Architecting and building a digital bank in months

The client is a new-age financial institution that aims to boost economic growth across the UK’s underserved regions by providing accessible property development loans and competitive savings accounts.

The Challenge

The client was planning to launch digital onboarding for fixed deposit products and SME Lending products. They wanted to create assisted as well as unassisted client servicing experiences for deposits clients through their digital platform and be the single source for customers and related applications, and accounts.  The platform was expected to handle business rules, integrate with external systems such as KYC/AML, Address lookup, Reporting, Accounting, SMS/Email notification services for Deposits and Lending for Deposits. For the lending business, the bank was looking for an integration between Core Banking System and Lending Origination/Servicing system.

The Solution

Persistent implemented a solution offering with Mambu as the core banking platform. The Deposits solution was built using OutSystems for customer onboarding and servicing. The Applicant fin-crime check was done by integration with a third party. Integration with Core banking system was done to enable account creation and display the latest financial information. Client servicing enablement was made possible through mobile app and other internal systems. The solution helped automate client servicing flows and facilitated Data Warehouse and reporting implementation.

The Outcome

• Comprehensive: Offered solution for most of the components
• Integrations with TPVs:
  • TruNarrative – FinCrime checks and Bank Verification
  • ALMIS – Regulatory Reporting
  • Mambu – Core banking
  • OutSystems – Deposit Origination/Servicing
  • nCino – Lending Origination/Servicing
• Aligned: with business outcome and success of the bank

Technology Used

• AWS
• Mambu
• nCino
• OutSystems
• ClearBank
• TruNarrative