BankWorx Platform
A Platform, Not a Core System
Modern consumer-facing business is about delivering consumers the products that meet their needs with near-perfect timing. Banks are behind the curve. Most are still delivering the same one-size-fits-all “relationship” solution as they have for decades. BankWorx Financial Institutions, instead, ask, “How can we solve problems for a specific group of customers today?” These banks admit that the nature of “relationship” has moved away from branches and humans to a completely different, but no less relevant, online medium. These banks find the bandwidth to focus on innovation because the Platform automates what legacy banks know as the back-office. That’s our goal for your bank: free up resources and refocus them on solving problems for customers.
No Accounts!
Think about it. Why do we have bank ‘accounts’ anyway? Why not just a single pool of money customers have complete control over? BankWorx rejects the notion that you need to open an account every single time you want to save some money or lock it away as an investment. Simply create your profile (not unlike a social media profile) and carve your portfolio of money up as many ways as you care to. Save for college? Lock that money away in an investment vault. Save for bills? Sure, move some money regularly and automatically to a Utilities slot. Spending funds? Just leave those in your spending wallet. No accounts to open or close. Simple and complete user-control of the funds. Need to borrow? Don’t apply for a loan and wait! Pre-approved lines of credit allow users to simply draw the pre-approved funds into their wallet in seconds.
A.I.
Tired of the hype? We agree. Marketers tend to overuse terms like A.I. and Machine Learning to a point that no one really knows what they mean anymore. Here’s what they mean to us. As a pure cloud solution, we have tons of data flowing in/out from transactions, merchants, and vendors. Cloud services like Microsoft Azure provide sophisticated data algorithms that just a decade ago were out of reach for most of us [These algorithms mimic “super-humans” for tasks like human conversation, efficient searching of data stores, statistical analysis of data in lakes and warehouses]. Using that data and those tools, we can provide all sorts of insights into that business that could never be learned from the old core system model. And with those insights, banks can (and must) start to manage by the data. The kicker: you can help your customers do the same.
Engines and Events
Internally, the BankWorx Platform works exclusively with “Events”. Whether it’s a monetary transaction from a card or an address change from an online user, the object is always placed on the event grid. Then, subscribed and contained internal services (each a part of a BankWorx Engine) begin their work. This event-driven design, while more complex, allows for consistency across technologies, better control, integration of new tech, and management of change, now and long into the future.
Not Your Dad’s Database
Databases have evolved significantly since the flat core databases of the 1970’s. First, relational databases allowed database programmers to clean up messy programming found around flat-files. More recently, increasingly sophisticated and highly distributed NOSQL DocumentDbs, and GraphDBs enable far better views of the complete customer (and flexibility when managing change). Blockchain databases are now handling transactions without middle-men (like banks) by building trust and consensus between end-users. Modern Data warehouses and AI / BI tools help financial institutions answer questions they sometimes don’t even know to ask.
All these new database types each play a role in the BankWorx Platform design so that your financial institution can finally manage and make decisions using the data.