The shares of this leading financial platform for corporate banking gained up to 5.5 percent after the company announced that the Indian Bank has chosen Intellect’s eMACH.ai-powered Cash Management System to strengthen transaction banking capabilities.
With a market capitalization of Rs 10,670.44 crores, Intellect Design Arena Ltd., On Monday, the company shares closed at Rs 781.05 apiece, an increase of 4.36 percent from the previous close price.
According to the company’s Filing, Intellect Design Arena Ltd announced that the Indian Bank has chosen Intellect’s eMACH.ai-powered Cash Management System to strengthen transaction banking capabilities. This strategic alliance is a game-changer, giving Intellect even more clout in the Indian BFSI sector and demonstrating the potential of a cognitive enterprise to transform transaction banking.
Furthermore, Indian Bank has always been a leader in providing digital products and places a strong emphasis on utilizing cost synergies, operational efficiencies, and reach opportunities to provide improved customer experiences. Indian Bank is a prominent government-owned financial institution in India, boasting a vast network of 4900 ATMs and 5798 domestic branches. With over 41,000 employees and over USD 140 billion in assets, the bank serves over 100 million customers.
Eight of the top ten banks in India are among the more than 60% of global banks that rely on Intellect’s transaction banking products and solutions.
Intellect Design Arena Ltd. opened the world’s first financial institution design center in 2013. With over 270 global BFSI clients and three decades of fintech experience, 8,012 FinTech Design Center is present in more than 75 countries.
Looking into the company’s performance, Intellect Design Arena Ltd’s revenue increased by 17.23 percent from Rs 528 Crore in Q2FY23 to Rs 619 Crore in Q2FY24. During the same period, net profit increased by 54 percent from Rs 46 crore to Rs 71 crore.
In the areas of financial technology for banking, insurance, and other financial services, Intellect Design Arena Limited operates on a global scale. The organization offers a wide range of products in the areas of central banking, global consumer banking, and software development.
Written by:- Abhishek Singh
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