The Asian Banker recognised iGCB and Co-operative Bank of Kenya for the Digital Engagement Platform implementation at the bank
Dubai, November 15, 2023: Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena Limited, recently announced that it has been named a winner in the prestigious ‘The Asian Banker Global Middle East and Africa Awards 2023’ along with its client Co-operative Bank of Kenya. iGCB and the bank were recognised for delivering superior customer experience to the bank’s 8 Million+ customers.
iGCB’s Digital Engagement Platform enables banks to create a signature banking experience for Retail, SME and corporate customers across acquisition, engagement and retention. The omnichannel platform built on eMACH.ai (Events, Microservices, API, Cloud, Headless and AI) enabled the bank to:
- Improve their wallet share by 20%
- Increase their net promoter score by 21%
- Reduce the cost of acquisition with fully digital customer onboarding. Co-operative Bank of Kenya is the first to introduce a fully AI and ML based customer onboarding journey in Kenya
- Enhance customer engagement. An average customer spends 10 minutes on their mobile app
- Improve customer loyalty and wallet share
- Launch new products on Mobile banking and App quickly
The Asian Banker said, “The winning institution implemented a new platform that enabled AI-based customer onboarding within three minutes, as well as omnichannel experience with customised offers.
This improved the bank’s wallet share by 20%. Product holding per customer increased by 80% while the cost of ownership dropped by 60%. The time to launch a new product was reduced from four months to two weeks, and the service fulfilment steps for customers was reduced by 50%, resulting in improved engagement. For these achievements, the award for Best Omnichannel Technology Implementation goes to Co-operative Bank of Kenya and Intellect Global Consumer Banking”
Charles Washika, Director ICT and Innovation, Co-operative Bank of Kenya, says, “I thank Asian Banker for recognizing us and our customers for trusting us in this journey of digital transformation. Co-operative Bank of Kenya is on a high growth trajectory with an aim to provide a best-in-class customer experience. We are proud to have worked with iGCB which understands our goals and goes above and beyond.”
Rajesh Saxena, CEO, Global Consumer Banking (iGCB), Intellect Design Arena, says, “iGCB’s Digital Engagement Platform is built on eMACH.ai, making it the most comprehensive engagement banking platform with the flexibility to buy or build, integrate with third parties and leverage open finance use cases. It is an honour to be recognised as winners along with our client Co-operative Bank of Kenya by Asian Banker. We are grateful to the distinguished panel of judges for acknowledging our endeavours, as we continue our commitment to delivering pioneering solutions to our clients.”
About Cooperative Bank of Kenya Limited
Co-operative Bank of Kenya Limited is the 3rd largest bank in Kenya with USD 5 Billion+ in assets. The bank has 8 Million retail customers with over 5Mn registered on mobile and 1000+ corporate accounts. The bank serves Retail, Corporate and SME segments to the Savings and Credit Co-operative Society (SACCO) as customers.
About Intellect Global Consumer Banking (iGCB)
iGCB, the Retail and Central Banking Solutions arm of Intellect, offers an end-to-end Contextual Banking suite for retail and corporate banking across Core Banking, Lending, Cards, Digital Banking, and Central Banking. Its unique blend of integrated functionality and agility is made possible by its Microservices-based, API-first, cloud-native architecture with powerful integration capabilities. iGCB brings to the table a deep knowledge of the developed and developing financial market space and seeks to be the Innovation Partner for those who are passionate about transforming the future of fintech!
About Intellect Design Arena
Intellect Design Arena Ltd. has the world’s largest cloud-native, API-led microservices-based multiproduct FinTech platform for Global leaders in Banking, Wealth Management, Insurance, and Capital Markets. It offers a full spectrum of banking and wealth technology products through its three lines of business – IntellectAI, Global Consumer Banking and Global Transaction Banking. With over 30 years of deep domain expertise, Intellect is the brand that progressive financial institutions rely on for digital transformation initiatives.
Intellect pioneered Design Thinking to create cutting-edge products and solutions for banking and insurance, with design being the company’s key differentiator in enabling digital transformation. FinTech 8012, the world’s first design center for financial technology, reflects Intellect’s commitment to continuous and impactful innovation, addressing the growing need for digital transformation. Intellect serves over 270 customers through offices in 57 countries and with a diverse workforce of solution architects, and domain and technology experts in major global financial hubs around the world. For further information on the organization and its solutions, please visit www.intellectdesign.com