Intellect Design soars after winning deal from Canadian bank

Intellect Design Arena jumped 8.43% to Rs 676.15 after the company said it bagged a large deal from Canada-based Concentra Bank to power its new digital banking strategy.

Concentra Bank has selected Intellect's cloud-native, digital banking platform to power its new digital banking strategy. Concentra's new banking platform will underpin its value proposition of being a seamless, helpful digital banking experience for its customers, while offering broader products and services for Canada's credit unions.

"In the future, Canadians will bank in a different way, said Don Coulter, president & CEO of Concentra Bank. He added, "They will expect digital-first, seamless experiences, with robust and transparent data to help them be successful. Intellect's digital banking will help us deliver a helpful, frictionless digital experience. Our purpose is creating the future of banking to enable your success and that's very exciting."

 

Intellect Design Arena, a specialist in applying true digital technologies, is the a full spectrum banking and insurance technology products company, across global consumer banking, central banking, global transaction banking (iGTB), risk, treasury and markets, and insurance.

The company reported a consolidated net profit of Rs 80.37 crore in Q3 FY21 compared with net loss of Rs 11.38 crore in Q3 FY20. Net sales during the quarter rose 19.63% YoY to Rs 382.19 crore.

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