thinkmoney delivers mobile digital banking app in 14 weeks with OutSystems, wins Banking Technology Award
The UK digital bank launched three new digital services in seven months using OutSystems low-code, including a mobile app in 14 weeks, cutting onboarding drop-off by 30%, reducing marketing acquisition costs by 21%, and winning the 2019 Banking Technology Award for Best Use of IT in Retail Banking.
Background
thinkmoney's legacy off-the-shelf digital banking platform could not keep pace with customer demands for mobile-first banking. The company lacked the speed of delivery needed to compete with newer entrants to UK digital banking.
What Was Implemented
- Partnered with OutSystems (and OutSystems UK Regional VP Nick Pike) beginning September 2018
- Built and launched mobile banking app in 14 weeks
- Built and launched new customer onboarding process in 7 weeks
- Built and launched online banking system in 26 weeks
- All three services live by April 2019 — seven months from engagement start
- Replaced off-the-shelf banking platform entirely
Results
- 14 weeks to live mobile banking app (vs. ~6 months traditional coding equivalent) - Customer onboarding completion improved by 30% - Customer acquisition marketing costs reduced by 21% - More than 15,000 new customers attracted via new app in 2019 - 75% of customers now use digital self-service (reduced contact center load) - ~ £300,000/year saved by retiring prior off-the-shelf platform - Won 2019 Banking Technology Award: Best Use of IT in Retail Banking
Lessons
- Low-code development can compress financial services delivery timelines from months to weeks without sacrificing regulatory compliance
- Launching a sequence of related services (mobile app, onboarding, online banking) in parallel using the same platform compounds benefits quickly
- Speed to market in digital banking translates directly to customer acquisition and retention metrics
- External award validation (Banking Technology Awards) adds credibility to self-reported business outcomes