STORM, or the Synpulse and Thought Machine Operating Requirements Model, combines Synpulse’s in-depth expertise in target operating models and strategies for banks with the powerful core banking capabilities of Thought Machine’s Vault platform. In unison, this model supports banking clients in their digital transformation journey.
Singapore, 1 December 2021 – Global management consultancy Synpulse and cloud-native core banking firm Thought Machine announced a partnership with the launch of the Synpulse x Thought Machine Operating Requirements Model (STORM).
Synpulse and Thought Machine are working together to help banks worldwide build their transformation journey and strategies, from ideation to implementation.
Through STORM, Thought Machine and Synpulse will offer prospect banks a specialised and strategic operating model with Vault as the core banking provider and Synpulse as the strategic delivery partner. This model combines more than 100 baseline processes, all essential to set up a new digital bank, mapping them to integrate seamlessly with Vault. This approach reduces time-to-market for new banks by up to 35%, compared with a typical planning approach.
STORM combines Synpulse’s in-depth expertise in all areas of digital transformation, enabling banks to be compliant across all cross-functional requirements, with a fast speed to market and broad product offering through Thought Machine’s cloud-native core-banking platform, Vault.
Changing market demands, revenue pressures, tighter regulations, and increasing competition from digital entrants mean that digital transformation and developing a frictionless bank are now essential to remain competitive.
Yves Roesti, Managing Partner and CEO of Synpulse Group, said, “While building digital native banks together with Thought Machine, we realised that there is great value in retaining best practices. Through the STORM reference model and its processes, time-to-market can be accelerated significantly as we start with an existing business and technical architecture, which the project team can scope against. This will increase transparency and planning, and result in less risk and a more trusted partnership with our clients.”
Synpulse will play a key role in partnering with clients and Thought Machine to design, implement, and deliver Vault with a process efficiency par excellence. By placing the clients at the centre of the transformation journey, as well as leveraging the latest technology and innovation offered by Thought Machine, Synpulse can help financial services institutions solve their challenges and evolve their businesses.
Nick Wilde, Managing Director of Asia Pacific of Thought Machine, said, “Synpulse and Thought Machine are collaborating regularly in the Asia Pacific region. Together, we ensure we deeply understand our customers’ requirements and systematically use our combined capabilities to best serve our mutual customers. Yves has a growing team in the region that is forward-looking, sees the changes in the industry, and responds with innovative solutions. We look forward to seeing this partnership go from strength to strength.”
Synpulse is an internationally established management consulting company and valued partner of many of the world’s largest financial services providers. Since its founding in 1996, Synpulse has been supporting banks and insurers along the entire value chain, from the development of strategies and their operative realisation to technical implementation and handover.
Synpulse is characterised by in-depth industry knowledge and the passion and commitment of its more than 500 employees, who come from more than 20 countries. Synpulse is represented in several locations, including Zurich, Geneva, Dusseldorf, Singapore, New York, Hong Kong, London, Sydney, Bratislava, Manila, Jakarta, Hyderabad, and Bangkok.
For more information, visit synpulse.com.
For more information about STORM, visit go.synpulse.com/STORM.
Thought Machine was founded in 2014 with a mission to enable banks to deploy modern systems and move away from the legacy IT platforms that plague the banking industry. We do this through our cloud-native core banking platform, Vault. This next-generation system has been written from scratch as an entirely cloud-native platform. It does not contain a single line of code that is legacy, or pre-cloud.
We are currently a team of more than 500 people spread across offices in London, New York, Singapore, Sydney, and Melbourne, and have raised more than USD 340m in funding at a USD 1 billion valuation.
For more information visit thoughtmachine.net.