Intellect Design Arena Ltd., a cloud-native, multi-product FinTech company, has partnered strategically with Vancity, Canada’s largest community credit union.
This collaboration is set to span seven years and will utilize Intellect’s Digital Engagement Platform (DEP) and Contextual Banking Experience (CBX) to enhance digital experiences for Vancity’s retail and small-medium enterprise (SME) members. Additionally, the CBX will be deployed to improve the commercial digital experience.
Through this partnership, Vancity aims to transform its digital landscape across various services, including onboarding, account services, payments and transfers, cards, digital lending, and back-office operations.
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The deployment will occur on a fully managed cloud platform, which underscores a strategic move towards providing scalable and secure digital member experiences.
The use of eMACH.ai, combined with DEP and CBX, will enable Vancity to offer comprehensive banking and lifestyle services. This includes the capability to onboard retail members within minutes and SMEs within a day and provide personal financial management and social banking.
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The technology will also allow Vancity to curate user journeys in a codeless manner, ensuring adaptability to the evolving needs of its members. Furthermore, intelligent dashboards and insights will provide complete visibility of member portfolios.
Rajesh Saxena, CEO of Intellect Global Consumer Banking (iGCB), Intellect Design Arena, expressed his enthusiasm about the collaboration, stating, “We are thrilled to join hands with Vancity, a respected leader in the credit union space.
This collaboration is a testament to our shared vision of delivering exceptional member experiences through innovation and digital transformation and our commitment to the Canadian market. Our DEP and CBX platforms are designed to cater to the dynamic needs of modern financial institutions, and we’re excited to see how this partnership will enable Vancity’s offerings.”
Wendy Murphy, Chief Technology Officer at Vancity, echoed this sentiment, highlighting the importance of finding the right partner for their digital transformation.
“At Vancity, we have been searching for the right partner to help us revolutionize our digital platforms and enable us to deliver our impact-focused, values-driven products and services to our members through a modern, intuitive, and seamless digital experience. We feel we’ve found the right partner in Intellect Design Arena, a technology partner that understands our needs and will enable us to deliver on our commitment to meet and exceed our member expectations.”
Following the announcement, Intellect Design Arena’s shares surged by over 4%, reflecting positive market reception. The company’s stock has risen by nearly 30% since the beginning of the year, with a notable gain of over 76% in the past year.
This partnership not only signifies a pivotal moment for both Vancity and Intellect but also underscores the potential of strategic collaborations in enhancing value for credit union members globally.
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Vancity, with over 570,000 members and $35.5 billion in assets under administration, stands to benefit significantly from this digital transformation initiative.
Vancity’s collaboration with Intellect Design Arena marks a pivotal step in the credit union’s digital evolution, promising enhanced member experiences and operational efficiency through cutting-edge technology.
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