Bank in a box
Fintechs have made it possible to create a banking platform (bank-in-a-box) containing elements from different software providers and outsourcing to deliver modules of a banking platform without expensive and time consuming investment in information technology like banking legacy systems
A traditional bank usually has multiple technology systems that have been added onto over a period of time according to needs and scalability. The core banking platform has usually become a legacy system and one that is often expensive to maintain. The Bank in-a-box solution was traditionally used to refer to a banking solution required for a new bank or a non-bank financial institution who wanted to create a new deposit taking section without incurring massive investment costs in staff and systems.
The general need was to cover basic banking functionality, be scalable and yet offer flexibility. The proliferation of different software solutions and its specific focus on particular areas of banking, allied to the increasing ability of different solutions to be integrated, has led to a different philosophy to building core banking solutions
It is now possible to create a banking platform containing elements from different software providers and outsourcing where necessary including:
- Core banking platform for back-end data processing of transactions
- Support for all delivery channels – typically be focused on mobile channels
- Outsourcing of back office functions
- Additional solutions according to need – mostly on creating technology enabled seamless transactions
The advantage of using Bank-in-a-box solution is the sheer breadth of offerings and the ability to combine fintech innovations according to need. Given the large number of fintech innovations that are available, it is difficult to classify which solutions should be added to a core banking platform. However, a selection of fintech innovations are shown to demonstrate the ability to create a bespoke banking solution.
Some solutions
Core banking systems
- Low cost core banking platform to perform the banking operations for Business Banking
- Low cost banking platform for microlending institutions that manage uncollateralised loans
- Automates corporate account management for B2B eCommerce buyers and sellers - "PayPal for business"
- Adaptable Digital Banking Platform that enable smartphone enabled payments
- SME/business banking platform with financial analytics
Payment solutions
- Payment solution platform as a white labelled offering
- Payment solution to offer e-commerce solutions to their existing corporate clients, accessing 600+ payment systems via a single API
- Adaptable Digital Banking Platform that enable smartphone enabled payments
Interbank platform
Customer service
- Secure self service storage of financial statements of clients
- Document storage for clients within their online banking profile, so no need to file their documents at home
- Cloud based call back features for customers from any device so no call centre queueing
Customer onboarding
Scanning technologies allows the photographing of images, typically using a mobile phone and uploading onto a secure website. An additional feature is the extraction of data from images and populating information into online forms.
- Optical character recognition for scanning bills, credit cards etc.
- Mobile scanning of documents and bills and allows instant payment
Document storage
Storage solutions have used the cloud for accessible yet secure client document storage that can be updated in real time as part of a seamless process
- Scans and stores 3rd party documents securely while validating data using technology
- Document storage for clients within their online banking profile, so no need to file their documents at home
- Secure cloud document storage with flexible file sharing
- Online storage and exchange of documents without using email
- Storing secure encrypted data in the cloud without exposing decryption keys and thus securing data
- Contact Terence Singh for specifics about any of the solutions mentioned above
- Challenges and Scans – get a 10% discount when you use the code “TrendReports” (http://campaigns.matchi.biz/discount/)
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More on Matchi: Matchi is a global fintech innovation match-making firm, since 2013. Matchi has worked with over 100 leading banks and insurance companies (FIs) around the world, and has a database of over 2,500 fintech firms. Matchi provides both a highly curated portal of fintech solutions, as well as bespoke projects for FI clients to source targeted fintech solutions aimed at the FIs focus areas / pain points. The global Matchi team has run Innovation Challenges and Market Scans for multiple FIs around the world, in markets as diverse as Canada, Japan and India, as well as searches in other geographies.
