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Intellect CBX Retail Digital Onboarding wins XCelent Functionality Award from Analyst Firm Celent

Posted On: 2020-03-25 10:22:02 (Time Zone: IST)


Intellect Design Arena Ltd, a specialist in applying true Digital Technologies across Banking & Insurance, announced that it has won the XCelent Award from leading industry analyst firm Celent, for 'Breadth of Functionality' in its CBX Retail Digital Onboarding platform.

Celent announced the XCelent Award in their report 'Retail Banking Customer Acquisition Platforms ABCD Vendor View'. Intellect CBX Retail Digital Onboarding was recognised as an 'eXemplar' in the functionality category. To arrive at the Breadth of Functionality scores, Celent evaluated each vendor across four areas: detailed functionality, breadth of products supported, reference client ratings and analyst's demo rating.

In today's experience economy, customers expect the 'Amazon experience' from their bank's interface as well. A customer journey like onboarding, the first handshake between bank and customer, becomes extremely crucial in Digital Banking. Intellect CBX Retail, with its '5D Digital Onboarding' platform, transforms what was so far a 'high abandonment' journey, into a seamless, delightful one for the customer. Banks can now enable instant account opening through eKYC, and even perform real-time customer verification with data capture using a single click. This frictionless user experience forges a strong, instant relationship between bank and customer. The XCelent awards recognise this innovation for its transformative power.

"The past two years have seen an explosion of fintech product launches in response to the manifest demand for digital customer origination and onboarding solutions" said, Bob Meara, Senior Analyst, Celent's Banking Practice and the report author. He further added, "In the Functionality dimension, Intellect edged out its competitors for its industry-leading breadth of product support across retail and business banking lines of business, as well as functional leadership in six of the eight areas examined".

As digital journeys become more complex, customers demand fast and frictionless service on the channel of their choice. Attracting new business and the onboarding of new customers on their channel of choice are the most critical part for any bank's digital strategy. Intellect's CBX Retail Digital Onboarding is a game-changer for banks and financial institutions looking to make the shift from an Omni-digital (available on multiple devices) to a truly omni-channel experience" said, Rajesh Saxena, CEO, Global Consumer Banking, Intellect Design Arena Ltd. "We're extremely proud to stand behind the most advanced, and functionality-rich product in the market, and honoured to be recognised for our achievements by Celent."

The XCelent Awards are designed to help financial institutions and technology providers stay abreast of industry trends by evaluating the shifting vendor marketplace and recognizing top-performing vendors. Celent developed its ABCD methodology, to offer two comparative views, first ("A" and "B") positions vendors along with technology and functionality dimensions and second ("C" and "D") positions vendors along client base and depth of customer service dimensions.

The Celent report states - "Overall, Intellect's Digital Onboarding Platform boasts a modern, cloud-native, micro services-based architecture. The strength of the solution is its platform-wide step-up authentication mechanism. The solution can adjust the thresholds and weightings of a variety of variables in order to balance risk management and the UX. In addition, the platform offers financial institutions native campaign management capability to place ads within the context of their digital properties. This can be used for cross-selling as part of an application or in any other user journey once inside their digital banking application."

Shares of Intellect Design Arena Ltd was last trading in BSE at Rs.46.25 as compared to the previous close of Rs. 48.65. The total number of shares traded during the day was 7792 in over 147 trades.

The stock hit an intraday high of Rs. 48.75 and intraday low of 46.25. The net turnover during the day was Rs. 363178.


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