Canary Wharf primarily based IT consultancy Convedo has supported Australian FinTech Hay Expertise with the launch of its personal challenger bank service. Hay sought out Convedo to assist implement a low-code app constructing answer, primarily based on the Appian platform.
In February 2020, Australian FinTech Hay Expertise introduced it had utilized for a deposit-taking banking license from the Australian Prudential Regulation Authority. Having already obtained an Australian Monetary Companies Licence (AFSL) and submitted an software to APRA for a Restricted Authorised Deposit-taking Establishment licence, the announcement signalled the corporate’s intent on turning into the latest Australian challenger bank.
Since then, the Sydney-based Hay Bank has formally opened for enterprise, and is at the moment providing its first 10,000 clients a particular ‘founder’ card, enabling them to get early entry to Hay’s future launches. Hay’s cellular banking app makes use of the New Funds Platform for immediate transfers out and in and like different digital banks, its sends real-time notifications to your smartphone or smartwatch.
A number of members of Hay’s management workforce come from Shawbrook Bank, a UK-based challenger bank launched in 2011 that specialises in offering financing to SMEs that they may wrestle to acquire from conventional banks. Jason Latham, Chief Expertise Officer at Hay, spent seven years with Shawbrook, earlier than setting out with an goal to ship a world-class expertise to clients by creating a strong operational banking infrastructure that might help their new banking app.
Hay wished its clients to have the ability to securely open an account in lower than 5 minutes. To adjust to Know Your Buyer tips, this may require a set of automated checks to hold out the due diligence earlier than new buyer on-boarding or a course of – one thing many conventional banks are nonetheless struggling to adapt to, which means on-boarding can take them weeks. On the similar time, Hay wished all information to be safe but obtainable on the fingertips of account managers. All transactional workflows within the again finish had been to be automated sufficient to offer a quick, seamless expertise for the purchasers.
To rapidly construct such a system, Hay opted to work with low-code platform Appian. Low-code platforms present figurative constructing blocks, with which shoppers can assemble a customized software at tempo, and with out having to re-invent the wheel every time a brand new mission begins – nonetheless, Hay nonetheless wanted a associate to assist apply the expertise. That’s the place consultancy Convedo got here in.
Hay’s Latham commented, “Hay aimed to deliver a world-class banking experience to its customers which required a world class app and a world class back-office. Convedo has helped create a “single pane of glass” to cowl transactional banking and fraud, utilizing Appian, to help.”
Convedo and Hay’s operational groups then labored collectively to develop the transaction platform. The collaborative strategy meant that the consumer expertise of the system matched the way in which the customer support workforce envisioned utilizing it. The mission was delivered utilizing agile methodology and enabled centralised buyer data administration, automated case administration, and strong safety and fraud administration. Convedo’s involvement finally helped Hay to offer a novel service which might help them of their bid to win market share from conventional banks, making a living administration protected, safe and above all quick.
David Curry, Chief Operations Officer at Hay, mentioned, “A truly digital banking experience for our customers would count for little if we are unable to service our customers’ needs and operational issues with the same level of transparency and efficiency. The implementation of Appian with convedo has allowed us to build the foundations to do this both now and as we grow and scale up.”