Client:

Vast Bank

Challenge:

Vast Bank embarked on a major two-fold project: transforming its bank core systems and implementing a pioneering mobile cryptocurrency platform. The 24-month core transformation involved migrating from Jack Henry to SAP/Bottomline DBIQ Premier products. Simultaneously, over 10 months, the bank developed a mobile banking/crypto application, in collaboration with strategic partners like Coinbase and SAP. The core transformation challenge was seamlessly transitioning to new banking software without disrupting existing services. It involved complex third-party conversions for services like Positive Pay, RDC, and Lockbox. The cryptocurrency platform implementation posed the challenge of integrating traditional banking with digital currency services, a relatively new venture in the banking industry.

Solution:

Our consultancy approached this comprehensive project through several key areas:

• 1. Strategic Core Transformation: The transition to SAP/Bottomline DBIQ Premier was meticulously planned and executed, ensuring minimal service disruption. This involved close management of third-party conversions and continuous system testing.
• 2. Innovative Cryptocurrency Platform: Developing the mobile banking/crypto application required innovative technological solutions and a deep understanding of both banking regulations and the cryptocurrency market. Collaborations with Coinbase and SAP were crucial in offering a diverse range of cryptocurrencies to customers.
• 3. Collaborative Approach: Collaboration with internal teams, external partners, and technology vendors was key to the project’s success. Regular coordination and communication ensured that both projects aligned with the bank’s strategic goals.

Outcome:

– Successful Core Banking Transformation: The bank successfully transitioned to the SAP/Bottomline systems, enhancing its operational efficiency and service offerings.

– First-of-its-Kind Crypto Platform: The launch of the mobile banking/crypto application positioned Vast Bank as a pioneer in integrating cryptocurrency services into traditional banking.

– Enhanced Customer Experience: The new core system and crypto services significantly improved customer experience, offering more diverse and modern banking solutions.

Conclusion:

Vast Bank’s successful core transformation and the launch of a groundbreaking mobile cryptocurrency platform mark a significant milestone in the bank’s history. This case study exemplifies the power of strategic planning, technological innovation, and collaborative effort in driving banking transformation and modernization. .