, a selfie with liveness check, and all regulatory checks - thus resulting in a simple, rapid and secure customer on-boarding experience. We look forward to seeing Wyth Financial continue to grow and become a true digital leader in the Canadian market."

Henrik Gutle, General Manager, Azure, Microsoft Canada said, "Through innovation and deep understanding of today's bank customer, companies like Wyth Financial and Intellect are elevating the client experience. With today's launch of CBX-R, customers are able to take advantage of the flexibility, speed and reliability that Microsoft Azure provides."

Shares of Intellect Design Arena Limited was last trading in BSE at Rs. 650.65 as compared to the previous close of Rs. 671.60. The total number of shares traded during the day was 23603 in over 1776 trades.

The stock hit an intraday high of Rs. 656.50 and intraday low of 641.00. The net turnover during the day was Rs. 15334000.00.

Source : Equity Bulls

Keywords

IntellectDesignArena INE306R01017 WythFinancial CBXR ContextualBankingExperience MicrosoftAzure