In a move aimed at modernising core banking systems and data handling, Zafin, a provider of SaaS product and pricing platform solutions for banks, has introduced two key offerings, Zafin Integrate & Orchestrate (IO) and Zafin Data Fabric.
Zafin IO serves as a foundational technology platform designed to streamline the integration of a bank’s tech ecosystem with Zafin’s cloud-native products. On the other hand, Zafin Data Fabric functions as a data store that furnishes banks with a comprehensive, actionable, and compliant view of multi-core and bank ecosystem data.
This development underscores the pressing need for banks to rethink their core technologies. Many legacy systems in use are outdated and ill-equipped to keep up with the dynamic banking landscape and evolving customer demands.
Moreover, the knowledge of these systems is often concentrated among a few individuals, posing a risk of knowledge loss upon their departure. Yet, despite these challenges, many banks are hesitant to initiate changes, thereby falling behind early adopters.
Undertaking core modernisation projects is no small feat. McKinsey research indicates that a significant 70% of digital banking transformations surpass their original budgets, with 7% ending up costing more than double the initial estimates.
Additional obstacles include time-to-market constraints, lack of employee buy-in, security concerns, and disruptions to regular operations.
For banks already in the process of modernising their core systems and transitioning to a multi-core or neo-core environment, effectively coordinating the coexistence of a multi-core ecosystem remains a persistent challenge.
Zafin IO has been developed to address these issues by providing a comprehensive suite of tools that streamline the integration of connections and data flow between a bank’s conventional, bespoke, and neo core systems, as well as the broader banking technology ecosystem. This approach aims to reduce the risks associated with core modernisation and is anticipated to accelerate time-to-market by up to 50%, all while enabling ongoing business transformation.
Zafin IO leverages accelerators, making use of established design patterns and low-code techniques, in conjunction with Microsoft Azure Open AI-powered Zafin Copilot and other open-source large language models (LLMs). These tools simplify the development of bank-side applications and integrations, enabling banks to streamline core product systems and introduce new personalised offerings at scale and speed.
Accompanying Zafin IO is Zafin Data Fabric, a crucial component for banks seeking to harness their first-party data efficiently.
Aligned with the Banking Industry Architecture Network (BIAN) industry standard, Zafin Data Fabric seamlessly integrates diverse data sources into a unified, analytics-ready, 360-degree customer view. This empowers users to digest and leverage business intelligence (BI) functions to enhance their product and pricing capabilities.
Zafin Data Fabric efficiently processes data from multi-core systems, performing analysis and optimization to make the data readily available for banks to tailor solutions to customer needs and make impactful business decisions.
Currently, Zafin IO is available in a private preview, while Zafin Data Fabric is expected to enter private preview in the first quarter of 2024.
Zafin transformation and modernisation president Charbel Safadi said: “Customer expectations are evolving more rapidly now than ever before. With so many banks still operating on legacy core systems, it’s hard for them to keep pace.
“These new offerings will enable banks to undergo business transformation initiatives and leapfrog the competition all while beginning their core modernisation journey.”
