SBI chooses intellect wealth Qube for digital wealth management transformation

The country’s biggest public lender State Bank of India (SBI) has chosen Intellect Wealth Qube, a digital wealth management suite, for its digital wealth management transformation agenda. The wealth management business is the bank’s greatest need and its key task is to offer the best products across categories from leading fund houses giving their clients the flexibility to invest, transact and view their portfolio via net banking, mobile and remote relationship model, according to the official press release.

The release also states that SBI will use Intellect’s digital wealth, contextual and composable platform to speed up business expansion and work on operational efficiencies through STP. It further notes that the bank was eyeing “a robust modular platform across the front, mid, and back-office powered by deep predictive analytics, AI/ML with solid in-built regulatory controls across customers, bank and markets.”

The digital platform will assist the bank in giving its clients a DIY wealth platform.

“Intellect is honoured to bag the large digital wealth transformation deal from State Bank of India to help them on their digital excursion and growth plans. The bank’s decision to undertake this transformation program is a reflection of the bank’s modernization for the future. This is a highly disruptive and strategically important deal, demonstrating the acceleration in thinking in wealth management among global banks as they move to their digital future and reinforcing Intellect’s situation as the partner of choice for the world’s biggest banks,” Intellect Design Arena India and South Asia CEO Ramanan CV said.