Overview

Cater Allen Private Bank, a subsidiary of Santander UK, is one of the UK’s oldest private banks. The bank provides specialist banking services to personal, business, trust, pension, and other clients. Cater Allen has a strong reach with approximately 119K active banking and savings accounts with a total account base.

The bank had the vision to transform the business and replace its legacy core banking platform to re-establish itself as a digital new-age bank. Cater Allen was keen on investing in digital technology to acquire customers and drive market leadership with an open ecosystem. Cater Allen Private Bank selected Intellect Design Arena to be their solution provider for this transformation.

Intellect Design Arena is a global leader in financial technology for banking, insurance, and other financial services. Founded in 2011 in India, Intellect Design Arena addresses the needs of financial institutions in varying stages of technology adoption.

Implementation Process

Intellect Design Arena integrated its Contextual Digital Banking suite, IDC, to drive Cater Allen’s digital transformation. The entire solution, which is fully UK compliant, was selected for its comprehensiveness and agility. The modules and solutions offered were Agent Banking, Internet & Mobile Banking, Digital Branch, Intellect ARX – Patented Security Layer, Intellect Integrator – API based 3rd party integration. Implementation, along with hosting of all the services on the cloud, was completed in less than 12 months. Upon implementation, the bank got instant access to 300 business functions, personalised experience across seven dimensions & responsive design.

Benefits

IDA’s fully digital banking solution is a comprehensive product for retail digital banking functions covering customer onboarding mass banking. This helped Cater Allen go fully digital through self-assisted and bank assisted products. Cater Allen Private Bank saw multiple positive changes upon its digital transformation.

• The complete digital omnichannel solution enhanced customer experience by 50%
• There was a 34% increase in operational efficiency and an overall TCO Improvement of 40%
• Customer on-boarding SLA slashed by 80% through completely digitised ops
• Ability to quickly add new channels and products
• The 5-Dimensional Onboarding removes friction and makes for a simple journey which takes just 60 seconds
• Robust security layer through Intellect ARX (Authentication and Role-based eXchange)

Conclusion

Cater Allen Private Bank completed its digital transformation to enhance its unique business model of deposit focus and IFA based servicing. The bank saw several benefits with its newfound digital capabilities harnessing technology to drive speed, efficiency, productivity, and relevance.

Key Facts

Supplier: Intellect Design Arena
Headquarters: India
Founded: 2014
Solution: IDC – Contextual Digital Banking suite
Timeline: 1 year