A PERPETUAL EDGE ON INNOVATION
How CSI is enabling a new challenger bank to disrupt the banking status quo by getting an edge on innovation.
Our client: Redwood Bank provides businesses simple, transparent loans and savings accounts backed up with tailored service, all with the knowledge that money is being invested back into British business and into the communities we’re part of.
To find out how we can help you get a perpetual edge on innovation...
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Redwood operates in a highly regulated environment. This means licensing is a protracted process and makes successful innovation more complex.
Goal
To build and implement a secure, compliant, customer-centric, cloud-based banking solution ready for launch in under 12 months.
Challenge
Despite the scalability, agility and cost efficiency that the cloud provides, strict data regulations, controls and FCA compliance meant that very few financial services organisations had moved to cloud. Added to this, Redwood’s IT comprised 2 and a half full-time team members.
THANKS TO OUR PARTNER CSI, WE ACHIEVED ONE OF THE FASTEST ‘LICENCE TO LAUNCHES’ IN UK BANKING HISTORY.
Solution
CSI migrated Redwood’s core banking software into the Microsoft Azure cloud. CSI also continues to provide continuous monitoring and alerting for the application and the underlying infrastructure ensuring full availability and compliance.
Outcomes
Redwood’s scalable, secure and compliant infrastructure was key in Redwood securing their banking licence and becoming the UK’s first ‘born in the cloud’ bank.
By integrating a suite of cloud-based tools within a single secure environment CSI deliver a secure, modern digital banking platform within regulator guidelines in under six months.
Outcomes Dashboard
81%
More banking CEOs are concerned about the speed of technological change than any other industry sector
52%
Over half of asset management CEOs believe that cloud computing will be strategically important to their organisation
1/5
Only one in five bank executives believe they are “very prepared” to deliver a more customer-centric business model by 2020