Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Burgan Bank deploys iGTB's Digital Transaction Banking platform with powerful channel capabilities to power its corporate banking expansion strategy

Posted On: 2020-11-23 05:23:41 (Time Zone: Arizona, USA)


Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, today announced that Burgan Bank, a leading banking service provider to the Kuwaiti business community has successfully deployed superior customer-centric channel capabilities to augment and enhance its digital cash management services.

Powered with enhanced customer experience channel technology CBX, Burgan Bank is now positioned to strengthen its corporate customer footprint and expand its Kuwaiti portfolio significantly by enabling the corporate sector with the latest technology and well-designed products. Burgan Bank is now poised to offer a full range of streamlined and advanced transaction banking services to leading Kuwaiti corporations & SMEs across the trading, manufacturing, contracting, alternative energy and advanced technology sectors.

Mr. Raed Al-Haqhaq, Deputy Group Chief Executive Officer & CEO - Kuwait of Burgan Bank, said, "Digital transformation of our transaction banking operations is one of the main priorities of the bank's new strategy. We are now adopting the latest tech innovations, including full process automation that is enabled for mobility and highly scalable for growth. This new technology rollout is an important step in our own journey of being the best financial service provider in the Kuwaiti market through sustained execution". He added, "iGTB is an important partner with a reputation in the MENA region for creating operational efficiencies, adopting international standards with a track record of emphasis on local requirements."

"Deepening our partnership with iGTB to deploy the upgraded Digital Transaction Banking platform is central to our digital transformation journey to simplify and automate the end-to-end customer journey. Such advancements in mobile and online banking driven by customer demands and expectations are crucial for securing marquee clients and iGTB's in-depth domain knowledge and expertise made it our partner of choice," said Mr. Venkat Menon, Group Chief Operations & Technology, Burgan Bank. He added, "This partnership and implementation is part of Burgan Bank's larger vision of enhancing our value proposition to customers by investing in digital and digitising the entire customer journey, thus improving both value and customer convenience."

"The Middle East banking sector's center of gravity has shifted toward transaction banking. Global and regional transaction banks have since squared off in a race to build regional market share in the Middle East, as companies seek ever more specialized transaction banking services powered by digital at its core," said Mr. Manish Maakan, CEO, iGTB. He further added, "I am proud to be associated with Burgan Bank on this transformational journey as they prepare to provide region-specific products, poise to garner more clients and a bigger chunk of each client's transaction banking wallet. With unique, specific enhancements that cater to the Kuwaiti market in this deployment, iGTB continues to dominate the transaction banking technology space with functional breadth and regional depth across every key region in the Middle East. Burgan Bank marks the 8th major go-live for DTB in the last 6 months ensuring top-notch delivery excellence for banks in the midst of Covid-19 crisis."

Key Highlights

1. Burgan Bank can now offer Contextual Banking Experience (CBX) front-end, delivering a seamless user experience with easy-to-use interface. Context-based channel actions delivered in a mobile-first paradigm provides superior on-the-go corporate treasurer experience with authorisation and inquiry capabilities. An integrated 360-degree customer analytics with customizable dashboards across corporate accounts, payments and trade information provides enhanced and contextual decision making for cash management operations.

2. Burgan Bank offers cost-effective, end-to-end cash management solutions, with a fully functional electronic banking facility, online account information access, self-service functions and comprehensive payment services tailored to enhance the customer's accounts and eliminate manual processes in making payments.

3. iGTB's solution prioritises omnichannel digital automation and self-service that lowers operational costs for the corporate clients. Persona-led self-registration dashboards and self-service capabilities enhance the engagement levels with corporate & SME customers and now create a foundation for the bank to cross-sell and up-sell with a product bundling strategy.

4. Payroll processing for Burgan Bank corporates is now enabled with STP i.e. a completely automated process electronic transfer with no manual intervention. Such automation covers vendor payments and B-Dinar salary accounts resulting in faster crediting of salaries.

5. Capabilities expected in the near future include "on-the-go" mobility for corporate treasurers can also initiate & authorise payments, and view the balances increasing operational productivity. Additionally, sophisticated H2H connectivity solutions in pipeline will create flexibility to exchange information with their corporate client's preferred file formats, network protocols, and security standards. Planned expansion into API banking will help create increased efficiencies to the bank's corporate clients.

Shares of Intellect Design Arena Ltd was last trading in BSE at Rs.262.25 as compared to the previous close of Rs. 257.55. The total number of shares traded during the day was 19634 in over 1270 trades.

