Global Technology Leader HCLTech has announced a Strategic Partnership with Thought Machine, a Frontrunner in Cloud Native Banking Technology, to propel the modernization of Banks across the globe.
Accelerating the Shift to Intelligent Banking
Table of Contents
- 1. Accelerating the Shift to Intelligent Banking
- 2. Full-Stack Transformation Services
- 3. About Thought Machine
- 4. frequently Asked Questions about Cloud Banking
- 5. what specific benefits does Thought Machine’s Vault platform offer banks compared to customary banking systems?
- 6. HCLTech and Thought Machine Partner to Accelerate AI-driven Innovation in Global Banking Conversion
- 7. The Strategic Alliance: A New Era for Banking Technology
- 8. Understanding the core Technologies: Vault and HCLTech’s Capabilities
- 9. Key Areas of Focus for the Partnership
- 10. Benefits for Global Banks: A Competitive Edge
- 11. Real-World Applications & Potential use Cases
- 12. The Role of AI in Banking Transformation: Beyond the Hype
- 13. HCLTech’s Commitment to the Banking Sector & future Outlook
The Collaboration intends to empower Banks to swiftly move away from outdated Legacy Systems and embrace intelligent, autonomous Financial Institutions driven by Artificial intelligence and Cloud Technologies. Thought Machine’s Vault Platform, a Next-Generation core Banking and Payments Technology, will serve as the foundation for this transformation.
By implementing Vault’s Cloud Native Architecture, Banks stand to automate critical operations, significantly improve efficiency, and deliver highly personalized Customer Experiences. HCLTech will contribute its extensive expertise in Banking Technology, Regulatory Compliance, and intricate System Integrations to facilitate rapid innovation and faster Product Launches.
Full-Stack Transformation Services
HCLTech will offer complete, Full-Stack Transformation Services utilizing Vault-Certified Delivery Teams, Global Fintech Centers of Excellence (coes), and a robust DevSecOps framework.The Company is also establishing a dedicated Global CoE specifically for vault Core and vault Payments.
This new CoE will concentrate on delivering modular, Real-Time, and scalable solutions tailored for the Financial Services sector. The joint Offering will enable Banks – whether established players or emerging challengers – to construct agile, resilient, and future-proof ecosystems built on AI-led strategies.
“Our global Partnership with HCLTech represents a pivotal advancement in assisting Banks to overcome the limitations of Legacy Systems and adopt genuinely digital-First Models,” stated Randy McFarlane, Global Head of Partnerships at Thought Machine. “together, we will deliver intelligent, self-optimizing systems that adapt to evolving Customer requirements.”
Sudip Lahiri, Executive Vice President and head-Europe and UKI, Financial Services, HCLTech, added: “This Collaboration underscores our commitment to leading the future of autonomous Banking through Cloud, Data, and AI. By uniting forces with Thought Machine, we will unlock ample value for Banks, streamline operations, and accelerate time to market.”
| Feature | thought machine (Vault) | HCLTech |
|---|---|---|
| Core Technology | Cloud Native Core Banking & Payments | System Integration & Digital Transformation |
| Expertise | AI-Powered financial Systems | Regulatory Compliance & Global Fintech |
| Delivery Model | Platform Provider | Full-Stack Transformation Services |
Did you Know? The global fintech market is projected to reach $698.48 billion by 2030, growing at a CAGR of 19.8% from 2023 to 2030, driven by increasing demand for digital financial services.
Pro Tip: When assessing Cloud-Native solutions, prioritize vendors with proven track records in security, scalability, and regulatory compliance.
About Thought Machine
Thought Machine has pioneered the foundations of modern Banking with its Cloud-Native Core Banking and Payments Technology. Vault core,its flagship Cloud-Native Core Banking Platform,is trusted by a growing list of leading Banks and Financial Institutions worldwide,including Intesa Sanpaolo,ING Bank Śląski,Lloyds Banking Group,Standard Chartered,SEB,Lunar,Atom bank,and Curve.
Vault Payments provides a Cloud-Native Payments Processing Platform, featuring a Universal Payment Engine that supports all Card and Account-to-Account Payment types. JPMorgan Chase, a major player in the payment processing landscape, highlights the increasing importance of real-time payment capabilities.
Vault Core and Vault Payments are built from the ground up as a fully Cloud-Native system, granting Banks complete control to develop any product necesary to thrive in a dynamic market. Thought Machine is a global team with offices in London, New York, Singapore, and Sydney and has secured over $500 Million in funding.
The Future of Core Banking Systems
The move towards Cloud Native core banking systems represents a essential shift in the Financial Services Industry. Traditional, monolithic systems are increasingly unable to meet the demands of today’s fast-paced, digitally-driven world. Cloud-Native solutions offer greater agility, scalability, and cost-efficiency, allowing Banks to respond quickly to market changes and deliver innovative products and services.
The Partnership between HCLTech and Thought Machine is representative of a growing trend among established technology companies to collaborate with Fintech innovators to accelerate Digital Transformation. This collaborative approach leverages the strengths of both organizations – HCLTech’s implementation expertise and global reach, and Thought Machine’s cutting-edge technology.
frequently Asked Questions about Cloud Banking
- What is cloud Native banking? Cloud Native banking involves building and deploying banking applications using Cloud technologies, offering scalability and versatility.
