Case Study: How to Create a Digital Bank in 2022?
In the latest 1994, Bill Gates bragged that “banks are dinosaurs…we can bypass them,” it struck fear in the minds of bankers and people. Digital bank today? Well, he also stated that “Banking is necessary, banks are not”. It sounded very provocative by that time, but nowadays we can be sure that technology is lowering
In the latest 1994, Bill Gates bragged that “banks are dinosaurs…we can bypass them,” it struck fear in the minds of bankers and people. Digital bank today? Well, he also stated that “Banking is necessary, banks are not”. It sounded very provocative by that time, but nowadays we can be sure that technology is lowering the cost of financial services and banking sector is embracing digital transformation.
Nevertheless of many traditional banks that are not heading in this direction, young entrepreneurs have already started to make a digital future. In the United States, 264 companies have received a total of $7.71 billion in investment since 1998.
FortySeven software solutions help our clients not merely keeping up with digitization, but becoming pioneers in the fintech industry. Here is a brief of how we helped to create a startup digital bank.
Our client was a startup digital bank with a need for building an online banking platform. The first step was that the bank approached FortySeven Software Professionals with a vision of how their business would look and feel like. Knowing better the vision of the entrepreneurs, our team created a draft outlining the development principles and functionalities to be contained in the project to transform the idea into a scalable product. In our opinion, it’s very important to listen to the ideas and expectations of the customer and make a proper suggestions on tools, methods, solutions needed. So that the final result show the business augmentation of the customer.
So, that vision became a reality, taking 8 months from vision to production. Entrepreneurs required FortySeven to build a complete online banking platform from scratch providing a fully dedicated team of experts in the area of digital banking.
We understood the needs of the client based on their vision and then presented a development plan with a draft of the functionalities to be developed, mapping out the initial software architecture that followed with a commercial proposal.
Shortly after, we started working on their development providing the bank with a fully dedicated team of experts that liaised with their chief technical officer as well as other relevant team members, giving them full control on the development process.
The bank’s digitalization needs were achieved using Agile development methodology working with Scrums and using Sprints that allowed for adaptation and flexibility throughout the process based on Time & Materials.
The software was written in a way that it is able to pass all present and to incorporate all future security standards in a scalable way. Our experts were responsible for Security Infrastructure, Story Development, Code Development and for Primary Development.
The result at the end of the development period was a digital banking platform containing Web Portal, Back Office, Front Office, Administrator Panel, Secure Data Storage.
FortySeven, through many years experience, understands the various outsourcing engagement models and how to best apply them according to the current requirements. It always works for the specific ideas of the customer, so that he gets the full control over the Intellectual Property Rights and successful outcome.