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Today’s era of digital transformation enables nimble and innovative tech players to revamp traditional financial services. Intellect Design Arena Ltd. is doing exactly that for Canada’s credit unions – enhancing the industry with a digital banking platform that offers users exciting features and functionality, yet with continuity of service to ensure it remains robust and reliable.
In discussion with Global Finance, Rajesh Saxena, CEO of the consumer banking division of Intellect Design Arena Ltd., explains that the acquisition of Forge Digital Banking Platform from Central 1 is an exciting opportunity to deepen the firm’s footprint in Canada and in the credit union segment of the financial industry.
Intellect Design Arena has been in the Canada market for 12 years, and Central 1’s Forge platform offered a strategic opportunity to expand its fast-growing digital banking platform (eMACH.ai DEP) into the credit union space to enhance and modernise the way credit unions engage and deliver services to their members.
The acquisition of Forge, which served around 170 credit unions nationwide, has accelerated access to a key market segment for Intellect Design Arena. It’s a good fit for both Intellect and Forge customers, who will benefit from transitioning from a legacy technology platform to the very modern eMACH.ai DEP platform with state-of-the-art architecture across APIs, micro services, cloud native and AI. The new platform will enhance the user experience and provide new features and functions that can be used by retail and commercial customers in the credit union sector, such as quick onboarding, digital lending, budget tracking and personal finance management.
At the same time, continuity is key given the mission-critical nature of the platform for the credit unions. To ensure a seamless transition and uninterrupted service for platform customers, Intellect is retaining the Forge platform team, who understand the local market, regulatory matters, business practices, and the SaaS platform and technology. Intellect now offers the best of both worlds – a world class digital banking platform eMACH.ai DEP platform and the familiarity of the Forge team which credit unions already know and trust. With this combination, Intellect is offering a go-to-market in just 12 weeks.
Watch this video to get more insights about how Intellect Design Arena is transforming this segment of Canadian financial services while also creating bandwidth to expand more quickly in the domestic market as new opportunities arise.
