GFT and Thought Machine cooperate to improve US banking with user-friendly digital solutions and fraud protection.

A significant portion of Americans (42%) say they are satisfied with their banking provider, even in spite of the rise of challenger banks in the US in recent years. According to research conducted by the digital transformation company GFT, 22% of respondents would like to change banks. This represents about one in five people.

In its latest GFT Banking Disruption Index, the digital transformation group compares US banking sector response to other countries. Fraud protection was the top priority for traditional and digital banking features in the US (51% and worldwide 49%). Everyone in the US and worldwide wants user-friendly digital banking after that.

GFT is partnering with cloud-native banking tech company Thought Machine to help incumbent banks digitize in response to rising demand for digital banking and solutions. Thus, these institutions can satisfy rising customer demands.

Traditional banks have struggled to innovate for years, but they are now offering new financial services that their digital competitors cannot. But banks that can introduce these experiences before their competitors will have an edge in modernizing their underlying old infrastructures.

“A large number of financial institutions, including banks, are optimistic about the advantages of updating their fundamental infrastructures. According to Brian Dempsey, director of partnerships at Thought Machine, “up until now, there hasn’t been a workable solution available in the market that gives banks the technological capabilities and software maturity they need to innovate meaningfully while offering an agile solution for coexistence and migration of legacy products.”

“The advantages of modernization can be fully realized with immediate impact thanks to our partnership with GFT.”

GFT and the thinking machine to tackle the biggest infrastructure issues facing banks

Having spent the last few years preparing for digitalization, US banks and financial institutions are now ready to start implementing significant infrastructure changes. With highly qualified delivery teams spread across the Americas, GFT has over 35 years of expertise working with international banks to support them on their digital transformations.

The cloud-native core banking technology from Thought Machine complements the two businesses’ ability to develop and provide digital banking and payment solutions to US banks. When compared to other options, they will accomplish this in a more economical manner.

The three avenues to digital transformation provided by partnerships

GFT is a top partner for Thought Machine’s Vault Core implementation. Constructed using genuinely cloud-native design principles, Vault Core gives banks the freedom to choose how they want to adapt. In order to introduce digital-first greenfield banks, technology is essential. It provides new technological capabilities that can move from legacy to digital architectures or coexist with their current core system.

Thought Machine and GFT have partnered for three years and have already accomplished a number of preliminary goals. This comprises eight finished projects, more than 200 certifications, and four GFT teams committed to completing collaborative projects with Thought Machine. To facilitate the establishment of greenfield banks in as little as three months, GFT also developed and introduced BankLiteX in partnership with Thought Machine and Amazon Web Services (AWS).

Conventional banks welcome this era of transition

For a few years now, fintechs have been upending the way that customers view banking and financial experiences. But at that time, conventional banks have been discreetly strategizing their next moves,” stated Marco Santos, CEO of GFT’s Americas division. “We’ve reached a turning point where these banks are prepared to permanently establish themselves at the top of the financial hierarchy by combining digitalization with their unmatched financial expertise and regulatory frameworks.”

GFT and Thought Machine’s global relationship played a key role in the development and launch of Mox, Standard Chartered’s cloud-native, mobile-only digital banking division in Hong Kong. With more than 400,000 users, the digital bank runs on AWS and Vault Core.

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