Intellect Design shares trade higher after deal with Vancity for eMACH.ai Composed Digital Transformation

Intellect Design Arena stated it has signed a seven-year deal with Vancity under which the credit union will harness Intellect’s digital engagement platform (DEP) for retail and small-medium enterprise (SME) digital experience. Additionally, Intellect will provide Vancity with its Contextual Banking Experience (CBX) for a commercial digital experience.

Vancity has over 570,000 members and $35.5 billion in assets under administration. Intellect stated that the transformation will span engagement across onboarding, current and savings accounts services, payments & transfers, cards, digital lending, and back office. The deployment of DEP and CBX will be facilitated on a fully managed cloud platform, highlighting a strategic move towards scalable and secure digital member experiences, it said.

Intellect said that eMACH.ai in combination with DEP and CBX will allow Vancity to offer comprehensive banking and lifestyle services. The technology will enable Vancity to onboard retail members within minutes and SMEs within a day. Additionally, the company will be able to make use of set user journeys or create new ones in a codeless manner. Vancity will also be able to view member portfolios through intelligent dashboards and insights.

Rajesh Saxena, chief executive officer of Intellect Global Consumer Banking (iGCB), Intellect Design Arena, said that the company’s collaboration with Vancity is a pivotal moment for both companies and shows the potential of strategic collaborations in creating value for credit union members worldwide.

“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 Vanity’s offerings,” he said.

Shares of the company have risen by nearly 30% since the beginning of the year. The stock has gained over 76% in the last one year.