Challenger Bank
UK Challenger Bank needed to partner to help implement a secure, compliant cloud-based banking solution – and fast.
SCALABLE, COMPLIANT Cloud INFRASTRUCTURE
This Challenger Bank saw an opportunity to build an effective operating model in challenging established ideas with a 100% cloud-based strategy.
Cloud based banking represents the ability to provide a full range of IT services to support customers and a seamless experience across multiple systems over the internet.
As the bank operates in a highly regulated environment, this means licensing is a protracted process and makes successful innovation more complex.
The bank’s goal was to build and implement a secure, compliant, customer-centric, cloud-based banking solution ready in under 12 months.
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business customers welcomed in first 18 months of trading
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lending milestone achieved in July 2020, one month ahead of third anniversary
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largest draw loan to date in March 2020 supporting retail property conversion
challenge
Cloud computing provides scalability, agility and cost efficiency, but strict data regulations controls and FCA compliance meant that very few financial services organizations had moved to cloud.
At the heart of our client’s IT strategy was the selection of a cost effective and fit for purpose core banking platform.
The software had to be deployed in a secure hosted environment and delivered over the Internet to enable secure remote access, including mobile and home working.
The bank needed cloud service providers who offered established solutions and who had successfully implemented these within financial institutions regulated by the PRA and FCA.
SOLUTION
The bank’s journey started at the start of the financial regulators’ change in attitude about cloud-based solutions. With this mind, it outsourced the majority of its IT functions to specialists including Tectrade and Finova, a leading provider of core banking software.
Tectrade migrated the bank’s Finova application to the Microsoft Azure cloud which allowed the bank to focus on the delivery of customer journeys, rather than operating IT infrastructure.
The new platform allows the bank’s staff to access the core applications via secure access from the office, home and other remote locations.
Tectrade and Finova continue to provide continuous monitoring and alerting for the application and the underlying Azure infrastructure ensuring full availability and compliance.
The bank’s team saw significant benefits in adopting a 100% cloud-based strategy. Thanks to our partnership with Tectrade, we achieved one the fastest ‘licence to launches’ in UK banking history.
CEO – Challnger Bank
outcomes
Tectrade’s design for scalable, secure and compliant infrastructure was key in the bank securing its banking licence and becoming the UK’s first ‘born in the cloud’ bank.
By integrating a suite of cloud-based tools within a single secure environment, Tectrade delivered a secure, modern digital banking platform within regulator guidelines in under six months.
As a new entrant, the bank has benefitted commercially from the cashflow advantages of reducing upfront costs, enabling it to scale its operations as it grows, as well as from delivering on its promises to customers.
Cloud technology will enable the bank to expand its products and operations and allow it to continue to enhance customer experience.
About our client
This Challenger Bank provides businesses simple, transparent loans and savings accounts backed up with tailored service, all with the knowledge that money is being invested back into British business and into communities.
The bank was granted its initial banking licence in April 2017, and four months later with a view to offering a real alternative for small and medium sized organizations.
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