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AFC Commercial Bank signs a deal with iGCB for an end-to-end banking transformation

Posted On: 2023-09-14 15:12:39 (Time Zone: IST)


Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena Limited, recently announced that AFC Commercial Bank has chosen iGCB's Core Banking offering, Intellect Digital Core (IDC) to modernise its banking operations.

The bank which is on a high growth trajectory aims to leverage cutting-edge technologies to transform its banking experience. The partnership with Intellect will enable AFC Commercial Bank to deliver a seamless and personalised banking experience to its customers. By utilising IDC's core banking solution, AFC Commercial Bank will be able to:

- Deliver omnichannel customer experience with intuitive UI/UX and contextual offers
- Provide better management of personal finances to customers through features like goal-based savings and spend analysis
- Offer complete control of banking experience to customers through DIY UI
- Improve business visibility through CXO cockpit with enhanced real-time 360░ customer insights and reporting
- Reduce inactive customers through churn analysis
- Increase asset book with end-to-end digital lending

Powered by eMACH.ai (Events driven, Microservices-based, API, Cloud, Headless with underlying AI models), the world's largest, most comprehensive and innovative open finance architecture, IDC enables banks to launch innovative products across current and savings accounts, deposits, cards, payments, lending, treasury and trade finance to cater their customers' ever-evolving banking requirements.

Rajesh Saxena, CEO, Global Consumer Banking (iGCB), Intellect Design Arena, says, "The African banking industry has evolved tremendously in the past few years. Banks are looking for technology platforms that can help them transform progressively based on market needs. IDC's fully composable architecture helps them to do exactly that, on a pay-as-you-grow model. We are excited to collaborate with AFC Commercial Bank and support their mission to provide a best-in-class experience to their customers."

Ken Chitando, AFC Commercial Bank Managing Director, says, "We are embarking on this end-to-end banking transformation to ensure that our customers receive a superior banking experience that is truly unparalleled in the industry. The decision to partner with Intellect Global Consumer Banking was driven by the need to offer an enhanced banking experience to our customers. In an environment where cutting edge technology has enabled stiffer competition we really needed to be able to offer service that is head and shoulders above the rest of the market players. Intellect's comprehensive solution, which we believe covers all aspects of our banking operations will help drive our business forward and at the same time enable us to deliver game changing financial services solutions in the most convenient manner. Their ability to seamlessly integrate with other partners further solidified our choice. Most importantly, we were impressed by the overall team's partnership approach, reflecting their commitment to our success and the shared goal of delivering exceptional value to our customers."

Shares of Intellect Design Arena Limited was last trading in BSE at Rs. 671.25 as compared to the previous close of Rs. 670.40. The total number of shares traded during the day was 27263 in over 1255 trades.

The stock hit an intraday high of Rs. 684.55 and intraday low of 662.05. The net turnover during the day was Rs. 18314472.00.


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