Building a complete digital bank stack for delivering superior financial services

The client is a UK based Neo-bank catering to the mass affluent customer base. It focusses on delivering exceptional service to time-poor and aspirational customers wanting to build their legacy.

The Challenge

The client wanted to launch a bank within 8 months for the beta version to secure the banking license. As part of the solution, they required a single platform to support digital customer on-boarding and servicing. As client servicing was to be facilitated through the platform, it had to be integrated with various internal systems. The platform was required to handle business rules, integrate with external systems and be the single source for customer related applications and accounts.

The Solution

Persistent built a microservices based architecture, a unique solution with combination of leading platforms like Salesforce, AWS, and Mambu. Integration interfaces were designed with a direct debit platform to automate loan repayments. Updating of direct debit bank account details or contacts if requested by customer and the creation of mandates, contact and payment plan for individual loans  was enabled as an integral part of this solution . The solution also facilitated updates in the payment plan whenever there is a change in repayment schedule of core banking loan account.

Integration with Mambu (cloud-based core banking), payment systems, TruNarrative and other internal and external systems ensured quick and seamless execution of loan applications and service requests

The Outcome

• 8 Months: Launched the Beta version of fully functional bank
• Integrated Platform: With TruNarrative, Mambu and Customer Mobile app
• UK Banking Licensing: Assisted the bank in achieving all the required milestones for fulfilling UK banking licensing from a technology perspective
• Customer 360 View: Delivered comprehensive Customer 360 view for all internal teams covering client conversation history and opportunities.

Technology Used

• AWS
• Mambu
• Salesforce Financial Services Cloud​