As banks grapple with the demands of an increasingly digital world, a profound transformation is underway. Gone are the days when monolithic systems dominate the banking landscape; today, agility, adaptability, and innovation reign supreme.
This seismic shift reflects not just a response to consumer preferences, but a strategic imperative driven by technological advancements, regulatory pressures as well as intensifying market competition.
Legacy systems, with their centralised structures and rigid architectures, are proving to be stumbling blocks in this new era of banking. These outdated systems hinder banks’ ability to respond swiftly to market changes, stifle innovation, and limit the delivery of personalised experiences to customers. In their place, a new approach is emerging – one that embraces API-based microservices architecture embedded in cloud infrastructure.
This approach offers banks the flexibility and scalability they need to thrive. By breaking down silos, fostering interoperability, and enabling rapid development and deployment of new services, API-based microservices architecture empowers banks to deliver seamless, integrated experiences across channels and touchpoints.
Comarch’s focus
Founded in Krakow in 1993, Comarch Financial Services champions innovative solutions that align with the shifting tides of the industry. Its Comarch Open Platform solution presents an opportunity for both fintechs and banking institutions to modernise and streamline their operations, effectively bridging the digital gap within the industry.
With its multifunctional business modules encompassing areas such as cash management, trade financing, loan originating, and factoring, organisations leveraging the platform can enhance their efficiency and meet the diverse needs of their clients, even those with the most stringent requirements.
According to Comarch, a key player in Poland’s burgeoning presence in the global IT arena, the reliance on traditional, centralised architectures is no longer tenable. It sees the direction of changes towards migration to cloud-based solutions, as well as in the approach to banking systems building, towards microservice architecture.
Grzegorz Urbański, product manager at Comarch Open Platform, explains: “Monolithic systems are a thing of the past. Flexible and API-based microservices architecture embedded in cloud infrastructure is the future.
“We have built the Comarch Open Platform on this principle, which has been enthusiastically received by our partners. Successive awards reinforce our belief that there is no escaping the next phase of digitisation – the client-centric ecosystems.”
Comarch Open Platform received a number of awards and titles in 2023, including:
- Best Innovator in the User Experience from Global Finance Magazine, received in Best Financial Innovations 2023 on 31 May. This international award honoured Comarch Open Platform’s holistic UX approach.
- Best API/Open Banking Platform Provider for SME Banking from The Digital Banker, received during Global BankTech Awards 2023 on 8 September. This international award recognised Comarch Open Platform and Comarch Corporate Banking ecosystem with ready-made banking modules.
- Best Software for SME 2023 from Gazeta Finansowa, received in Turbiny Pol skiej Gospodarki (Turbines of the Polish Economy) September report honouring innovative products and tools that support and drive the SME sector.
- Best SME Ecosystem Software from SME Banking Club, received during CEE23 SME Banking Conference on 30 November.
“The success of Comarch Open Platform is reflected not only in the number of system implementations we are currently providing, but also in the appreciation of our solution by numerous juries,” said Andrzej Przewięźlikowski, vice president, director of financial services division at Comarch.
“Our multi-level approach to customer experience, but also technical aspects such as the flexibility of the platform to create entire banking ecosystems, were also recognised. We are grateful for these awards and for the trust of our customers, with whom we are entering a new phase of digital banking together.”
