Country's largest public lender State Bank of India (SBI) has chosen Intellect Wealth Qube, a digital wealth management suite, for its digital wealth management transformation agenda. Wealth management business is the bank's biggest priority and its key task is to offer the best products across categories from leading fund houses giving their customers the flexibility to invest, transact and view their portfolio via net banking, mobile and remote relationship model, as per the official press release.
The release also states that SBI will utilise Intellect’s digital wealth, contextual and composable platform to accelerate business expansion and improve operational efficiencies through STP. It further notes that the bank was eyeing “a robust modular platform across front, mid and back office powered by deep predictive analytics, AI/ML with strong in-built regulatory controls across customers, bank and markets.”
The digital platform will help the bank in providing its customers with a DIY wealth platform.
“Intellect is honoured to bag the large digital wealth transformation deal from State Bank of India to support them on their digital journey and growth plans. The bank’s decision to undertake this transformation program is a reflection of the bank’s modernizing for the future. This is a highly disruptive and strategically important deal, demonstrating the acceleration in thinking in wealth management among global banks as they move to their digital future and reinforcing Intellect’s position as the partner of choice for the world’s largest banks,” Intellect Design Arena India and South Asia CEO Ramanan CV said.
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