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Al Rajhi Bank Partners Intellect to provide Next-generation Banking Services

 

Al Rajhi Bank Partners Intellect to provide Next-generation Banking Services

Date Modified: 

February 13th, 2017

London (UK), February 13, 2017: iGTB, the Global Transaction Banking division of Intellect Design Arena Ltd, has signed a deal with Al Rajhi Bank, the largest Islamic bank in the world by assets, in order to implement a comprehensive digital transformation of its corporate and retail banking services in Malaysia.

The transformation, set to begin this month, is designed to provide customers of Al Rajhi Banking & Investment Corporation (Malaysia) Berhad, ARBM, with a much simpler but richer banking experience based on a comprehensive, front-to-back solution, freed from the physical limitations of branch-based banking. The move will allow ARBM to reach new customers across Malaysia efficiently through modern online, mobile and tablet banking applications, while the bank plans to retain the personal touch with a mobile sales force and pop-up branches.

ARBM Chief Executive Officer, Steve Chen, said “This digital transformation will give our clients a new level of control over their banking activities. It not only enables them to manage their accounts regardless of location, but also gives them access to new and enhanced services. We are excited to partner with Intellect, whose comprehensive solution for both our corporate and retail businesses make it an excellent fit for this important initiative which coincides with ARBM’s 10 years of operation in Malaysia. The move should also put ARBM on the path to achieve our goal to double transaction banking business yearly for the next three years.”

Intellect’s digital solutions will include a consistent and full-scope, internet, mobile, and tablet banking capability for ARBM’s corporate and retail customers, enabling clients and their relationships managers to act, transact and interact on the go and initiate products in real time. It assures a seamless experience across channels providing ease of banking and provides save-and-resume functionality that smoothly facilitates transaction from branch to mobile; and from device to device.  The Bank’s corporate clients will also have access to fully digitised customer on boarding and cash management services, as well as advanced liquidity services such as sweeping, pooling, intercompany lending and overnight investment sweeping.

Manish Maakan, CEO of Intellect’s Global Transaction Banking division (iGTB), adds, “Al Rajhi Bank’s digital transformation in Malaysia is an excellent example of our ability to zero in on the needs of both our clients and our clients’ clients. With the help of Intellect’s agile delivery and rapid deployment, our comprehensive set of digital solutions will give Al Rajhi the opportunity to rationalise its operations and expand its geographical reach, while at the same time putting highly sophisticated tools at the fingertips of its clients.”

About Intellect Design Arena Limited

Intellect   Design  Arena  Ltd,  a  digital technology product solutions provider to the Banking and Insurance industry, across Global Consumer Banking (iGCB), Central Banking,  Global  Transaction  Banking  (iGTB),  Risk, Treasury & Markets (iRTM)  and  Insurance (Intellect SEEC). Intellect has created digital products & solutions for Banking and Insurance. FinTech 8012, a design centre for financial technology, reflects Intellect’s commitment to continuous and impactful innovation, addressing the growing need for digital transformation.  With over 200 implementations, the company’s performance is driven by over 4,000 Intellect solution architects, functional and technology experts, with a presence in global financial hubs around the world and supported by design centres in multiple geographies. Please visit http://www.intellectdesign.com/

About Al Rajhi Bank Malaysia

Al Rajhi Bank Malaysia, a wholly owned subsidiary of the world’s largest Islamic bank, Al Rajhi Bank, Kingdom of Saudi Arabia, was locally incorporated in October 2006.  Following its official launch in 2007, Al Rajhi Bank Malaysia became the first Arab bank to start its operations in South East Asia, as part of a Shariah compliant banking group that is instrumental in bridging the gap between modern financial demands and intrinsic values, whilst spearheading numerous industry standards and development.

Deeply rooted in Islamic banking principles and operating on the same platform as its home bank, Al Rajhi Bank Malaysia was established on the bedrock values of Truth, Honour and Respect. The Bank continuously endeavours to expand its suite of products and services to meet the financial needs of its customers, delivering innovative Shariah compliant financial solutions across retail, corporate, treasury and investment segments. Today, Al Rajhi Bank Malaysia operates through a distribution network of 24 branches and offsite Automated Teller Machines nationwide.

Disclaimer

Intellect Design Arena Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an rights issue of its equity shares and has filed a Draft Letter of Offer (DLOF) with the Securities and Exchange Board of India. The Draft Letter of Offer is available on the website of the SEBI at www.sebi.gov.in as well as on the website of the Lead Manager at www.sparkcapital.in  Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section entitled ‘Risk Factors’ of the LOF, when available. Potential investors should not rely on the DLOF for any investment decision.’

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