A mid-tier building society, a longstanding community pillar, recognised the necessity of modernising its operations in the face of a digital transformation sweeping through the financial services landscape. The institution’s manual administration model needed to be revamped to meet evolving customer expectations and industry standards.
Open Banking’s emergence, with secure third-party access to financial data, has redefined the banking landscape. Beyond its technical intricacies, the core benefit is clear: open banking tools empower individuals to seize control of their financial lives. Tier 1 banks, instead of perceiving this as a challenge, are embracing it as an avenue for innovation and healthy competition. Woodhurst’s long-standing relationship with a Tier 1 bank epitomises this spirit. Recognising the opportunity to develop a personal financial management tool for millennials, the bank turned to us for expert guidance.
In the fintech entrepreneur’s playbook, the art of scaling takes centre stage. For a savvy fintech player, crafting support structures in harmony with growing customer demands is paramount. Faced with a tenfold increase in its customer base, a savings, investment, and pensions platform embarked on a mission to migrate new customers to its proprietary platform within a year. The challenge was clear: how to scale the technology team and platform effectively while maintaining engineering efficiency.
As banks expand through acquisitions, the integration of disparate legacy systems can strain core banking architectures, leading to misalignment and inefficiencies. Woodhurst partnered with a Tier 1 bank to address architectural hurdles in three pivotal domains: alignment, modernisation, and business sponsorship.