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
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.