Digital technologies have impacted the way we live, communicate, interact with companies, and have changed customers’ expectations for financial services. Digital is increasingly becoming the main channel of choice for customers when interacting with banks. High expectations put banks under pressure to deliver best-in-class experience throughout all digital customer touch points.
How can financial institutions win in today’s customer-driven, open, and competitive market?
It is possible through digitally transforming your bank and all its processes, functions and interactions while delivering a compelling customer experience and distinguished engagement. Financial institutions need to align their digital transformation strategy with their business strategy. Digital transformation is no one-off initiative, but a permanent state of being. This is why a future-proof digital strategy is essential.
Following these trends, Software Group created a next-generation digital banking platform that will enable banks to be more efficient and competitive on the market. The platform is designed with three principles in mind:
Scalability and reliability are fundamental for each system. As part of this effort, we wanted to make sure that our digital banking platform has been engineered following the latest architectural patterns. This includes microservices and a modular architecture which allow us to deploy the platform both in the cloud and on-premise. A modular architecture enables the reusability of common functionalities when building digital banking solutions. This creates higher cost efficiency and a predictable total cost of ownership.
Deploying the platform in the cloud using microservices has a great value for financial institutions as they are able to benefit from a cost-effective deployment that can scale at any moment as the business grows, or, for example, when you have a campaign that brings temporarily bigger traffic than usual.
The platform also boasts a mature core module which is responsible for the platform’s services infrastructure and is shipped with each and every project and solution.
By combining the platform core with prebuilt, reusable financial service building blocks we are able to deliver a wide range of financial solutions out of the box and quick-to-market.
In Software Group’s digital banking platform, we are taking the integration concept to the next level by enabling a Visual Editor for creating integration routes. The integration routes are using the concept of Adaptors and Connectors and are following enterprise integration patterns for creating the integration between external applications/services and the platform.
When we talk about configurability, there are two aspects – configurability for developers and configurability for platform users. From version 1 of the platform we are using Open APIs and platform functionalities are available for use by any developer who is granted access to the platform APIs. Based on our experience in delivering more than 450 projects globally Software Group is also extending the configurability for platform users by allowing the customization of the onboarding process and the platform workflows.
If you are interested in learning more about our digital banking platform or would like to talk to the Product Team inside Software Group, please contact us here.