Revolutionizing B2B Banking
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Discover one of the articles from our brand new magazine, the Belgium Fintech Magazine - #1 Dec 23
Revolutionizing B2B Banking: A Case Study on Transforming a Legacy Banking System with a Cloud-Native Digital Banking Platform and Bespoke Digital Channels
An interview with Vasileios Tsitsiamis, Fintech Product Manager at Netcompany-Intrasoft
We highlight the path taken by a well established European B2B financial institution, to turn challenges of modern banking into catalysts for growth an innovation. From grappling with antiquated technologies to embracing new digital avenues of customer engagement, this institution showcases the profoundly transformative power of cloud-native solutions in the B2B banking sector.
Legacy systems, once the bedrock of financial stability, have now become impediments in the race towards digital excellence. In the relentlessly disruptive world of financial services, agility and innovation are not just advantages but necessities. This case study explores how our client, a prominent European Financial Institution specializing in B2B services, overcame its technological stagnation by partnering with Netcompany-Intrasoft. Their journey from outdated systems to a state-of-the-art, cloud-native digital banking platform, DX4B, marks a significant stride in the fintech sector.
The case of this financial institution is not just about adopting new technology; it’s also a testament of clear vision, bold strategy, and the relentless pursuit of excellence. An approach that has helped this organization break free from the hindrances of obsolete technology and embrace new ways to anticipate, meet and guide customer expectations.
The Main Challenge
Traditionally, banking systems suffered from rigid infrastructures, unable to adapt to the dynamic needs of modern banking. The client, was burdened by an outdated banking system with limited adaptability and scalability, the absence of robust digital channels, and a slow time-to-market.
Seeking for a single partner that could offer end-to-end digital solutions and a proven track record in delivering cloud native banking solutions, they selected Netcompany-Intrasoft for this transformation journey, starting from back end systems and up to the bespoke digital channels.
Netcompany-Intrasoft’s proposition included the replacement of the legacy core banking system and the introduction of contemporary technology, cloud-based and componentized software with unlimited expandability to accommodate the current and future needs of its customer.
With its DX4B solution, Netcompany-Intrasoft was able to meet the client’s comprehensive needs for adaptability, scalability, security, and significantly shorter time-to-market. The solution encompassed back-end services, middleware orchestration and cutting-edge digital channels providing this institution with new and more convenient ways to engage with customers.
Post-implementation, the company reported transformative benefits, such as an enhanced customer experience, thanks to the new availability of web and mobile services. A seamless third-party integration provided through middleware capabilities that facilitated connections to ancillary systems like AML, Card provider and Payment channels (SEPA, Swift, Clear Bank, Banking Circle), offering a broad payments portfolio.
Beyond this integration, the partnership facilitated the introduction of uniquely tailored products, specifically designed for corporate clients with enhanced self service capabilities. These offerings included:
Correlation of individual profiles with multiple Companies with different roles and access levels to the corporate accounts according to each company structure.
Easy Definition and Orchestration of mandates flow and authorizations.
Full automation of the dealer rate negotiation for high-value payments
Netcompany-Intrasoft also equipped the client to tackle future challenges. This, thanks to its commitment to continuous innovation, proven by the investment in its banking products, to stay at the forefront of technology advancements in the industry. Furthermore, the modularity of the platform enabled the client to adapt and grow in response to changing market conditions and customer demands. Lastly, the use of contemporary programming techniques and tools will accelerate development of new features in parallel, while improving the maintainability of the software.
The transformation from a legacy banking system to a cloud-native digital banking platform proved to be a strategic move for the client. The collaboration with Netcompany-Intrasoft not only addressed immediate challenges but also positioned the institution for sustained growth, agility, and innovation. Cloud-native solutions are now essential catalysts to drive a customer-centric and competitive financial institution into the future.
The Results
Transitioning to a cloud-native platform with Netcompany-Intrasoft, signified a pivotal shift for the client. This strategic move not only addressed immediate operational challenges, but also positioned them for long-term growth and innovation. The client is now able to offer omnichannel banking to its customers, providing a unified and consistent user experience including:
• Digital accounts and wallets
• Virtual and Physical debit and pre-paid cards
• Retail & Corporate multi-channel payments
• Digital amenities (Biometrics login, Push notifications, Apple/Google pay integration, self-service Card administration, Setup of recurring payments, etc.
By Chris Crespo / Nordic Fintech Magazine
Published and Distributed by FinTech Belgium asbl
Contact: Alessandra Guion - CEO