Chennai (India), 28 March 2017:
Intellect Design Arena Limited, a digital financial technology product solutions provider for the banking and insurance sector, announced today that Khan Bank, the largest commercial bank in Mongolia, has selected Intellect's debt management platform to centralize operations and digitalize its collections process. Intellect’s Digital Debt Management system will allow Khan Bank to manage its collections and recoveries more effectively and efficiently.
With 537 branches across Mongolia, Khan Bank is one of the largest commercial banks in Mongolia and provides banking services to an estimated 70% of Mongolian families. Centralization of Khan Bank's operations with Intellect's system will help the bank manage its collections and recoveries, automate those processes, and monitor them across the bank's branches, as well as allow the bank's staff to focus on more business-centric work.
Intellect Digital Debt Management helps banks manage complex debt scenarios with appropriate collection strategies. The solution is designed around six essential elements: Segmentation, Allocation, Work Prioritization, Incentives, Follow up and Escalation. It covers both collections and recovery with customer-centric follow up, versatile configurability, and the quick implementation of strategies.
John Bell, Khan Bank’s CEO, said, “We have chosen Intellect Debt Management System to automate and centralise our operations across branches due to its strong functionalities, such as managing collections across various types of loans. The solution’s versatile parameterization ensures a high degree of suitability and flexibility for our business. We believe this implementation will ensure effective collection strategies for us and help build a high-performance organisation.”
Commenting on this win, K. Srinivasan, President, Emerging Markets, Intellect Design Arena said, “We are delighted to be the chosen partner for Khan Bank, one of the largest commercial banks in Mongolia for centralizing their debt management operations. We are confident that our solution will digitize the bank’s rigorous collection processes, improve efficiency, and reduce delinquencies with faster time-to-market advantage”.
About Khan Bank:
Khan Bank, with 535 branches nationwide, is the largest commercial bank in Mongolia and provides banking services to an estimated 70% of Mongolian families. Established in 1991 as Agricultural Cooperative Bank, in connection with the dissolution of the State Bank of Mongolia, the bank assumed most of the assets and businesses of the State Bank in rural Mongolia.
The bank has 26 years of experience, and has been helping clients to make banking easier and faster – even on the move. The bank offers a streamlined range of products and services, and continually provides its customers with access to the latest banking innovations. Khan Bank's continued investment in technology has resulted in access to online banking at all branches, an extensive nationwide ATM network, and nationwide access to internet, mobile, and SMS banking.
About Intellect Design Arena Ltd
Intellect Design Arena Ltd., a digital technology product solutions provider to the banking and insurance industry, across global consumer banking (iGCB), central banking, global transaction banking (iGTB), risk, treasury & markets (iRTM), and insurance (Intellect SEEC). FinTech 8012, a design center for financial technology, reflects Intellect’s commitment to continuous and impactful innovation, addressing the growing need for digital transformations. With over 200 implementations, the company’s performance is driven by over 4,000 Intellect solution architects, function and technology experts, with a presence in global financial hubs around the world and supported by design centers in multiple geographies. Please visit www.intellectdesign.com
DISCLAIMER:Intellect Design Arena Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an rights issue of its equity shares and has filed a Draft Letter of Offer (DLOF) with the Securities and Exchange Board of India. The Draft Letter of Offer is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the Lead Manager at www.sparkcapital.in Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section entitled ‘Risk Factors’ of the LOF, when available. Potential investors should not rely on the DLOF for any investment decision.