The client is a challenger bank that caters to the financial needs of the UK’s mass affluents, who were either too small a portfolio for large banks or too risky for retail banks.
The Challenge
The client set out to revolutionize banking for the UK’s underserved segment with hyper-personalized services that are easier to navigate, faster to access, and scalable to meet evolving demands.
Cloud was the answer, and the client wanted a strategic partner to build integrated, faster, and more seamless digital banking services powered by automation and third-party Software as a Service (SaaS). Persistent, with its expertise and experience in designing cloud-based digital banking platforms, was the top-of-the-mind choice.
The Solution
Persistent’s cloud and banking experts worked with the client’s leaders to co-drive a cloud-backed banking platform that is agile, data-driven, and flexible to onboard new technologies. Persistent’s expertise in building composable, configurable architectures that leverage microservices, open APIs, and third-party integrations was key to the client’s growth strategy.
We built an integrated cloud-native, core banking infrastructure that allows the bank to integrate best-in-class services. The layered solution leverages Amazon Web Services (AWS) for data management, Salesforce Financial Cloud and Services Cloud for customer relationship and service management, PowerBI for strategic decisions, Bottomline for direct debit setup and maintenance, PropertyData for valuations, and Mambu, the leading cloud based SaaS platform for banking functionalities such as deposits, lending, account opening, and Know Your Customer.
Compliant by design, the solution integrates with Trunarrative, a third-party provider for financial crime checks. Automated workflows provide audit trails as proof of compliance. This helped the client achieve required milestones for fulfilling the UK banking licensing from a technology perspective.
A tool-driven automated approach to quality assurance ensures faster releases — enabling the bank to launch its first digital banking product within six months.
The Outcome
This cloud-native solution enhanced customer experiences through smooth onboarding, secure communications, fast transactions, and pre-authenticated interactions and enabled:
- Rapid customer onboarding with seamless account opening in an average of four minutes.
- A single pane view of historical customer interactions with Persistent Customer 360, enabling internal teams to elevate customer experience.
- Leverage customer data via open banking and open finance to offer lifestyle services based on customers’ financial health.
