The banking industry has undergone a remarkable evolution. From traditional brick-and-mortar establishments to the advent of Banking-as-a-Service (BaaS) and Platform-as-a-Service (PaaS), financial institutions have been on a transformative journey to meet the dynamic demands of today's consumers.
However, amidst this revolution, many financial institutions find themselves grappling with a set of critical challenges. Chief among them is the persistence of outdated core banking systems, which not only impede the seamless integration of cutting-edge technologies but also lead to inefficient processes and soaring operational costs.
Let's delve into these core challenges that are shaping the future of finance:
- Changing customer needs
Limited functionality restricts the adoption of innovative services such as real-time payments and personalised customer experiences. The lack of scalability, high maintenance costs, and integration barriers make it difficult for banks to keep pace with the rapidly evolving industry. Customer expectations are rising, and a seamless digital customer experience is becoming increasingly important.
- Inflexibility of existing systems
Existing systems are not flexible and scalable enough to enable the introduction of new products and services. The architecture and underlying technology of the system cannot adapt agilely to evolving business requirements and market dynamics. Furthermore, the knowledge of legacy systems is becoming outdated, which can create operational risks.
- Limited support for expansion into new countries
Existing systems are primarily tailored to local markets. Expanding with new products into new markets often involves significant implementation effort. Expanding business into new countries is associated with regulatory and compliance-related challenges that cannot be addressed by legacy systems.
A1 Bank also found itself confronted with these challenges and decided to replace its existing core banking system with a future-proof BaaS platform. The case study describes the requirements the bank had and how it found the ideal partner in Synpulse's Plug& BaaS platform, which not only covers the existing business but is also flexible enough to support the bank's ambitious expansion.
🔍 What's covered in the full article:
- Requirements for the new platform: Delve into the critical considerations that A1 Bank had in mind when selecting a new core banking solution. Explore the need for future-ready technology, scalability, compliance with local regulations, and more.
- Implementation of Plug& BaaS: Follow the step-by-step process of how A1 Bank, in collaboration with Synpulse, seamlessly transitioned to the Plug& BaaS platform. From provider selection to customization and configuration, data migration, testing, training, and post-implementation support.
- Benefits and results: Discover the tangible benefits that A1 Bank reaped by implementing Plug& BaaS. From improved flexibility and operational efficiency to enhanced regulatory compliance and global expansion, see how this platform can revolutionize your banking operations.
- A1 Bank and Synpulse: Learn about the success story of A1 Bank and Synpulse, gaining insights into how this partnership propelled A1 Bank's position in the digital banking landscape.
Download the article now and embark on the journey of banking transformation with Plug& BaaS by Synpulse.
A1 Bank and Synpulse
A1 Bank, formerly known as paybox Bank, is a Vienna-based bank, 100% owned by A1 Telekom Austria AG, making it part of the Telekom Austria Group. As a digital bank, it offers payment solutions for both private and corporate customers. Its product "paybox - pay with your mobile phone" was a pioneer in mobile payment solutions and is used daily in Austria.
You can also check out our press release covering A1 Bank's recent major milestone in their digital transformation journey with Synpulse.
Synpulse is a globally positioned consulting boutique. With 25 years of solid industry knowledge in the financial services sector, Synpulse creates value for its clients throughout the entire value chain. From strategy to implementation and ongoing operation of innovative solutions, Synpulse transforms its clients' businesses. With the latest Plug& BaaS platform, Synpulse has created a comprehensive solution for banks, asset managers, and fintechs.
Discover how your bank can achieve these benefits and more through the implementation of Plug& BaaS by Synpulse. Don't miss this opportunity to transform your institution into a dynamic, efficient, and compliant powerhouse.
Contact us now to learn how Plug& BaaS can supercharge your banking future!
