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Persistent Systems Delivers Digital-first Banking Infrastructure for New Challenger GB Bank

Posted On : 2022-05-16 20:25:20( TIMEZONE : IST )

Persistent Systems Delivers Digital-first Banking Infrastructure for New Challenger GB Bank

GB Bank, a new specialist bank that will boost economic growth and prosperity by being the property development finance lender of choice in underserved UK regions, has partnered with Digital Engineering provider Persistent Systems (BSE and NSE: Persistent), to build its digital-first IT infrastructure and support the bank's ongoing operations.

Persistent's Digital Bank and Credit Union Solution has enabled GB Bank to rapidly build a bespoke cloud architecture using a 'digital mosaic' approach. At the core of the solution is a microservices based integration layer and pre-built integrations, that allow the selection of technologies best suited to deliver on the unique vision. Persistent's solution provides flexibility to easily add or replace specific technologies, avoiding vendor lock-in and creating a futureproof architecture that can evolve with the bank's growth and strategy.

To deliver on its promise, GB Bank's strategy is to provide outstanding customer service, delivered by technology-enabled relationship managers. Instead of relying on traditional banking technologies, UK's newest challenger bank is committed to building an ecosystem of solutions, including payment and reporting features which can be integrated or replaced dynamically in response to the changing demands of a growing business. GB Bank has carefully selected cloud-based solutions providers, including Mambu, OutSystems and AWS to ensure the best-inclass features are implemented. Persistent is utilizing its Digital Bank and Credit Union Solution to seamlessly integrate them all.

Stephen Lancaster, CEO at GB Bank "Accessing finance still remains a challenge for many developers and it's our ambition to make that a much easier, more straightforward process. We want to give our customers the support and resources they need and deserve, and so it has been vital to surround ourselves with a network of skilled partners to help us bring the bank to life. To ensure success at every stage, we needed a systems integrator with a proven track record of integrating a flexible, composable infrastructure. In what has been a significant investment for GB Bank, the team at Persistent has lent their skill and experience to turn our vision into operating reality. Persistent's track record in working with challenger banks and its understanding of how to design and develop a robust digital infrastructure has been central to us getting to this point."

Jaideep Dhok, SVP& General Manager, Banking, Financial Services & Insurance, Persistent Systems "Challenger banks such as GB Bank are hugely important to the evolving financial landscape as they provide a simple and specialized service to niche markets, such as the Northern property developers GB Bank will support. Our Digital Bank and Credit Union Solution brings together the best of the SaaS solutions which ensures the complexity of building the IT infrastructure translates into the simplicity and flexibility needed by the bank, allowing it to deliver excellent customer service, underpinned by a sophisticated and flexible technical platform."

Shares of Persistent Systems Limited was last trading in BSE at Rs. 3607.10 as compared to the previous close of Rs. 3588.35. The total number of shares traded during the day was 4509 in over 951 trades.

The stock hit an intraday high of Rs. 3691.35 and intraday low of 3543.00. The net turnover during the day was Rs. 16363033.00.

Source : Equity Bulls


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