Powering Atom bank to reinvent banking
The revolutionary power of the cloud
The world ’ s largest technology brands - Netflix , Spotify , Google - all operate exclusively on the cloud . Yet it ’ s a universal truth that the banking industry has been held back by legacy technology stifling innovation , and at huge costs . While banks accept that a move towards modern , cloud native systems is necessary , fullscale banking transformation can be daunting . Meanwhile , the next wave of challenger banks are able to start afresh and build their bank in the cloud .
The benefits of a Vault engine
At Thought Machine , we created a product to power any bank . Our product is Vault , a cloud native , core banking engine . Vault was built by former senior Google engineers , and can be configured to run any type of bank and launch any type of product . Vault ’ s unique features enable banks to transmit their vision into the hands of the customers , while taking full advantage of the cloud .
Innovation Vault ’ s hyper-configurable platform enables banks to reinvent customer experience as new features and interfaces can be designed and rolled out quickly and with more agility . Banks powered by Vault are ‘ always up ’, even during product launches .
Security Vault ’ s technology is designed to provide security through all levels of the infrastructure . If a server in the cloud malfunctions , another server is spun up to absorb the functions , ensuring that the bank doesn ’ t have to go offline . Meanwhile , data is encrypted creating superior analytics as banks can capture , store and view data to identify unusual behaviour .
Automation Vault operates a highly automated DevOps environment – nearly everything traditionally done with manual intervention in a traditional data centre can be performed automatically . This means banks can regain control of their workflows , while keeping costs low .
Partnering with Atom bank
Atom bank chose Vault to power its bank as they wanted a platform that would enable them to keep innovating at pace , just as they did when they brought biometrics to UK banking . Since partnering with Thought Machine last year , Atom bank has been leveraging Vault ’ s cuttingedge technology to streamline their workflows and bring new products to market with speed . Our teams will be working together to launch products designed with unique features to bring unseen experiences to the banking industry .