ieDigital, the UK market leader in digital engagement for financial institutions, and Five Degrees, the Dutch fintech specializing in digital core banking software, will together launch a premier digital banking portfolio aimed at fulfilling customer needs.
As a part of the agreement signed today, the digital banking portfolio will be one of the most comprehensive solutions for financial institutions. It will consist of a straightforward and cost-effective method of building end-to-end banking products that help to identify and generate revenue opportunities. The offering will ensure a highly personalized digital experience for the end user, combining ieDigital’s Interact digital engagement platform with Five Degrees’ Matrix, a digital core banking platform.
Forrester survey data shows that decision makers in financial services firms are typically sticking to existing monolithic back-end applications that are, in many cases, decades-old and focus on the digital front-end without addressing the need to update the core. This is known as the ‘Potemkin Effect’.
A combined Core (Matrix) and Engagement Platform (Interact) from two dedicated experts in their fields will solve the Potemkin Effect by creating a seamless, digital, end-to-end experience that customers require. This will enable new banking products and services to be easily designed and quickly delivered.
The joint partnership between ieDigital and Five Degrees strengthens their positions in retail and business banking, private banking, and NBFIs such as motor finance, adding value to all core banking customers and delivering faster digital channel deployments.
Jerry Young, CEO of ieDigital, said: “The partnership with Five Degrees is strategic and timely, with opportunities emerging in Europe and across the globe. The end-to-end digital banking offering will address rapidly to shifting end user requirements that are creating a never-ending stream of challenges for banks seeking to execute on digital transformation.”
“Our advanced digital banking platform, in association with the existing Five Degrees’ core banking platform, will provide a seamless and cost-effective operation for financial institutions who desire to remain competitive, and prioritize investment in this area. Our joint partnership strengthens the ability to help financial institutions transform progressively in order to meet future market needs, while ensuring a superior customer experience.”
Martijn Hohmann, CEO of Five Degrees, said: “Five Degrees’ partnership with ieDigital will enhance the digital experience and prospects for our customers, and reinforce our proposition by adding world-class consumer-oriented solutions to our offering. Furthermore, this agreement grows our business and secures our leadership position in banking across the globe.”
“Our global vision is to give everyone the chance to have a healthier and more convenient life while choosing and interacting with financial products. Joining forces with ieDigital will help make our vision a reality much faster by accelerating the development of our digital solutions portfolio. Our retail banking joint venture provides financial institutions with the tools to offer a better experience for consumers when managing their finances on a daily basis.”