Remote Access, Electronic Identification and Complete Process Automation Transforming Banks

Krasimir Vitanov, Head of Enterprise Cloud and Integration Solutions, tbi bank

Krasimir Vitanov, Head of Enterprise Cloud and Integration Solutions, tbi bank

What are some of the major challenges and trends that have been impacting the banking space lately?

One of the main challenges is the automation of payment orders, through the implementation of API-based solutions.

Due to regulatory and competitive pressures over the past decade, many banks have started using application programming interfaces (APIs) in their IT systems. It is no coincidence that in their report How Banks Can Thrive in an API Economy, Accenture experts describe APIs as the digital glue that holds modern financial institutions together and as the foundation of new banking business models. The consultancy's data also shows that organizations that implement open banking initiatives can expect a potential revenue increase of 20 percent, while those that lag behind risk losing 29 percent of their traditional revenue.

“Remote access, electronic identification and complete process automation are just some of the trends that will be embedded in current and future company digital transformation projects. As a result of the pandemic, they have all received a major boost in the past two years.”

Understanding this, tbi bank has long been on the path of open banking and Banking as a Service (BaaS), and in recent years has implemented a number of projects in various areas, including payment services, lending, risk assessment, know your customer (KYC) and more.

What keeps you up at night when it comes to some of the major predicaments in the banking space?

How to always be of help, both to end customers and the merchant partners, with the right technological solutions and the digitalization process.

Remote access, electronic identification and complete process automation are just some of the trends that will be embedded in current and future company digital transformation projects. As a result of the pandemic, they have all received a major boost in the past two years. On the crest of the wave of change is tbi bank, which sees the current circumstances as an opportunity to further accelerate its transformation into a next-generation bank. To achieve this, it innovates – not only in terms of its products and services, but also in its internal systems and processes.

Can you tell us about the latest project that you have been working on and what are some of the technological and process elements that you leveraged to make the project successful?

It is difficult to single out one project because the nature of our activity requires simultaneous work on several projects. One of them is MobileAPP, New Internet Banking, Upgrading the main banking system - FintechOS and many others that are not less important.

All projects use the latest and most innovative solutions that lead to greater reliability, security, flexibility and last but not least, lower costs and more efficient use of resources. One part of them are Cloud native solutions (Azure Kubernetes Cluster, Azure Functions, APIm, Azure WEB App, Azure SQL etc) with the help of which it is possible to implement a modern solution to date.

It is not only the technical part that is important for a project to be successful. Of great importance are the well-structured processes in the organization, the good cooperation between the individual teams and, last but not least, the simplification of the individual sub-tasks in the project. I can boldly say that in our organization all this has been raised to a high level and this makes it much easier for us to successfully complete our projects.

Which are some of the technological trends which excite you for the future of the banking space?

Here I will quote my manager Georgi Galchin - "Elegant solutions to complex problems".

It is all about improving our products and services, and the ways customers access them. This is a well-founded priority of ours and the reason why we constantly introduce innovative technologies and processes in our work. We bring best practices to the new markets we enter, while developing new ones to provide an even better user experience.

We cooperate and use solutions from global and local suppliers. Not only in the traditional areas of the bank's operations, but especially in our mobile application and online channels. We work with technologies from Microsoft, FintechOS, Provenir, Inventia SelfID, Namirial, IOvation, BriteVerify, Onfido, Zendesk, VCC Live and many more. More recently, we have also started working with UIPath solutions in the field of robotic process automation (RPA).

Process Automation

Financial

Microsoft

Robotic Process Automation