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Your challenge: Use new technology to meet the demands of modern banking while leveraging the knowledge and relationships that make your bank unique.

Not only do customers today expect more from banks than ever, but you face competition from hot new fintech firms, online banks, and tech giants like Amazon, Google and PayPal.

To overcome these challenges you need to incorporate into your infrastructure tools like AI, blockchain and predictive analytics that will help you offer innovative services and exemplary customer service.

While doing so opens opportunities for differentiation and profit, it also raises many important questions, such as:

How can you leverage the institutional knowledge that differentiates your business when it’s locked in siloed systems?

How will you successfully incorporate digital banking and Open Banking into your operation?

How will you keep up with constantly shifting regulatory requirements?

How will you assess risk and detect fraud when credit approvals and lending decisions are being made in real-time?

How can you keep information secure while making it accessible via the internet, and to the many systems that need it?

Solace provides us with the scalability necessary to support our vision to become a leading virtual bank in the region. Through a microservices architecture, WeLab Bank can create and deploy innovative products such as GoSave and WeLab Debit Card, one of Asia’s first numberless debit cards. Solace’s secure and scalable messaging backbone has been invaluable in helping WeLab Bank shorten the time-to-market for our current and future digital bank offerings.”

Kenneth Chau

CTO, WeLab Bank

The solution: Link your back-end systems, web services and customer-facing channels with an event mesh.

The key to meeting the needs of digital banking is establishing a continuous flow of information that spans your entire business and reaches to and from your customers.

An event mesh does exactly that, enabling real-time, event-driven communications between systems and services across environments and geographies.

Event mesh : real-time, event-driven communications between systems and services across environments and geographies.

We were looking for a system that offered guaranteed messaging, a dashboard to configure resources, and the means to secure data both at rest and in transit. We needed a way to migrate from one environment to another, support for hybrid cloud and Kubernetes, and someone with experience in the finance industry… all this was not possible with any vendor other than Solace.”

Ravi Tiwari, TAB bank

Ravi Tiwari

Enterprise Architect, TAB Bank

Technical Benefits

  • Leverage best of breed tech: Build applications that leverage the best commercially available solution to each problem, whether that’s on-premises software or a cloud-native service
  • Get ready for open banking: Boost your open banking readiness by putting in place a protocol-agnostic and API-friendly data distribution infrastructure
  • Unlock legacy assets: Liberate data locked in legacy core banking systems running on the mainframe by letting them share data with modern applications and microservices
  • Simplify governance: Manage all of your data movement with a single pane of glass so you can more easily ensure that know-your-customer data (for example) only gets to systems authorized to deal with personally identifiable information

Business Benefits

  • Predict customer behavior: Run predictive analytics on customer behavior so you can offer relevant offers and products in real-time, or even proactively!
  • Optimize institutional knowledge: Unlock the institutional knowledge that makes your business special and put it to new use by making it more readily available for access and analysis
  • Streamline partnerships: Securely offer your products and value propositions through other businesses without causing your IT headaches
  • Accelerate decision-making: Analyze the risk of transactions in real-time, and automate frequent decisions like approving or declining line-of-credit requests, payment plans on purchases, etc.

Retail banks can create a sustainable competitive advantage by building a data movement layer that can collect and distribute information in real-time, using a variety of protocols across on-premises and cloud environments.”

Mat Hobbis

VP Global Accounts & Services Architecture, Solace

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