The pressure is on for banks to adapt to the current crisis and transform their operations to be highly efficient, data-driven and digital. 

However, the complex and brittle nature of legacy infrastructure continues to be a major obstacle to integrating new technologies. While partnering with fintechs can provide an answer to this, most fintech solutions require data sharing, which presents a regulatory nightmare for banks.

Our CTO Ricardo Mota shares his perspective on how banks can navigate around these obstacles and profit from the latest technologies without having to overhaul their entire infrastructure and without sharing any data.

Watch the video or read the transcript below:

The biggest barrier to banking innovation

As CTO of a fintech, I spend a lot of time talking with banks on how to deliver massive value to their customers while increasing profit margins.

And all agree that partnering with fintechs is a great way to do that. 

But time and time again, the main obstacle ends up being integration, specifically data integration into legacy systems.

While we’ve seen a great deal of improvement recently, with more banks moving core systems to the cloud, the fact is, legacy systems take time to change.

On top of that, most fintech solutions require data access, which is a huge regulatory nightmare for banks, especially in countries where Open Banking is not a mandate. 

What banks really need 

At gini we’ve tried many options. What we found was that it all boils down to this:

Banks need a ready-to-go data solution they can plug into their existing services quickly and securely, without having to change their core systems and without having to share any of their private data. 

So how can we do that? 

The solution 

I’m glad to say we’ve found a way. We made our solution accessible through AWS.  

This way, any bank can subscribe to our data enrichment product on the AWS marketplace and deploy it to their private infrastructure within minutes. 

It operates as a microservice within the bank’s own systems, with no internet access, so the data cannot physically leave the bank's governance. 

The data is enriched in real-time, without any interference from us.

Here’s the exciting thing: our solution is designed to ride on top of legacy systems, so even traditional banks not on the cloud can use our data enrichment solution without having to physically move their data, or even retrain their employees.

3 key takeaways

1. Banks can tap into the data they already have to deliver massive value to their customers and increase profit margins.
   

2. They can partner with startups to help them on this journey. At gini, we’ve found a way to do it securely and to check all the boxes in risk and compliance.
   

3. The cloud has all the scale, power and security banks need to be able to increase revenue streams and cut costs, all while bringing new solutions to market at lightning speed.
   

So, yes. We strongly believe that this is the future for the banking industry. 

And we’re thrilled to be part of the game.

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