Cloud-Hosted Solution Based on API-Based Microservices Architecture Will Enable Bank to Improve Customer Experience and Lifecycle Value
—Rajesh Saxena, Managing Director, Intellect Global Consumer Banking
VIETNAM, September 21, 2022 /EINPresswire.com/ — Global Consumer Banking (iGCB), ranked No. 1 in the world for retail banking by IBS Intelligence, announced that Cathay United Bank, one of Vietnam’s leading banks, has chosen to implement the acclaimed digital credit platform of ‘iGCB – iKcredit 360 to propel the next stage of growth in their lending business.
One of Taiwan’s largest and most prestigious financial groups, Cathay Financial Holdings has been present in Vietnam for over 20 years now. Over the years, the institution has expanded its presence here to include a joint venture bank, a foreign bank branch, a life insurance subsidiary, and a property and casualty insurance subsidiary. The bank is now planning to launch its retail lending business in Vietnam and is looking for a digital lending platform that could allow it to offer commoditized and specialized credit products such as BNPL (Buy Now Pay Latter) to its customers.
The bank chose iGCB’s cutting-edge credit platform, iKredit360, to meet the ever-changing needs of credit seekers. An end-to-end loan lifecycle management system including loan servicing, collateral and limit management, and partner management, iKredit will enable Cathay United Bank to become the lender of choice in Vietnam by:
1. To offer selected credit products in all business segments, including retail and SMEs.
2. Improve the customer experience through end-to-end digitization of the lending process.
3. Increase customer lifetime value and mitigate risk with a real-time, 360-degree customer view.
4. Protect and maximize revenue with customer-centric strategies and streamlined collection processes.
Commenting on the partnership, Marcus Yao, Senior EVP, Digital, Data & Technology at Cathay Financial Holdings, said, “Vietnam is a key strategic market for Cathay Financial Holdings and we aim to provide innovative financial solutions to our Vietnamese customers. We chose Intellect primarily because of their experience in enabling digital native products and providing user-friendly solutions for major banks in Vietnam and globally. We are delighted with this new partnership. ”
Commenting on the prestigious deal won, Rajesh Saxena, Managing Director of Intellect Global Consumer Banking, said, “The BNPL industry has become one of the fastest growing sectors in the South Asian region. East and BNPL payouts in Vietnam alone are expected to hit $1,123.9. million in 2022. With iKredit360, Cathay United Bank will be able to offer a comprehensive Buy Now Pay Later (BNPL) proposition to its customers, which will also allow the bank to increase its addressable market. We are really excited about this partnership and look forward to Cathay leveraging iKredit360 to become the lender of choice in Vietnam.
About Cathay United Bank
Founded in 2001 and based in Taiwan, Cathay Financial Holdings Co., Ltd. engages in the provision of financial services. It operates through the following segments: Banking, Life Insurance, P&C Insurance, Securities and Others. Cathay United Bank was the first Taiwanese bank to establish a banking presence in Vietnam. In 2000, Cathay United Bank and its local joint venture partner, Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), established Indovina Bank (IVB). IVB, headquartered in Ho Chi Minh City, is a commercial bank with 14 branches and 18 transaction offices. In 2005, Cathay United Bank also established the foreign bank branch in Quảng Nam Province, which is transferred to Ho Chi Minh City in 2022.
About Intellect Global Consumer Banking (iGCB)
iGCB, the Retail and Central Banking Solutions arm of Intellect, offers a suite of end-to-end contextual banking services for retail and corporate banking across Core Banking, Lending, Cards, Digital Banking and Central Banking. Its unique blend of built-in functionality and agility is enabled by its cloud-native, microservices-based, API-first architecture with powerful integration capabilities.
iGCB brings to the table an in-depth 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. www.igcb.com
About Intellect Design Arena Limited
Intellect Design Arena Ltd. is the largest multi-product, microservices-based, API-based, cloud-native FinTech platform for global leaders in banking, insurance, and capital markets. It offers a full suite of banking and insurance technology products and platforms in retail, transaction banking, risk, treasury and markets, and insurance.
With over 25 years of deep domain expertise, Intellect has pioneered Design Thinking to create cutting-edge products and platforms for institutions and FinTech 8012, the world’s premier design center for FinTech, reflects Intellect’s commitment to continuous and impactful innovation, meeting the growing need for digital technologies. transformation. Intellect serves more than 270 customers through offices in 57 countries and with a diverse workforce of technology experts in major global financial centers around the world. For more information about the organization and its solutions, please visit www.intellectdesign.com.
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