Under the covers: Kiwibank selects a new core to bring it to the cloud

Steve Jurkovich (Kiwibank)

Steve Jurkovich (Kiwibank)

Credit: Granted

Slowly, weakly, Kiwibank is quietly releasing new, mostly cloud -based technologies that promise to transform business from customer back to core.

Among the range of new technologies delivered or planned, the bank chose London-based Thought Machine, founded by former Google engineers, to provide its new cloud-native core banking platform.

Thought Machine says its Vault software-as-a-service (SaaS) platform delivers a large portion of the functionality needed to run a bank, along with services from other vendors that connect through application programming interface (API).

As reported earlier this week, Kiwibank also selected a new Azure -based payment platform from Miami -based ACI Worldwide, a platform rebuilt on SaaS principles.

Reseller News ask Kiwibank for a peek under the covers of what is shaping up to be an incredibly low-key but wholesale innovation.

“One of the philosophies we’ve taken on these things is:‘ better than said ’,” Kiwibank CEO Steve Jurkovich explained.

Kiwibank recognized the need for renewal in the middle of the last decade, but has notoriously weakened. If anything, the pace of change of systems has only accelerated since then. This time, however, it is different that the philosophies and every move are deeply considered and tested with customers and team members to center on those ruminations.

We did some paper based analyzes and then they very quickly came to a proof of concept with Kiwibank engineers building minimal viable products to really understand the technologies behind them.

Seismic shift

An extensive, two -year global search has helped the bank manage the available stacks of technology, but it has also reinforced the fact that a seismic shift is happening.

“What really surprised me by looking at the world, is that a lot of technology stacks especially in banking and financial services are on top between loosely integrated monoliths and moving to cloud native,” he said. Jurkovich.

That requires choices whether to accept new things or to get the latest version of an existing system.

“The metaphor I used with a lot of people when I talked about it inside and on our board was: you know, if we were setting up a mobile network we would be 5G, right?” Said Jurkovich. “We wouldn’t go 3.5 and then think well maybe we’ll go to four and we’ll go from there. So that’s the choice we were making.”

Jurkovich said executives also need to have relatively high beliefs about their change options because technology is changing rapidly.

“It’s really tempting to sit on your hands and think that something better is coming, and it usually happens, but eventually you have to go on the field and start playing. That’s what we chose to do as quickly as possible, really. . “


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