Overview
- Large UK-based retail and commercial bank
- Branches: Over 500
- Assets: $350+ B
Challenge
The bank’s complex controls and processes reduced its ability to form fintech partnerships which would help the bank increase revenue, improve customer experience, and reduce costs.
Solution
NayaOne’s external Software-as-a-Service (SaaS) platform enables rapid discovery and assessment of third-party fintech solutions.
Results
- Rapid discovery and assessment of third-party solutions
- Proof of concept time reduced by 80-90%
- Costs for proof of concepts cut by approximately 80%
- Increased risk controls achieved
Navigating Extended Regulatory Processes Hinders Swift Bank-Fintech Partnerships
The bank was struggling with the lengthy process of forming fintech partnerships stemming from the controls put in place to meet the regulatory obligations in the banking sector. Operating within a high-control environment is necessary to ensure stability and safeguard customer data. However, the bank encountered substantial impediments in forming partnerships with external fintech providers. The bank’s rigorous controls required an extensive 12 to 18-month process for onboarding third-party entities, encompassing legal, procurement, and technology integration reviews. The prolonged onboarding process, while crucial for compliance, created a stark misalignment with the dynamic pace of technological advancements occurring within months. This incongruence posed a significant challenge for the institution, hindering its ability to swiftly assess and partner with fintechs to strategically enhance its technology stack. The delayed partnership initiation not only impeded the institution’s responsiveness to emerging technologies but also jeopardized its capacity to effectively address evolving customer needs.
The prolonged onboarding process, while crucial for compliance, created a stark misalignment with the dynamic pace of technological advancements occurring within months. This incongruence posed a significant challenge for the institution, hindering its ability to swiftly assess and partner with fintechs to strategically enhance its technology stack. The delayed partnership initiation not only impeded the institution’s responsiveness to emerging technologies but also jeopardized its capacity to effectively address evolving customer needs, increase revenue, and reduce costs.
As a result, the bank faced the pressing need for a solution that could expedite the assessment and onboarding of fintech partners, ensuring agility in adapting to technological innovations. The extended timelines were particularly cumbersome in a landscape where technological progress unfolded rapidly, and the institution sought a way to overcome these challenges while maintaining regulatory compliance.
Fintech Fast Track: NayaOne's Streamlined Partnership Solution
The bank opted for NayaOne due to its capacity to address the complex challenges inherent in the traditional banking landscape. NayaOne provided an external Software as a Service (SaaS) platform designed to expedite and simplify the process of forming partnerships with third-party fintech providers.
NayaOne’s platform stands apart from similar solutions because of its ability to integrate technology solutions, synthetic data, and testing environments into a unified ecosystem. This holistic approach allows the bank to rapidly assess and partner with fintechs, mitigating the prolonged onboarding timelines associated with traditional regulatory processes.
The bank used NayaOne’s platform to solve its key pain points across legal controls, procurement processes and technology integration. They saved time and costs, as well as eliminated buyer’s remorse associated with selecting the wrong vendor.
In the bank’s case, the solution offers an external platform that functions as a Software as a Service (SaaS). By leveraging it, NayaOne addresses key pain points for the client, such as legal controls, procurement processes, and technology integration challenges. It also delivers significant time and cost savings, as well as eliminates buyer’s remorse.
The platform’s design reflects an understanding of the client’s need for a streamlined, efficient process to navigate the intricate regulatory landscape and form partnerships with external entities in a more agile manner.
NayaOne Reduces Bank-Fintech Collaboration Timelines
NayaOne’s solution has been transformative for the client, driving substantial improvements in operational efficiency and strategic outcomes. The proof-of-concept phase, a critical component in the fintech partnership process, was cut by an astounding 80-90%. This rapid acceleration enables the bank to concurrently run proof—of—concepts with multiple vendors in weeks, a significant improvement from the traditional 12—18—month timeframe.
Moreover, the bank experienced an approximately 80% reduction in the costs associated with proof-of-concepts. This substantial cost-saving directly correlates with the expedited timelines, allowing the bank to allocate resources more efficiently and redirect funds to other strategic initiatives.
The accelerated proof of concept timelines enable the bank to swiftly bring fintech-enabled products to market, enhancing revenue-generating opportunities. Moreover, the streamlined process contributes to better risk controls, ensuring that the bank can adapt and implement solutions more rapidly without compromising on regulatory compliance. The client’s operational landscape has been fundamentally transformed, positioning them as an agile and innovative player in the financial industry.
