Banking institutions today are harnessing advanced technologies to maintain their competitive edge, enhance operational efficiency, and deliver innovative services. By automating both front-end and back-end processes, modern core banking systems ensure a seamless experience for both bank staff and customers.
In this insightful episode of Beyond The Document, Ben Saxton explores the transformative impact of contemporary core banking platforms. He discusses how embracing advanced cloud-native solutions enables banking institutions to achieve unprecedented scalability and agility, empowering them to introduce new products more rapidly and efficiently.
'Beyond The Document' is Formpipe’s monthly podcast that offers in-depth discussions on Output, Document, and Customer Communications Management.
Read on for a preview of what you can expect in this month’s episode.
Who’s on the show?
In this episode, Ben Saxton is joined by Randy McFarlane, a seasoned expert in the realm of partnerships and banking, who currently serves as the Global Head of Partnerships at Thought Machine. With over 20 years of experience in partnership strategy within the financial sector, Randy plays a pivotal role in advancing Thought Machine’s mission to eliminate the persistent issues that banks face due to outdated technology and legacy infrastructure.
Thought Machine is the innovative company behind Vault Core, a cloud-native platform that provides banks with unparalleled flexibility to select and customise the products they wish to operate, allowing them to take greater control over and refine their core strategic direction.
What topics are discussed?
Thought Machine’s pivot and building Vault Core - Founded a decade ago by CEO Paul Taylor, Thought Machine aimed to revolutionise financial services with transformative technology. Taylor identified the inefficiencies caused by banks’ fragmented systems and disparate databases. In response, Vault Core was developed from scratch using open-source, cloud-native technologies. Designed to fully leverage cloud benefits, Vault Core is also highly configurable, empowering banks to innovate without constraints and tailor their financial products to their vision.
Importance of ecosystems in banking software - A bank's core banking transformation requires a best-in-class technology stack, with Vault Core as a vital component. Traditionally, banks had to identify additional needs, source software vendors, and handle complex integrations. However, Vault Core’s active ecosystem simplifies this process by providing access to top-tier technology vendors already proven to integrate seamlessly. This allows banks to focus more on innovation and less on technical challenges.
The ever-evolving core banking market - Thought Machine does not differentiate its marketing efforts across various regions of the world. While there are some differences in cultural aspects and the appetite for certain initiatives, the universal and consistent challenge remains the need for modernisation. The overwhelming majority of banks globally, regardless of their regional market or geographic location, are constrained by outdated legacy infrastructures. These antiquated systems prevent them from innovating effectively and responding to the evolving demands of their customers.
Importance of document management for Thought Machine - As Thought Machine identifies business-critical processes, Document Management consistently stands out. Recognising its importance, Thought Machine has prioritised this area as its integration library grows. Using raw data from Vault Core, Formpipe’s Lasernet enables banks to swiftly design, produce, and distribute a variety of documents, ensuring they meet customer demands efficiently.
To listen to the episode, head to your podcast platform of choice or simply press play below.
