Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena Limited, announced that Faisal Islamic Bank of Egypt has chosen its CBX Retail (CBX-R) platform to power its Digital Banking. The bank which is on a high growth trajectory will be offering contextual experience to more than a million Retail and Business customers across Egypt.
An increased focus on digital financial inclusion by the government, rising internet penetration and fintech players have contributed to an increase in Digital Banking in Egypt*. To make the most of the trend, banks must aim to uncomplicate digital user journeys and make them inherently intuitive. CBX-R is a cloud-native, API & Microservices based, Composable digital banking solution from iGCB. The platform analyses the end customer's behavioural, psychographic and social media interactions through AI and ML models to deliver hyper-personalised experiences. With CBX, banks can also connect with 3rd Parties like Fintech & eCommerce to offer curated experiences to their customers.
By leveraging the CBX Platform, Faisal Islamic Bank of Egypt would be able to:
- Acquire customers digitally, thereby reducing the cost of acquisition
- Onboard retail customers in under 3 minutes
- Perform real-time eKYC, Video KYC, and Credit check during the account opening process
- Offer contextual products and offers in real-time on the mobile app and net banking channel
- Reduce branch dependence by offering all banking products and services on the move
- Offer innovative credit solutions like Microcredits, Buy-now-pay-later, Virtual credit card
- Create a marketplace by connecting to any third party of choice in retail, food, travel, and eCommerce.
* All Features applied are fully compliant with the CBE regulations
Intellect has won this project with their long-term partner in Egypt, Summit Technology Solutions, who will be jointly working on the implementation.
Abdelhamid Aboumoussa, Governor of Faisal Islamic Bank of Egypt says, "With this, our goal is to provide a truly intuitive and contextual digital banking experience to our customers. We wanted to invest in a solution that is easy to deploy, manage, and evolves with changing market dynamics. Intellect Global Consumer Banking was the best choice, given their deep domain expertise, understanding of our market, and enthusiasm to be our long-term partner. We are very excited to begin this journey.
Rajesh Saxena, CEO, Global Consumer Banking (iGCB), Intellect Design Arena, says "We are excited to partner with Faisal Islamic Bank to offer a best-in-class digital banking experience to Egypt's citizens.
With this implementation, the bank would not only be able to offer a banking experience unlike what Egypt has ever seen, but also leverage microservices and composable architecture to continue its innovation journey."
Shares of Intellect Design Arena Limited was last trading in BSE at Rs. 407.65 as compared to the previous close of Rs. 416.05. The total number of shares traded during the day was 27084 in over 1555 trades.
The stock hit an intraday high of Rs. 418.25 and intraday low of 403.10. The net turnover during the day was Rs. 11058343.00.