Breaking News
Zafin™ Launches Zafin IO and Zafin Data Fabric, A New Offering to Accelerate Banking Transformation
Zafin, the leading provider of SaaS product and pricing platform solutions for banks, has announced the launch of Zafin Integrate & Orchestrate (IO), as well as Zafin Data Fabric.
Zafin IO is a foundational technology platform that streamlines integration across a bank’s tech ecosystem and Zafin’s cloud-native products, while Zafin Data Fabric is a data store that provides banks with a complete, actionable and compliant view of multi-core and bank ecosystem data.
Now is the time for banks to put more thought into transforming core technologies. A lot of their legacy systems are outdated and unable to keep pace with the changing nature of the banking landscape and meet customer demands. The knowledge of these systems is also typically held by a few individuals. When these individuals leave the banking environment, there is a potential risk that knowledge transfer may not take place. However, many banks hesitate to make changes – only lagging further behind early adopters.
Core modernization projects are not easy to undertake. According to McKinsey research, 70% of digital banking transformations exceed their original budgets, and 7% end up costing more than double initial projections. Additional challenges like time to market, lack of employee buy-in, security risks and disruption to normal operations are some deterrents.
Banks that are already in the process of modernizing their core systems and transitioning to a multi-core or neo-core environment face a persistent challenge in effectively coordinating the coexistence of a multi-core ecosystem.
Zafin IO was created to curb those challenges by providing a comprehensive set 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 leads to a decrease in the risks associated with core modernization and an anticipated enhancement of up to 50% in time-to-market, all the while enabling ongoing business transformation.
Zafin IO deploys accelerators, leveraging well-known design patterns and low-code approaches, with Microsoft Azure Open AI-powered Zafin Copilot, as well as other open-source large language models (LLMs). This eases bank-side application and integration development effort and enables banks to rapidly simplify core product systems and launch new personalized propositions at scale and speed.
Alongside Zafin IO, Zafin Data Fabric serves as an indispensable component for banks seeking to harness their first-party data effectively. Aligned with the Banking Industry Architecture Network (BIAN) industry standard, Zafin Data Fabric seamlessly integrates diverse data into a unified, analytics-ready, 360-degree customer view, enabling users to easily digest and utilize business intelligence (BI) functions to enhance their product and pricing capabilities. Zafin Data Fabric efficiently processes data from multi-core systems. It then analyzes and optimizes this data, making it readily available for banks to tailor solutions to customer needs and make impactful business decisions.
“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,” said Charbel Safadi, President, Transformation and Modernization at Zafin. “These new offerings will enable banks to undergo business transformation initiatives and leapfrog the competition all while beginning their core modernization journey.”
People In This Post
Companies In This Post
- Allica Bank Retains Spot at Top of the Deloitte UK Tech Fast 50 Ranking Read more
- Big Red Cloud Partners with GoCardless to Streamline Payments for Accountants and SMEs Read more
- Bhutan Airlines Announces Partnership with FinMont, the Global Payment Orchestration Platform Read more
- HashKey Global to Initially List HSK, the HashKey Platform Token Read more
- NAGA Launches “Your Go-to App for Everything Money” Campaign with Mike Tyson as Brand Ambassador Read more