Introduction
In a groundbreaking collaboration, DXC Technology, recognized as one of the Fortune 500’s top global technology service providers, has partnered with Thought Machine, a leader in cloud-native core banking technology. Together, they have unveiled a joint solution designed to expedite digital transformation for small and medium-sized banking institutions.
The Landscape of Modern Banking
As financial institutions navigate the complexities posed by larger competitors deploying proprietary in-house platforms, many small to midsize banks find themselves entangled in legacy systems. This situation complicates their efforts to offer competitive service and innovative products. The newly launched joint solution addresses these challenges head-on, providing a comprehensive managed service that unifies essential technology, tools, and expertise to enhance banking operations.
What the Joint Solution Offers
With this powerful collaboration, banks can modernize their legacy systems effectively and efficiently. The integration of DXC's extensive expertise in full-service management with Thought Machine's next-gen core banking platform, Vault Core—as well as the payments processing platform Vault Payments—provides a streamlined pathway to modernization. As Randy McFarlane, global head of partnerships at Thought Machine, noted, this effort showcases a commitment to enabling banks to innovate faster. The use of modern, core systems empowers financial institutions to create more customer-focused services promptly and efficiently.
Key Benefits of the Collaboration
This integrated solution not only improves agility for financial institutions but also drastically reduces time to market for new product offerings. Banks can now either develop entirely new products or transition existing systems to the Vault platform—all managed through DXC's Business Process Services. As a result, institutions can launch vital products, including savings accounts, mortgages, and loans, in a matter of hours instead of the traditional weeks or months it typically takes. This approach leverages DXC’s automation-first methodology with Vault Core’s configurable capabilities to minimize coding needs and amplify future digital product releases.
Experts Weigh In
Chris Drumgoole, President of Global Infrastructure Services at DXC Technology, highlighted that with over four decades of experience in banking operations, DXC is committed to providing top-tier digital solutions essential for today’s financial institutions. He believes that this joint solution is a crucial step towards a comprehensive, modern, and scalable foundation for banks aiming to enhance their operational efficiency while minimizing risks associated with newer technologies.
An Ecosystem of Trust
This partnership between DXC Technology and Thought Machine is set against a backdrop of a well-established trust by financial institutions of all sizes. DXC manages a staggering 250 million customer deposit accounts and boasts an extensive network that processes over 275 million card transactions daily across 475 banks. With the backing of a rich ecosystem of innovative partnerships, state-of-the-art technology, and skilled professionals, this collaboration empowers financial institutions to embrace modernization without hesitation.
Conclusion
As the banking landscape continues to evolve, the collaboration between DXC Technology and Thought Machine signifies a significant leap forward for small and midsize banks looking to modernize efficiently and effectively. This innovative joint solution promises to reshape how banks operate, paving the way for enhanced customer service, operational agility, and greater financial resilience in a rapidly changing marketplace. For those interested in transforming their banking operations, exploring the capabilities bundled in this partnership is undoubtedly worth considering.
Further Information
For comprehensive details on how this collaboration shapes the future of banking, visit
DXC Banking BPS.