• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
T4S Partners Logo

T4S Partners

  • Services Overview
    • Application Transformation
      • Digital Transformation
        • Application Transformation Blueprint
        • Architecture Strategy & Assessment
        • Digital Center of Excellence
        • Low-Code Application Development
        • Cloud-native Application Delivery
      • Application Modernization
        • Rapid Application Assessment
        • Application Modernization & Remediation
        • Application Migration
      • Managed Application Services
        • App Managed Services for OutSystems
        • Compliant Cloud Managed Services
      • OutSystems Low-code Developer Training
    • Enterprise Service Management
      • ITIL Baseline Assessments
      • Service Desk Assessments
      • IT Service Management
      • ESM Implementation Services
      • Service Asset & Configuration Management (SACM)
      • IT Security Management
      • ESM Managed Support Services
      • ITSM Managed Services
      • IT Service Management
    • Cloud Enablement
      • Cloud-native Application Delivery
      • Cloud Integration Services
      • Compliant Cloud Managed Services
  • Our Partners
  • Company
    • About Us
    • Executive Team
    • In the News
    • Careers
  • Contact

Thinkmoney: Taking Digital Transformation To the Bank with OutSystems

In recent years, the issue of people underserved by traditional banks (known as the “unbanked”) has been recognized as a social problem in many First World countries. This demographic operates at the margins of the economy. They live from paycheck to paycheck, transact largely in cash, and often rely on payday loan outfits that charge high-interest rates.

The unbanked are often ignored by traditional banks, which see them as unprofitable. This is where organizations such as thinkmoney come in.

Founded in 2001 and based in Manchester, UK, thinkmoney caters to the unbanked and others who lack the time or resources to engage with traditional banks. Thinkmoney offers customer-friendly digital banking products that provide this underserved population with the security, safety, and credit access of traditional banks but without the hassle.

Taking Digital Banking To the Next Level

By 2018, thinkmoney had a problem. Their back-end banking platform, an off-the-shelf solution, required expansion and customizations that were beyond the skills of their in-house staff. They relied on the software provider, which was slow and cost “a small fortune” every year. Thinkmoney faced a real risk of being outmaneuvered by more nimble competitors.

The company considered bringing in a dedicated staff of experienced developers but found it to be an expensive option as well. At the time, many companies in the Manchester area were competing for the same development resources and drove up labor costs.

In searching for an alternative strategy, the problem solvers at thinkmoney asked themselves key questions about how they could better serve their customer base:

  • How can we continue to offer innovative digital banking services with rapid turnaround?
  • How can we achieve this end without adding high-priced headcount?
  • How can we get away from the traditional (slow) development model?
  • How can we do all this and maintain the strong security and regulatory compliance required of UK banking entities?

For answers, thinkmoney turned to OutSystems and its rapid application development platform. OutSystems enabled thinkmoney to realize several important benefits:

  • Ability to build a development staff with less-experienced developers
  • Security provided by the OutSystems Sentry cloud security product
  • Flexibility to develop new products rapidly and stay ahead of the competition

The Results

Thinkmoney implemented OutSystems in September 2018. Within six months, they saw the compelling results of their choice:

  • Replacement of their off-the-shelf banking backend with a platform developed from scratch, saving the company GBP 300,000 per year
  • Development and delivery of an entire new mobile app in 14 weeks
  • Implementation of a rapid development process that enables them to deliver enhancements to existing products several times per week
  • Increased customer onboarding and reduced customer acquisition costs

The T4S Partners Difference

At T4S Partners, we view situations like thinkmoney’s through the lens of business transformation. Business transformation is not just about replacing one set of digital tools with another; it’s about uncovering the connection between digital maturity and financial performance.

If your business is at a crossroads and you’re seeking alternatives to the traditional software development model, it is worth your while to consider the OutSystems rapid application development platform. As longtime OutSystems partners, T4S Partners can guide you to the right product mix and process transformation to realize your digital business goals. Contact T4S Partners today to learn more.

Let’s work together

Get in touch with us and send some basic info about your project.

Get in touch!

Social

Follow along on social media

  • Facebook
  • Twitter
  • LinkedIn
  • YouTube

Contact

Get in touch with us here

+1-720-379-4070
info@T4SPartners.com

7935 E Prentice Ave, Suite 400
Greenwood Village, CO 80111

Navigation

  • Services
  • Partners
  • Company
  • Contact

Newsletter

Copyright © 2023 · T4S Partners · All Rights Reserved · Privacy Policy

Return to top

ITAM Webinar Session 3

ITAM Webinar Session 2

ITAM Webinar Session 1