How in1bank created an unrivalled experience for underserved communities with Cloud for Banking

Setting the scene

Starting quite literally from scratch, the business needed a core banking system that would provide a solid and reliable base from which to grow – and a partner that would go on this journey with them.

For in1bank, it was clear from the start that what they needed was not only a core banking system that would give the flexibility to provide real, differentiated value to their audience, but also a true collaborative and expert partner equally invested in their success to make this happen.

Getting a bank to become a bank

Although they’re a startup, in1bank began with years of experience behind the business. This meant that their requirements for a core banking system were precise from the get-go. As they wanted to control all front-end related aspects themselves, the center piece of their tech stack needed to be API-driven to allow for seamless calls and changes at their will.

Additionally, with big ambitions to truly provide their key segments with a banking experience they’d never had before, the core banking system needed to be highly agile, available and scalable, and fully cloud-based. The time to market at every turn needed to be fast if their product and service offerings were to evolve quickly in response to customer feedback.

To enable them to focus on the business and product development, it was also key that ongoing system maintenance was outsourced to a team with deep technical capabilities.

When assessing various providers, critical deciding factors were; their level of solid banking knowledge, a credible team, and a solution that was already being used in the Australian market. Altogether, they needed a technical partner they could trust to assist them gain a full banking license and become a fully-fledged bank.

A detail-focused and understanding partner in it from the start

After comprehensive comparisons, SAP Fioneer became in1bank’s partner of choice with Cloud for Banking. From this point, a formal governance was set up to ensure that both parties stayed on track with the project’s goals and development.

As it was crucial that the solution be delivered on time and on budget, regular meetings were set into motion starting with deep discovery sessions to define the scope and requirements. Meanwhile, regular reporting to stakeholders ensured accountability and helped to avoid scope creep.

With this process, it didn’t take long for a host of decisions to be made and some weeks later, the solution was built ready for multiple rounds of comprehensive testing which included user acceptance, integration and production validation testing.

A clear goal was set to launch Transaction, Savings and Term Deposit Accounts and to enable real-time transactions on those accounts, all using a mobile app.

By the end of month four, in1bank had rapidly completed this critical and thorough stage of testing and implementation. As expected, since going live, certain new scenarios have been realized and some improvements have been made. Thanks to the agility in situ, these enhancements have been developed and implemented quickly.

“We don’t view SAP Fioneer as a vendor but a true partner.”

Franck Demoiseau, CIO/CTO, in1bank

A live, fully-licensed bank with true differentiation

in1bank passed the RADI process and were awarded a full banking license in May 2023 making them the first bilingual Australian bank. The Cloud for Banking solution in place has proven to be robust and highly available, and SAP Fioneer continues to deliver the professionalism mandated by in1bank and Australian regulations.

Unique features that make a difference

in1bank’s core banking system has allowed them to present various unique service offerings that speak to their core audience.

For example, to the Chinese-speaking community, numbers are particularly auspicious and important and so in1bank has enabled customers to choose their own account number. This feature also helps customers to remember their account number more easily for higher value and convenience

Additionally, with QR codes being prevalent in Chinese financial culture already, in1bank has made transferring money easier, instant and safer through its QR code in-app scanner for individuals and businesses. The bank also offers unrivalled flexibility with deposit terms by allowing customers to choose the exact number of days they need to all customers including SMEs.

Creating an MVP for now and the future

For in1bank, it’s a priority to get the fundamentals right first to ensure they’re offering the best value and experience to their customers.

In the early stages, the business was aware of what they wanted to achieve in the short term and had a good idea of their future aims and features they’d want to introduce. However, they needed a strong technology and implementation partner. This is where they leant on SAP Fioneer’s expertise.

Working together, in1bank and SAP Fioneer were able to build a solid minimum viable product (MVP) that took them to where they wanted to be in the market now, but with a core that had the flexibility to move and evolve as the business scales.

“We look to SAP Fioneer to bring innovation into the banking space with scope for us to do some really exciting things together.”

Franck Demoiseau, CIO and CTO at in1bank