GFT and Thought Machine Partner to Drive Digital Transformation in U.S. Banking
Zach Anderson Sep 29, 2023 12:54
GFT and Thought Machine are collaborating to propel U.S. banks into the digital age, departing from legacy systems in favor of cloud-native solutions. Traditional banks are now focusing on introducing innovative financial experiences to gain a competitive edge. The partnership offers three paths to digital transformation, with GFT being a leading implementation partner of Thought Machine's Vault Core. This technology enables the launch of digital-first banks or migration from legacy systems. The partnership has achieved significant milestones, including certifications and completed projects. Traditional banks are poised to leverage their expertise and regulatory frameworks by embracing digitization.
Traditional financial institutions have arrived at a critical crossroads in the course of their digital transformation. They have built up a level of consumer trust that is on par with that of their digital-first rivals. As of the 28th of September in the year 2023, GFT, a global digital transformation company, and Thought Machine, a cloud-native banking technology firm, have joined forces to enable incumbent U.S. banks to flourish in the digital era. This partnership builds upon their multi-year collaboration, the focus of which has been on ushering in new digital infrastructures while steering traditional banks away from legacy technology and toward embracing truly cloud-native systems.
Traditional banks have been overtaken by their digital competitors throughout history; however, traditional banks are now introducing new financial experiences that their digital competitors are unable to duplicate. The race is on for banks to bring these experiences to market as quickly as possible, as those banks that modernize their legacy infrastructures before their competitors gain a decisive edge in the market.
GFT is proud to boast highly skilled delivery teams across the Americas. The company has partnered with global banks on their digital journeys for over 35 years and has extensive experience doing so. When combined with the cloud-native core banking technology offered by Thought Machine, they provide a novel and cost-efficient solution for the delivery of digital banking and payment solutions to financial institutions in the United States.
The collaboration between GFT and Thought Machine was instrumental in the development of Mox, the award-winning cloud-native, mobile-only digital banking arm of Standard Chartered in Hong Kong. Mox is powered by AWS and Vault Core, and it currently has over 400,000 customers.
In conclusion, GFT and Thought Machine are bringing financial institutions in the United States into the digital age, thereby paving the way for these institutions to abandon their reliance on legacy systems in favor of solutions that are agile and native to the cloud. Traditional banking institutions are seizing the opportunity to lead the way in the evolving financial landscape by introducing novel financial services and thereby positioning themselves at the forefront of the field.
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