Financial institutions are quickly realising that failing to digitise could potentially be catastrophic. However, this process can be costly, with 70 per cent spending more than their original budget and seven per cent spending double their initial projections. Looking to accelerate innovation and make sure firms don’t go over budget, 10x Banking, the cloud-native core banking platform, is partnering with Zafin, the SaaS core modernisation and transformation solutions provider.
Through this partnership, Zafin and 10x significantly reduce risk and alleviate challenges associated with digitisation projects. With a history of enabling banks to modernise their core systems, Zafin’s new product and pricing capabilities alongside 10x’s integration, will enable banks to embark on smaller projects. This will be less detrimental to resources while delivering immediate value.
Okan Ozaltin, chief product officer at 10x
“Where legacy technology was previously holding back innovation, banks and other financial institutions can now modernize and transform their core banking system, and as a result deliver a superior banking experience for their customers,” said Okan Ozaltin, chief product officer at 10x.
“Together, 10x Banking and Zafin offer banks years of combined financial services expertise and proven technologies that reduce complexity, enabling banks to work in a more agile operating environment to bring new products to market faster and at lower cost.”
Building and managing products and pricing
The phased implementation by Zafin and 10x mitigates risk and helps maintain stakeholder confidence by demonstrating tangible progress and benefits early in the process. Moreover, it enables a pay-forward approach by introducing innovations that create revenue streams, effectively reversing the traditional capital expenditure paradigm funding for future core transformations.
Chris Dickin, global head of strategic partnerships at Zafin
For banks looking to hollow out their core, the Zafin integration into the 10x Banking platform provides one interface for multiple cores to co-exist beneath Zafin. This integration empowers banks to easily build and manage products and pricing across multiple core systems. 10x further augments Zafin’s product and pricing solution by providing polyglot coding options that allow banks to tailor the platform to their specific needs and requirements.
Chris Dickin, global head of strategic partnerships at Zafin commented: “Working with 10x Banking provides banks with a highly modular, enterprise-grade core that easily scales with Zafin’s product and pricing platform so banks can gain efficiencies by streamlining existing and new operations. We look forward to working closely with the 10x team to provide innovative solutions to the banking sector.”
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