- How does Vault Platform help Banks? Vault streamlines operations, enhances customer experience, and accelerates product development with its AI-powered cloud architecture.
- what role does hcltech play in this partnership? HCLTech provides implementation expertise, regulatory compliance support, and global Fintech capabilities.
- What are the benefits of migrating to a Cloud-native core banking system? Benefits include increased agility, reduced costs, faster time to market, and improved scalability.
- Is Cloud banking secure? Reputable Cloud providers employ robust security measures to protect sensitive financial data, often exceeding the security levels of traditional systems.
What are your thoughts on the future of banking technology? Share your comments below and join the discussion!
what specific benefits does Thought Machine’s Vault platform offer banks compared to customary banking systems?
HCLTech and Thought Machine Partner to Accelerate AI-driven Innovation in Global Banking Conversion
The Strategic Alliance: A New Era for Banking Technology
HCLTech,a leading global technology company,has forged a strategic partnership with Thought Machine,the UK-based core banking technology provider. This collaboration aims to considerably accelerate the adoption of cloud-native banking platforms and drive AI-driven innovation within the global financial services sector. The partnership focuses on leveraging HCLTech’s extensive systems integration expertise and global reach with Thought Machine’s advanced core banking technology, Vault.This synergy promises to reshape how banks operate and deliver services in an increasingly digital world.
Understanding the core Technologies: Vault and HCLTech’s Capabilities
Thought Machine’s Vault platform is a key component of this transformation. It’s built on a modern, cloud-native architecture, offering banks unparalleled flexibility, scalability, and speed to market. Unlike traditional banking systems, Vault is componentized, meaning banks can easily add or modify features without disrupting existing operations.
HCLTech brings to the table:
Digital Transformation Expertise: Extensive experience in helping financial institutions navigate complex digital transformation journeys.
Systems Integration Prowess: A proven track record of seamlessly integrating new technologies with legacy systems.
Global Delivery Network: A worldwide presence enabling rapid deployment and support for banking clients across diverse geographies.
AI and Machine Learning Capabilities: HCLTech’s robust AI and machine learning offerings will be integrated with Vault to enhance functionalities like fraud detection, risk management, and personalized customer experiences.
Cloud Migration Services: Supporting banks in their journey to cloud adoption, a critical enabler for modern banking.
Key Areas of Focus for the Partnership
The HCLTech and Thought Machine alliance will concentrate on several key areas to deliver tangible benefits to banks:
- Accelerated Core banking Modernization: Replacing outdated legacy systems with Vault’s cloud-native platform, reducing operational costs and improving agility.
- AI-Powered personalization: Utilizing AI and machine learning to deliver hyper-personalized banking experiences, including tailored product recommendations and proactive financial advice.
- Enhanced Fraud Detection & Risk Management: Implementing advanced AI algorithms to identify and prevent fraudulent activities, strengthening security and protecting customer assets.
- Streamlined Payments Processing: Optimizing payment systems for faster, more efficient, and secure transactions.
- New Product Innovation: enabling banks to rapidly launch innovative financial products and services to meet evolving customer demands. This includes exploring opportunities in areas like embedded finance and open banking.
Benefits for Global Banks: A Competitive Edge
This partnership offers meaningful advantages for banks looking to thrive in the competitive landscape:
Reduced Time to Market: Faster deployment of new products and services, allowing banks to respond quickly to market opportunities.
Lower Total Cost of Ownership (TCO): Cloud-native architecture and streamlined operations reduce infrastructure and maintenance costs.
Improved Customer Experience: Personalized services and seamless digital interactions enhance customer satisfaction and loyalty.
increased Agility & Scalability: The ability to quickly adapt to changing market conditions and scale operations to meet growing demands.
Enhanced Security & Compliance: Robust security features and adherence to industry regulations protect customer data and ensure compliance.
Real-World Applications & Potential use Cases
The combined capabilities of HCLTech and Thought Machine are already being explored in several potential use cases:
Retail Banking: Personalized loan offers, automated savings plans, and proactive fraud alerts.
Commercial Banking: Streamlined loan origination processes,real-time risk assessment,and automated cash management solutions.
Wealth Management: AI-powered investment advice, personalized portfolio management, and automated tax optimization.
Digital-Only Banks (Neobanks): Providing a robust and scalable core banking platform for launching and operating new digital banks.
Embedded Finance: Integrating banking services into non-financial platforms, such as e-commerce websites and mobile apps.
The Role of AI in Banking Transformation: Beyond the Hype
The integration of Artificial Intelligence (AI) is no longer a futuristic concept in banking; it’s a necessity. This partnership specifically targets leveraging AI for:
predictive Analytics: Forecasting customer behavior and identifying potential risks.
Robotic process Automation (RPA): Automating repetitive tasks to improve efficiency and reduce errors.
natural Language Processing (NLP): Enhancing customer service through chatbots and virtual assistants.
Machine Learning (ML): Continuously improving algorithms and models based on data analysis.
Cognitive Computing: Enabling banks to make more informed decisions based on complex data sets.
HCLTech’s Commitment to the Banking Sector & future Outlook
HCLTech has consistently demonstrated a strong commitment to the financial services industry. This partnership with Thought Machine represents a significant investment in the future of banking technology. The company’s focus on innovation,coupled with Thought Machine’s cutting-edge platform,positions them as a key player in driving the next wave of transformation in the global banking sector. Expect to see further collaborations and advancements in AI-
