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Strands Strikes Digital Banking Deal with Tech Mahindra

Fresh off its appearance at FinovateSpring, digital money management software developer Strands has announced a new strategic partnership with Tech Mahindra. The IT services and consulting firm will leverage Strands’ AI- and big data-powered technology and financial services expertise to help its clients enhance the customer experience with more contextual and personalized solutions.

“Our white-label digital money management solutions give financial institutions an edge over the competition, speed up internal processes, and help them reap the benefits of a more engaged relationship with their customers,” Strands CEO Erik Brieva said. He added that the strategic partnership would “accelerate the delivery of tangible business value.”

Strands uses big data and advanced machine learning to provide a range of offerings including personal and business financial management, customer-linked offers, insights-driven analysis with its Engager product, and open banking via its API hub. With more than 600 implementations to date, the company seamlessly integrates its technology into bank’s existing systems and, by giving FIs more relevant insights into their customer’s wants and needs, delivers both relationship and smarter banking at the same time.

Tech Mahindra’s Global Head of Banking, Financial Services, and Insurance, Gautam Bhasin put the partnership with Strands in the broader context of the company’s TechMNxt charter. The charter calls on the company to support a partner ecosystem to facilitate the development of solutions based on “next generation” technologies like artificial intelligence.

“Our collaboration with Strands will further enable us to implement this unique digital financial solution to enhance end-customer experience and faster time to market of products and services by banks, as well as increase return of investment for our customers,” Bhasin said.

A multinational Indian IT, integrated engineering solutions, and BPO provider, Tech Mahindra was founded in 1986 and is based in Pune. With $4.9 billion in revenues in 2018, the firm is a subsidiary of the Mahindra Group, and has more than 121,800 workers in 90 countries. The highest ranked non-U.S. company in the Forbes Global Digital 100 roster last year, Tech Mahindra has more than 900 clients around the world. Chander Prakash Gurnani, who won top honors at the CEO World Awards last fall, is CEO and Managing Director.

In collaboration with Mastercard, Strands demonstrated its SME Cash Flow Manager Enhanced by Mastercard Technology earlier this year at FinovateSpring. The solution gives business owners actionable insights to help them save time and money, as well as the ability to monitor Quickbooks data within their digital banking experience. SME Cash Flow Manager enables financial institutions to offer the kind of digital financial management solutions that will lead to greater engagement between FIs and their SME customers.

Founded in 2004, Strands maintains offices in Barcelona, Spain; Miami, Florida; Buenos Aires, Argentina; and Kuala Lumpur. The company has raised more than $55 million in funding, and includes Dalbergia, Sequel Venture Partners, Indigo Investment Corporation, and Debaeque among its investors.