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Recognised in the 'Efficiency & Agility' category by IDC Financial Insights
CHENNAI, India and LONDON, Oct. 22, 2020 /PRNewswire/ -- Intellect Design Arena has won the IDC Real Results Award 2020 in the 'Efficiency and Agility' category for its Digital Wealth Transformation Solution at CIMB Thai Bank.
Aligning with the Bank's aspiration to be a purely digital bank, Intellect's digital wealth solution for CIMB Thai empowered Bank's Relationship Managers (RMs) to deliver on-the-go advisory with a completely de-desked solution (only tablets).
The wealth platform automated end-to-end functions of the RMs from digital onboarding, guided goal-based investment planning, 360 degree customer view, enabling them to provide superior service to their clients with product recommendations, real-time alerts and cross-sell and upsell opportunities. The omni-channel API-led solution backed by deep data analytics, integrated seamlessly with the 13 different systems to provide a single system view to the RMs.
The implemented solution yielded real business results with:
• Improved RM responsiveness
Customers can be serviced from anywhere, anytime with the mobility solution
Time taken to open an investment account was significantly reduced
This helped to improve wealth customer base and the RM to customer ratio
• Deeper customer engagement - 360 degree view of customers enabled RMs in
Providing hyper-personal advisory to their clients
Much faster customer portfolio review
• Better and lower cost of compliance
Lesser mis-selling with real-time alerts
Better supervision and guidance for RMs with a supervisor view
"IDC congratulates Intellect Design Arena for their transformative work at CIMB Thai Bank," said Jerry Silva, Vice President, IDC Financial Insights. "Their IDC Real Results award-winning case study of modernizing and simplifying the bank's wealth management environment embodies the goals of digital transformation and is an example of a best-practice initiative."
The IDC FinTech Ranking's Real Results Awards recognized IT providers that have enabled real, measurable, and future-enabling change at a client financial institution (bank, insurance company or capital markets firm) in the global financial services market. Submissions had been evaluated by a panel including IDC Financial Insights analysts and individuals holding senior positions at prominent financial institutions from across the globe.
Commenting on the recognition, Jaideep Billa, President, Wealth Management, Intellect Design Arena Ltd, said: "We are delighted to be awarded by the IDC Financial Insights for our Digital Wealth Transformation solution for CIMB Thai Bank, one of Thailand's leading banks. The IDC Award reinforces our determined efforts and stands as a testament to build solutions that deliver sustained competitive advantage." Commenting about the winning solution, he further added, "The modular solution comes from Intellect Wealth Suite's - Wealth Qube®, an API-based, scalable omnichannel solution for private banks, wealth management firms, advisory firms, and broker-dealers. It is an enterprise-grade and cloud-ready wealth platform capable of managing the complete lifecycle of wealth management."
Intellect Wealth Qube® is an RM-first design-led solution for the wealth management institutions. Intellect recognizes that in a highly emotive business such as wealth, relationship managers are integral to the growth of the business and the industry. It has been designed to help businesses serve the ever-growing mass affluent segment as well as the high net worth individuals.
Intellect's Wealth Qube® built on design thinking principles, promises banks and FIs the Advantage2020 viz, 20% increase in revenues with 20% reduction in costs, YoY.
Now in the 6th year, IDC Financial Insights is awarding six companies with the 2020 IDC FinTech Rankings Real Results Awards to recognize IT providers that have enabled a genuine, measurable, and future-enabling change at a client financial institution in the worldwide financial services industry. The annual IDC FinTech Rankings and Real Results Awards have become an important measure of the health and direction of technology in the industry and the emergence of innovative solutions from new players.
About Intellect Design Arena Limited
Intellect Design Arena Ltd., a global leader when it comes to applying true digital technology, is the world's first financial tech company that covers the entire spectrum of banking and insurance needs with its wide suite of products. It does so via its four lines of business, namely, Global Consumer Banking, iGTB (Global Transaction Banking), Risk, Treasury and Markets and Insurance Software. With over 25 years of deep domain expertise, today Intellect is a brand name that progressive financial institutions look to for their digital needs, and for digital transformation initiatives.
Intellect pioneered Design Thinking for cutting-edge banking and insurance products and solutions, with that being the company's salient differentiator when enabling digital transformation. FinTech 8012, the world's first design centre for financial technology, reflects Intellect's commitment to continuous and impactful innovation, such that the growing need for digital transformation may be aptly addressed and answered. For further information about the company and the various solutions it offers, please visit https://www.intellectdesign.com/.