Plug & Bank: How a New Core Banking Platform Equips a Digital Bank for Expansion


The banking industry has undergone a remarkable evolution. From traditional brick-and-mortar establishments to the advent of Banking-as-a-Service (BaaS) and Platform-as-a-Service (PaaS), financial institutions have been on a transformative journey to meet the dynamic demands of today's consumers.

However, amidst this revolution, many financial institutions find themselves grappling with a set of critical challenges. Chief among them is the persistence of outdated core banking systems, which not only impede the seamless integration of cutting-edge technologies but also lead to inefficient processes and soaring operational costs.

Explore more about Synpulse's 'Plug & Bank' to gain deeper insights into the background of this innovative solution, offering financial players a seamless banking experience through the integration of advanced technology and robust security measures.

Let's delve into these core challenges that are shaping the future of finance:

  • Changing customer needs

Limited functionality restricts the adoption of innovative services such as real-time payments and personalised customer experiences. The lack of scalability, high maintenance costs, and integration barriers make it difficult for banks to keep pace with the rapidly evolving industry. Customer expectations are rising, and a seamless digital customer experience is becoming increasingly important.

  • Inflexibility of existing systems

Existing systems are not flexible and scalable enough to enable the introduction of new products and services. The architecture and underlying technology of the system cannot adapt agilely to evolving business requirements and market dynamics. Furthermore, the knowledge of legacy systems is becoming outdated, which can create operational risks.

  • Limited support for expansion into new countries

Existing systems are primarily tailored to local markets. Expanding with new products into new markets often involves significant implementation effort. Expanding business into new countries is associated with regulatory and compliance-related challenges that cannot be addressed by legacy systems.

paybox Bank also found itself confronted with these challenges and decided to replace its existing core banking system with a future-proof BaaS platform. The case study describes the requirements the bank had and how it found the ideal partner in Synpulse's "Plug & Bank" platform, which not only covers the existing business but is also flexible enough to support the bank's ambitious expansion.

Discover how "Plug & Bank" prepares digital banks for operational excellence!

Immerse yourself in our case study based on a project with our client paybox Bank. Gain firsthand knowledge of how "Plug & Bank" tackled the specific challenges of the bank and set it on the path to sustainable growth.

🔍 What's covered in the full article:

  1. Requirements for the new platform: Delve into the critical considerations that paybox Bank had in mind when selecting a new core banking solution. Explore the need for future-ready technology, scalability, compliance with local regulations, and more.
  2. Implementation of "Plug & Bank": Follow the step-by-step process of how paybox Bank, in collaboration with Synpulse, seamlessly transitioned to the "Plug & Bank" platform. From provider selection to customization and configuration, data migration, testing, training, and post-implementation support.
  3. Benefits and results: Discover the tangible benefits that paybox Bank reaped by implementing "Plug & Bank". From improved flexibility and operational efficiency to enhanced regulatory compliance and global expansion, see how this platform can revolutionize your banking operations.
  4. paybox Bank and Synpulse: Learn about the success story of paybox Bank and Synpulse, gaining insights into how this partnership propelled paybox Bank's position in the digital banking landscape.

Download the article now and embark on the journey of banking transformation with "Plug & Bank" by Synpulse.

paybox Bank and Synpulse

paybox Bank is a Vienna-based bank, 100% owned by A1 Telekom Austria AG, making it part of the Telekom Austria Group. As a digital bank, it offers payment solutions for both private and corporate customers. Its product "paybox - pay with your mobile phone" was a pioneer in mobile payment solutions and is used daily in Austria.

Synpulse is a globally positioned consulting boutique. With 25 years of solid industry knowledge in the financial services sector, Synpulse creates value for its clients throughout the entire value chain. From strategy to implementation and ongoing operation of innovative solutions, Synpulse transforms its clients' businesses. With the latest "Plug & Bank" platform, Synpulse has created a comprehensive solution for banks, asset managers, and fintechs.

Discover how your bank can achieve these benefits and more through the implementation of "Plug & Bank" by Synpulse. Don't miss this opportunity to transform your institution into a dynamic, efficient, and compliant powerhouse.

Contact us now to learn how "Plug & Bank" can supercharge your banking future!


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