Resurs Bank, a Swedish banking group, is investing nearly SEK 500 million ($57.9 million) in its IT transformation, which includes a new, fully cloud-based banking platform to be delivered by Indian fintech company Intellect Design Arena.

According to the Nordic banking company, the cloud-based banking platform will create the prerequisites to offer state-of-the-art services, interfaces, and products for its customers and partners.

Rajesh Saxena — CEO of Intellect Design Arena Retail Banking said: “Resurs is an innovative company with a strong position in the Nordic retail market and it is therefore particularly pleasing that Resurs has chosen Intellect Design Arena for its new banking platform. We are very much looking forward to benefiting from each other’s expertise.

Resurs Bank, through the cloud-based platform, expects to cope up with the increasing demand from customers as well as partners for user-friendly and scalable solutions and services in a completely new manner.

The Swedish banking group said that intelligent technology and an API-driven cloud-based system will create the preconditions so that customers and partners can access personally adapted self-service applications in real time. This gives scope to the bank to further streamline its processes and create even more efficient and scalable operations.

Nils Carlsson — CEO of Resurs Bank said: “The new platform will provide us with strength and the opportunity to accelerate our processes for innovation, product development and go-to-market, aspects that we see that customers and partners of today and tomorrow both request and demand.

“By applying modern technology and through close collaboration with Intellect, we can more rapidly meet the Nordic market’s consumers and retailers with payment and financing solutions that are at the forefront of the industry, with the ultimate goal of providing a fantastic customer experience in real time, for example, in subscription solutions and other circular financing solutions that we see are becoming all the more important.”

Earlier this year, Intellect Design Arena’s transaction banking unit — Intellect Global Transaction Banking (iGTB) was selected by Canadian Western Bank to boost its payments service technology for business owners.

  Banking industry news, Intellect Design Arena, IT transformation, Nils Carlsson, Rajesh Saxena, Resurs Bank, Sweden