MUMBAI - Indian Bank has announced the adoption of Intellect Design Arena's eMACH.ai system to modernize its corporate banking services, marking a significant advancement in its digital transformation efforts. The government-owned bank, with a vast network of 4,900 ATMs and branches across India, is set to enhance operational efficiencies and cost synergies through this strategic move.
The initiative is part of Indian Bank's broader 'INDLEAP' project aimed at digitalizing its transaction banking and expanding its market reach. By leveraging the cognitive enterprise capabilities of the eMACH.ai system, the bank intends to strengthen its position in the Banking, Financial Services, and Insurance (BFSI) industry while prioritizing improved customer service.
In response to this development, shares of Intellect Design Arena Ltd reached a new high at ₹782 on the Bombay Stock Exchange (BSE). The company's market capitalization increased to ₹10,618.53 crore (INR100 crore = approx. USD12 million), with an opening stock price of ₹752.75 and a turnover of ₹1.79 crore from approximately 0.23 lakh shares traded.
The stock's performance has been steady, as indicated by a Relative Strength Index (RSI) of 66.7 and a low beta of about 0.2, suggesting stability above all key moving averages. Intellect's API-led platform is recognized for catering to global leaders in the financial sector through its innovative iGCB (Intellect Global Consumer Banking) and iGTB (Intellect Global Transaction Banking) product lines.
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