How Thought Machine’s Vault Core is Transforming Digital Banking - The Digital Banker (2024)

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In the world of digital banking, Thought Machine has emerged not only as a formidable innovator but also as an award-winning technology leader, having recently been awarded “Best Core Banking Solution Provider by a Vendor” at the prestigious Global BankTech Awards 2023, organised by The Digital Banker. This accolade is a testament to how Vault Core, Thought Machine’s pioneering core banking engine, is redefining excellence in technology and customer experience, setting new standards and breaking the mould of traditional banking paradigms.

During the awards ceremony, Nirav Patel, Managing Director of The Digital Banker, said, “Thought Machine’s Vault Core has been recognised for its exceptional configurability and its innovative smart contracts model, which collectively have set a new benchmark in core banking solutions. The firm’s ability to empower banks with a truly scalable, cloud-native platform, and dramatically expedite time-to-market for complex banking products, is precisely why they have earned this prestigious recognition.”

RESHAPING CORE BANKING TECHNOLOGY

Thought Machine’s success lies its core banking technology, a masterpiece in the re-engineering of how banks operate, manage, and distribute financial products. Vault Core, a cloud-native core banking platform, has been meticulously crafted from the ground up to provide clients with unparalleled control and adaptability. In a recent case study, Mox Bank Limited, a collaboration between Standard Chartered and partners including HKT, PCCW, and Trip.com, exemplifies this transformation. Mox Bank sought out a sophisticated core banking engine with the capability to stand out among its competitors in terms of functionality and usability. The answer was Thought Machine’s Vault Core.

CONFIGURABILITY AND FLEXIBILITY: THE HALLMARKS OF VAULT CORE

Thought Machine distinguishes itself through its hyper-configurability, partnering with financial institutions of varying sizes and complexities. It addresses the full spectrum of digital transformation needs, from incubating greenfield digital banks to modernising legacy banking platforms, and introducing cutting-edge banking propositions. Powered by Vault Core, Mox Bank’s rise as one of Hong Kong’s fastest-growing banks is a testament to the engine’s flexibility and power. Vault Core’s cloud-native and configurable nature, coupled with its full API exposure, allowed Mox Bank to integrate best-of-breed technology solutions smoothly, achieving a rapid market launch in just 18 months and attracting 35,000 customers in the first four weeks.

The platform’s strength lies in its adaptability to any cloud configuration, elevating its clients like Mox Bank to new heights. This flexibility ensures that financial institutions can custom-build and manage any financial product through a single platform that undergoes regular upgrades, bolstering their competitive edge.

SMART CONTRACTS: THE FUTURE OF BANKING PRODUCT DEVELOPMENT

Thought Machine’s smart contracts model is a foundation of its of its unique approach, allowing banks to create and tailor any type of product, no matter the complexity. This model accelerates banks’ time-to-market, providing them with a rich library of pre-built smart contracts for a variety of banking products. The Universal Product Engine within Vault Core is noteworthy. It empowers clients to either deploy market-standard products like current accounts, savings, loans, mortgages, and credit cards, or innovate with Islamic banking solutions and novel offerings such as buy-now-pay-later schemes, digital wallets, and offset mortgages.

This unique approach of defining financial products as code means that banks are no longer reliant on their core banking vendor for changes, fostering independence and agility. Mox Bank’s personalised banking experience, which enables customers to expertly manage and grow their money, is a direct outcome of this innovation. With its microservices architecture, Vault Core guarantees an ultra-reliable, always-on service, a critical asset during peak demands and product launches.

The success stories are compelling. Trust Bank’s CIO, Rajay Rai, praised Vault Core saying, “It is the foundational platform for us to build and grow the first of Singapore’s new wave of digital banks.” And with industry giants like JPMorgan Chase and Lloyds Banking Group among its clientele, Thought Machine’s impact on the industry is undeniable.

Simply put, Thought Machine’s Vault Core is a trailblazer in the banking sector by offering configurability and its pioneering use of smart contracts. It is a true partner for banking and financial institutions worldwide that wish to embark on a path towards transformational growth, creating an entirely new landscape for digital banking where innovation thrives.

“At the core of Thought Machine’s success lies its core banking technology, a masterpiece in the re-engineering of how banks operate, manage, and distribute financial products – Vault Core.”