THE FUTURE OF MODERN BANKING: FLEXIBLE AND INNOVATIVE SOLUTIONS FOR TOMORROW

As technology advances, consumers’ expectations for contemporary banking experiences are being reshaped day by day

As technology advances, consumers’ expectations for contemporary banking experiences are being reshaped day by day. Growing demands for simple, swift, and smooth financing solutions, heightened awareness and the desire to make more informed financial decisions through the analysis of financial data, and the eagerness to transition swiftly and effortlessly among various financial institutions are necessitating a daily redefinition of what banking means. To fulfil these demands, banks and financial institutions need comprehensive banking technologies that go beyond standalone technology investments.

These systems must be able to communicate with each other, integrate seamlessly, and support growth through modular solutions. At GTech, leveraging more than 24 years of expertise, we create technologies that facilitate a modern banking experience. Our solutions help dozens of clients worldwide stay competitive and innovative, empowering them to approach the future with greater confidence and stability.

Designed exclusively for the banking industry, our Symphony product family offers essential banking solutions that financial institutions might need, including core banking, consumer finance, digital banking, open banking, regulatory reporting, and banking data warehousing. Also, each product and technology within the family integrates innovative features that provide swift responses to contemporary demands.

Being our flagship core banking solution, Symphony Banking provides a flexible and modular design tailored to address the demands of modern banking. It allows financial institutions to oversee their digital transformation initiatives with greater efficiency and speed. The service-oriented architecture and flexible design streamline banks’ swift product development and integration efforts, offering a cost-effective and adaptable infrastructure.

By offering multilingual support, cloud infrastructure compatibility, and swift development capabilities, it enables institutions across various regions to construct a competitive and innovative future while fully adhering to local regulations. In a project with one of our bank clients, we effectively demonstrated the significance of our core banking system’s features by implementing the system within an impressively short timeframe of just six months. Throughout the project, the flexibility, modular design, and extensive integration capabilities of Symphony Banking allowed us to finalize the initiative swiftly and seamlessly. In a separate project, one of our clients, one of Türkiye’s largest e-commerce companies, implemented remote customer acquisition and lending processes in the first quarter of 2024 by providing their customers with innovative solutions such as “Buy Now, Pay Later” (BNPL).

Through automated processes, users can swiftly determine their limits and easily access payment plans tailored to the product categories in their carts. This smooth experience has substantially boosted customer satisfaction and transaction volumes. The developed ecosystem made a substantial impact on the organization’s profitability and revenue objectives. Supporting this platform are GTech’s cutting-edge technologies, including our consumer finance solution Symphony Lending, our API integration tool Symphony Labs, and our regulatory reporting product Magic Reports. Symphony Labs features a hybrid API architecture (REST and SOAP) that provides robust transaction security, allowing the system to be developed and customized quickly.

Meanwhile, Symphony Lending offers flexible support for the entire process from customer acquisition to collections, handling essential functions like automated collections, bank integrations, and dynamic product design. Our regulatory reporting solution, Magic Reports, utilizes an archived data model to ensure historical data is reported accurately and consistently, facilitating retrospective analysis. This holistic framework provides customers with an impeccable financial experience while boosting the competitive edge of financial institutions, thereby reinforcing Symphony Banking’s flexible, secure, and consistently innovation-driven architecture.

The data sharing and innovative partnerships provided by the open banking ecosystem are enabling the delivery of fast, personalized, and transparent financial services in the banking sector. Meanwhile, Symphony Labs offers a holistic platform that ensures this transformation happens securely and flexibly. Designed as an innovative platform to address the open banking and digital transformation requirements of banks and financial institutions, Symphony Labs provides extensive solutions including API management, secure data sharing, flexible authorization, and compliance support.

One of the leading innovators in private sector retail banking, our client improves user experience by streamlining online banking, mobile banking, IVR, and call center integrations using Symphony Labs’ systematic and manageable infrastructure. As data becomes increasingly crucial in the business landscape, its significance is expanding at an accelerated rate within the financial sector. Symphony Analytics, a key component of the Symphony product suite that seamlessly integrates with any banking system, enables financial institutions to aggregate complex financial data on a platform designed for more effective analysis.

This facilitates the acquisition of the necessary insights in a significantly more accurate and swift manner. With its four-tier architecture (ODS, Data Warehouse, Datamart, and Reporting Layer), the platform ensures efficient and user-friendly data management. It allows for the thorough examination of essential banking data, including deposits, loans, credit limits, collateral, foreign exchange transactions, and commission revenues, utilizing comprehensive metrics and visual analysis tools. Symphony Analytics supports deep-dive analyses in crucial banking performance areas such as customer orientation, risk management, operational efficiency, and profitability through its Management Panel, Customer Panel, and detailed reporting features.

This enhances the speed of decision-making processes and promotes a more competitive and innovative strategy in the development of new products and services. At GTech, we adopt a comprehensive approach to the swiftly evolving landscape of modern banking, establishing ourselves as a reliable business partner in the digital transformation journeys of financial institutions. We improve organizations’ operational efficiency and innovation capabilities while allowing them to quickly access strategic insights that boost customer satisfaction. Utilizing flexible, secure, and scalable technologies, we enable the banking experiences of tomorrow to become a reality today.

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