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Intellect Design’s Digital Core to power Ithala SOC’s digital transformation

K Srinivasan, President, APAC, South Asia, Middle East & Africa, Intellect Design Arena Ltd

South African financial services and credit provider, Ithala SOC Limited, has selected Intellect Design Arena’s Digital Core solution with an aim to enhance customer satisfaction, simplify operations and deliver an upgraded digital banking experience. Ithala plans to expand its offerings to niche developmental customer segments, focusing on the underbanked population.

Danny Zandamela, CEO, Ithala SOC Limited said: “The implementation of an integrated enterprise-wide core banking system in partnership with Tech Mahindra and Intellect Design Arena, will allow us to accelerate our digital banking transformation journey and see us achieving our ambition of obtaining a full commercial banking license and become a State Bank. This digital system will make Ithala one of few players in the South African market to have a fully digital banking system.”

According to the supplier, Intellect Digital Core will enable Ithala to expand its retail financial, savings and investment offerings and increase its scalability around the country. It is a fully integrated end-to-end Digital Banking Solution comprising Core, Lending, AML, Treasury and Cards. Intellect Digital Core is expected to drive Ithala’s launch of customized products like Student, SME & Agriculture loans, Debit Cards, Rural Savings/loans and specialized offerings.

K Srinivasan, President, APAC, South Asia, Middle East & Africa, Intellect Design Arena Ltd said: “We are delighted to partner with Ithala, an ambitious financial services and credit provider, South Africa, on this significant core banking deal. We believe our digital and contextual experience in the financial technology domain will support their vision of becoming an innovative and responsive digital bank. Intellect Digital Core banking suite is a unique combination of product innovation, technology optimization, operations streamlining, transformational customer experience and lower total cost of ownership for the bank. We look forward to working with Ithala on their transformation journey”.

Intellect Design is a financial technology solutions provider with products ranging across Global Consumer Banking, Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets, and Insurance.

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