Partnerships 14 September 22

Thought Machine: revolutionising legacy bank technology

By: Thought Machine

 

Thought Machine is solving one of the most complex problems in banking.

Imagine a drawer full of tangled wires. The technology architecture that runs most of the world’s banks today looks like the inside of this drawer. Technology providers built these systems decades ago with branch and telephone banking in mind. Since then, the banking industry has progressed significantly, yet these systems still run our banks.

As a bank customer, your personal information, such as the amount of money you have in your savings account or mortgage terms is often stored on different core banking systems patchworked together. This disorganisation makes it challenging for the bank to have a holistic and clear view of their customers' data. It is also partly why you, as a customer, might receive a poorer user experience – the bank cannot tailor the service to your individual needs. 

Overlapping and ageing core systems make it challenging for the bank to build innovative financial products. Product innovation by the bank itself is almost impossible, as the tangled architecture is often maintained by legacy core banking providers who control product configuration. Banks rely on those vendors to create new products or make changes to existing ones, which is expensive and takes time. 

Transaction data is also processed and stored by these core banking providers. Typically this data is batch processed at the end-of-the-day meaning you, the customer, cannot see a real-time view of your finances. 

Not only is this tangled architecture sub-optimal for the customer, but it’s also sub-optimal for the bank. It’s hugely expensive to run on-site servers with their associated IT maintenance costs.  

Thought Machine is on a mission to change all of this. 

Thought Machine has built Vault Core, a modern core banking engine that powers the banks of the future. Vault Core runs any type or size of bank on a single platform, and allows banks to build financial products on top. 

Vault Core is cloud-native – meaning it is built from the ground up in the cloud, offering the highest levels of performance, agility and reliability. It is highly configurable and API-enabled, allowing it to plug into an ecosystem of best-in-class technology vendors that enable banks to build a world-class technology stack. Thought Machine offers a library of pre-built, off-the-shelf integrations with best-in-class technology vendors making it easier and faster for banks to build highly competitive propositions.  

Thought Machine’s mission is to properly and permanently rid the world’s banks of legacy technology, yielding huge benefits in agility and efficiency. Moreover, a study by Bain & Company has shown that with Vault Core at the foundation of a modern banking proposition, cost savings of up to 70% can be achieved.*

Thought Machine partners with strategic consultants (like McKinsey or BCG), technology vendors (like Currencycloud), delivery partners (like GFT or Accenture) and cloud providers (like AWS, GCP and Azure) – all of which support our clients as they modernise their technology stack. 

 

* https://www.bain.com/insights/digital-attacker-banks-time-has-come/



By: Thought Machine

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