When most banks want to launch a new offering, they need to individually update the disparate systems supporting each channel—wasting time and risking inconsistency.
Silverlake Digital Economy provides banks with a unified platform and standardized processes to underpin their diverse channels, simplifying and centralizing updates while easing compliance.
Six-foldrise in new account openings at client bank BIBD, implemented within 90 days
Achievessame-day turnaround for loan applications at CBI, another banking client
Offersstraight-through processing at branches, which was not possible previously at CBI
Business challenge story
Challenging the status quoCompetition in the banking industry is at an all-time high. To outperform their rivals, many banks are realizing that they need to reshape their product offerings and ways of working to deliver a better customer experience.
In their rush to remain relevant, many banks have launched new channels such as internet and mobile banking as separate siloes—but this approach has often led to unintended consequences. For example, for each new product launch, staff must independently update each of the individual IT systems that support branch, internet and mobile banking. This approach is slow and expensive, hampering business agility and slowing down time-to-market—plus the risk of inconsistency between systems is high. Luckily, some innovative companies are coming up with better ways to realize multi-channel banking.
Revolutionizing the industryFounded in 2012, software company Silverlake Digital Economy was built on a vision to help banks cope with continuous change. At the heart of its offering lies the Silverlake FINTECH Banking Platform, which provides a single platform for automated digital banking supporting all channels. The platform was designed using an “outside-in” approach, focusing on providing consistent, comprehensive access to customer services from any touchpoint.
The Silverlake platform features out-of-the-box end-to-end processes, enabling banks to launch new offerings on a plug-and-play basis. Processes can be reused in whole or in part—for example, the process of gathering customer information for loan applications may have much in common with the process of gathering information for new account openings. By using the same core business logic for both processes, the platform can dramatically accelerate development, improve maintainability, and reduce costs.
SooChing Choo, Group Managing Director of Silverlake Digital Economy, explains: “Many banks think that they are digital because they already offer internet or mobile banking. Our platform goes one step further—we support truly omni-channel digital banking ‘out of the box’, so the same products and services are available to customers across all channels.
“Our standardized, centralized platform enables banks to add or adapt products and policies much more quickly, and at substantially lower cost. What’s more, they can be confident that the updates will be reflected consistently across all channels and processes, which improves the customer experience and helps banks to demonstrate compliance.”
The Silverlake FINTECH Banking Platform is platform-agnostic, but several of the company’s most successful clients have chosen to run it on IBM® WebSphere® Application Server, with data stored in an IBM Db2® database.
David Brearley, CEO of Silverlake Digital Economy, adds: “The Db2 database works well for us because it offers excellent partitioning capabilities that support us in performance tuning. Additionally, Db2 provides many configuration capabilities that allow us to scale, and to boost application performance.
“We’re also strong advocates of using IBM hardware. Many of our clients choose to run our FINTECH banking platform on IBM Power Systems servers, which we have found typically offer 30 percent higher performance than x86 machines.”
Bank Islam Brunei Darussalam (BIBD) was the first bank to deploy the Silverlake FINTECH Banking Platform, and the results have been astonishing. The bank runs the Silverlake solution on the IBM Db2 database using WebSphere Application Server running on IBM Power Systems™ servers.
David Brearley comments: “We implemented Express Banking—a service where a sales assistant takes a customer through various product offerings on a tablet—within just 90 days. As a result, new account openings increased six-fold, and the initiative won BIBD an Asian Banker award for the Best Smart Branch Project in 2016.
“We also helped BIBD launch mobile banking on our internet banking platform, which quickly proved a hit with customers. Already, around 75 percent of BIBD’s clients regularly use the new mobile banking app, and customers interact with the bank at least 18 times per month through digital channels.”
Building on this success, BIBD has started to add more new digital capabilities for its corporate customers.
Another Silverlake client, Commercial Bank International (CBI) in the United Arab Emirates, recently conducted a ‘big bang’ deployment, including multiple FINTECH Banking Platform modules running on Db2, WebSphere Application Server, and IBM Power Systems servers with Silverlake’s own Core Banking system. CBI has launched new channels for online and mobile banking running on the Silverlake solutions, and automated around 70 percent of its inbound straight-through processing. In addition, the bank has accelerated application processing for conventional and Islamic finance from days to minutes.
Silverlake Digital Economy is also teaming up with the People’s Bank of Sri Lanka—the nation’s largest state bank—on a multi-stage transformation of its banking systems. The first phase recently went live, introducing a paperless, tablet-based process for opening new accounts which allows the bank to approve account applications in real time—dramatically improving the customer experience.
SooChing Choo resumes: “Up until recently, People’s Bank was a traditional bank and it was highly localized, so customers could only bank at their designated home branch. With the help of the Silverlake solutions, customers can now perform transactions at any branch of their choosing and using any device of their preference.
“To capture new market segments, the bank will be able to take the same tablet-based account opening system and deploy it in the new ‘Bank on the Move’, which travels between rural locations to serve remote communities—an exciting new way of banking.”
People’s Bank also chooses to run the Silverlake platform on a Db2 database using WebSphere Application Server running on IBM Power Systems servers.
As the number of successful implementations grows, Silverlake Digital Economy is setting its sights on expanding its market share among banks across the globe.
SooChing Choo concludes: “To compete in this fast-moving world, banks need to rethink how they use IT to provide customer service. Similarly, software vendors need to rethink their offerings to help banks transition into this digital age. Our Silverlake FINTECH Banking Platform, built on robust IBM technology, is helping us and our banking clients stay ahead of the curve. We have big aspirations, and we’re excited to see what the future will bring.”
About Silverlake Digital Economy
Silverlake Digital Economy is the Silverlake Group entity responsible for transforming banks from manual, traditional and siloed technology solutions to a unified digital approach for providing customer service in the digital FINTECH world. By re-thinking banking technology, the company has designed a single platform that provides coherent and consistent customer service end-to-end. Since its inception five years ago, Silverlake Digital Economy has grown rapidly and now employs 160 people, many of whom are former bankers. Its headquarters are in Malaysia.
- DB2 for Linux, UNIX and Windows
- FSS: Banking - Back Office - Core Systems Transformation
- FSS: Banking - Front Office - Multi-Channel Transformation
- WebSphere Application Server
- Power Systems
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