The stock hit an intraday high of Rs. 265.05 and intraday low of 254.65. The net turnover during the day was Rs. 5134492.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Welspun Specialty Solutions Ltd receives remibursement of power subsidy of Rs. 9.09 crore

Indian Bank board to consider fund raising on Jan 22, 2021

ICICI Lombard General Insurance Company Limited reports Q3FY21 earnings

JSW Ispat Special Products Ltd Q3FY21 consolidated net profit at Rs. 29.93 crore

Tata Steel BSL Ltd Q3FY21 consolidated net profit at Rs. 913.19 crore

Larsen & Toubro Infotech Ltd Q3FY21 consolidated PAT at Rs. 518.7 crore

Skipper Ltd reports consolidated net profit of Rs. 11.45 crore in Q3FY21

TV18 Broadcast Ltd reports consolidated PAT of Rs. 213.65 crore in Q3FY21

First tranche of Rs. 26.10 crore received by Prince Pipes from Prince Marketing

Infosys Builds applied AI Cloud, part of Infosys Cobalt

Tata Consumer Products recognized for its sourcing practices at CII Food Future Foundation (FFF) for Sustainable Sourcing 2020

NMDC Receives Platinum Award in Metal & Mining for Shiksha Sahayog Yojana

Adani and TOTAL deepen their strategic alliance in Sustainable Energy

Tata Communications Ltd Q3FY21 consolidated net profit at Rs. 309.15 crore

Medicamen Biotech Ltd to upgrade Bhiwadi plant as per CGMP norms

DCM Shriram Ltd board declares interim dividend of Rs. 5.50

Hatsun Agro Product Ltd updates on status of CAPEX projects

Vardhman Special Steels Ltd Q3FY21 net profit soars to Rs. 21.66 crore

CEAT Ltd Q3FY21 consolidated net profit at Rs. 132.14 crores

TATA Metaliks Ltd Q3FY21 net profit at Rs. 75.18 crore

DCM Shriram Ltd posts jump in Q3FY21 consolidated PAT to Rs. 252.55 crore

Alembic Pharmaceuticals Ltd Q3FY21 consolidated PAT of Rs. 292.57 crore

Hatsun Agro Product Ltd posts net profit of Rs. 67.31 crore in Q3FY21

Wardwizard Innovations & Mobility Limited Q3 net profit at Rs. 0.74 crore

Mold-Tek Packaging Ltd Q3 consolidated PAT higher at Rs. 14.93 crore

Gateway Distriparks Ltd Q3FY21 consolidated net profit surges to Rs. 32.74 crore

Nibe Limited enters into MOU with BEL Optronic Devices Ltd

HT Media Ltd posts consolidated PAT of Rs. 3.26 crore in Q3

Bank of Maharashtra Q3 consolidated PAT at Rs. 154.48 crore

Adani signs concession agreement with AAI for three airports

Thomas Cook India opens franchise - Gold Circle Partner - outlet in Gandhinagar

Eurocor Tech GmbH launches innovative long-length sizes further optimizing its peripheral Drug coated balloon system Freeway™ 035

BHEL wins Institute of Chartered Accountants of India's National Award 2019-20 for Excellence in Financial Reporting

Steel Strips Wheels Ltd bags export order for over 37,000 wheels

Escorts Ltd becomes first company to get Budni Certification in India for Electric Tractor

Man Industries India Limited receives news orders of Rs. 250 crores

CSB Bank Q3FY21 PAT at Rs. 53.05 crore

Dhruv Consultancy Services Limited receives LOA for consultancy services

L&T Finance Holdings Limited board approves 17:74 rights issue at Rs. 65 per share

'VISION 2025' Unveiled: Trident Limited announces Strategic Steps for Future Growth

Indiabulls Real Estate Ltd Q3FY21 consolidated net profit at Rs. 80.58 crore

ALOK Industries Ltd Q3 consolidated loss at Rs. 35.12 crore

Hindustan Media Ventures Ltd Q3FY21 consolidated net profit at Rs. 35.19 crore

Max Superspeciality Hospital Patparganj inaugurates its first neurosciences OPD in Rudrapur.

Kamdhenu Group Launched its Premium Product 'Kamdhenu Nxt' in Delhi and Haryana

Newgen Launches OmniDocs ActiveScript to Rapidly Automate Document-centric Processes

Aditya Vision Limited opens two new showrooms

Maruti Suzuki India Ltd to increase price of select models from Jan 18, 2021

JMT Auto Ltd to sell assets

Sagarsoft India Ltd Q3FY21 net profit at Rs. 1.37 crore



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020