CHENNAI, India  :  After a rigorous process, Concentra Bank has selected Intellect’s cloud-native, digital banking platform to power its exciting new digital banking strategy.

Concentra’s vision is to become the leading mid-market digital bank in the country, providing specialized banking products and services to consumers, businesses, fintechs and credit unions.

Since 2018 Concentra Bank has been expanding beyond its role as the leading wholesale bank for Canadian credit unions to encompass specialized retail and commercial banking. Concentra has a long track record of collaboration with fintechs to offer innovative products and it plans to introduce further digital innovation to the Canadian market through future partnerships. Concentra’s new banking platform will underpin its value proposition of being a seamless, helpful digital banking experience for its customers, while offering broader products and services for Canada’s credit unions.

Concentra was impressed by the business acumen and formidable range of digital capabilities Intellect offers, which are designed and packaged into an API-first, composable, cloud-native digital banking platform that will be deployed on Microsoft Azure.

“In the future, Canadians will bank in a different way,” said Don Coulter, President & CEO of Concentra Bank. “They will expect digital-first, seamless experiences, with robust and transparent data to help them be successful. Intellect’s digital banking will help us deliver a helpful, frictionless digital experience. Our purpose is creating the future of banking to enable your success and that’s very exciting.”

”Right from the very first interaction, we were enthused with the deep synergies in the thinking and approach of Concentra and Intellect,” said Rajesh Saxena, CEO, Intellect Global Consumer & Commercial Banking. “We support Concentra’s digital-first banking vision. With Intellect’s digital banking platform, Concentra will be able to offer end-to-end lifecycle management for high-interest savings accounts, mortgage lending, specialized commercial lending, and digital trust solutions.”

“Companies like Concentra and Intellect are furthering the digital innovation of the financial sector,” said Suzanne Gagliese, One Commercial Partner lead, Microsoft Canada. “Concentra’s new digital banking platform transforms the customer experience with the flexibility, power and reliability that Microsoft Azure provides.”