Concept: Germany’s software engineering company GFT and British core banking startup Thought Machine has launched cloud-based virtual banking solution BankLite. The solution can help clients to create and deploy a cloud-based digital bank quickly.
Nature of Disruption: BankLite is a fully modular system designed around Thought Machine’s cloud-native core banking engine, Vault, and uses AWS’s native cloud services, hosted on the AWS infrastructure. The platform’s pre-defined operating model includes cloud-native Vault core, digital channels, and third-party integrations on the same cloud infrastructure. It allows banks to get a lite bank up and running within twelve weeks, enabling users quick deployment of different brands across multiple geographies meeting country-specific markets and regulations. The platform integrates GFT’s cloud-native asset, Digital Bank Launcher (DBL) to help core banking providers to expand their solution capabilities.
Outlook: Financial institutions and startups are facing issues with the limitations of legacy technology that calls for the new modern core banking technology that reduces complex technology environments with better operational efficiency. BankLite serves this increasing demand for industry’s growing need for change by helping more financial institutions to rapidly achieve their digital transformation goals. It offers financial firms globally the capability to build a new virtual bank from scratch or extend an existing legacy core banking system faster, efficiently, and cost-effectively.