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FOUR DECADES OF LEADERSHIP EMBRACING DIGITAL TRANSFORMATION: TOWERBANK’S JOURNEY TOWARDS MODERNITY

INTERNATIONAL MOBILE BANKING SERVICES

TOWERBANK'S JOURNEY TOWARDS MODERNITY

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The change wasn't just about technology, but mindset. VASS guided us on this journey, enabling a refined and enhanced operational approach

Mariann Villamizar Towerbank's Vice President of Technology

The challenge

Four decades of leadership embracing digital transformation

In the midst of a global pandemic, financial institution, Towerbank, faced a pressing need for a comprehensive transformation. With a heritage spanning more than four decades, it was essential to modernise its approaches and dive headfirst into digital banking. VASS, in 2022, conducted a comprehensive assessment, eventually introducing the Open Banking Project platform, replete with over 500 APIs, and the innovative IRIS Middleware to streamline banking processes. 

This collaboration not only elevated Towerbank‘s technological position, but completely changed its operational mindset. As a testament to this partnership, innovative new products emerged, including pioneering cryptocurrency-based offerings, cementing Towerbank’s reputation as a pioneer in digital banking.

Towerbank stands as an emblem of prestige in Panama’s financial realm, boasting a legacy spanning over four decades. Rooted in its strong commitment to personal, corporate, and investment banking, Towerbank has invariably portrayed a forward-thinking approach. A testament to this was their timely embrace of a crypto-friendly account, reflecting their adaptability to emerging trends.

However, as the world grappled with the global pandemic, an imminent and overarching challenge crystallized for Towerbank. The shifting landscape demanded not just adaptation, but a profound metamorphosis.

Their mission was multifaceted: to reinvent their work methodology, embed agility into their operations, and accentuate their customer-centric approach. Towerbank aspired to steer towards open banking, to streamline processes and elevate the caliber of their digital offerings. Yet, realizing such a transformation, especially in the intricate domain of banking, necessitated expertise.

Integrating the future with Open Bank Project

 

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How we did it

A PLATFORM REDEFINING MODERN BANKING

Initiated in November 2022, VASS embarked on a meticulous 5-week Assessment, aiming to unravel the current state of Towerbank’s Infrastructure, software, and functional architecture. This strategic evaluation laid the foundation for charting a bespoke implementation Roadmap for Towerbank.

Drawing from this comprehensive insight, VASS proposed the revolutionary Open Banking Project (OBP) platform. This middleware solution stands out as a transformative force in the banking sphere, equipped with over 500 pre-constructed APIs. These cutting-edge tools not only empower banks to craft and secure their APIs but also to judiciously distribute and monetize them.

Thus, the OBP platform was established as the keystone of Towerbank’s avant-garde digital framework. It ushered in seamless service integration, agile market responsiveness, and an amplified capacity for innovation, while also poising the bank to adeptly navigate impending shifts in the financial landscape.

Delving deeper into the tech apparatus, VASS introduced the Middleware, christened IRIS. This intricate system is charged with the orchestration, redirection, and metamorphosis of processes or components central to the Bank’s operations, leveraging both Mambu and Frame Banking for its seamless execution.

The result

A quantum leap towards banking excellence

Company

COLLABORATION WITH VASS TRIGGERS SIGNIFICANT IMPROVEMENTS AND RENEWED SERVICES

Profound Transformation:

The metamorphosis Towerbank underwent was deep and transformative, aligning perfectly with the bank’s ambitions and aspirations. Mariann Villamizar, Towerbank’s Vice President of Technology, highlighted, “The change wasn’t just about technology, but mindset. VASS guided us on this journey, enabling a refined and enhanced operational approach.”

Global Collaboration:

The partnership’s success was evident in the seamless synergy of teams from diverse geographical locations. Geographical constraints became irrelevant, giving way to a shared goal and flawless implementation.

Technological Transition:

A fundamental achievement was the smooth shift from Towerbank’s previous technological platform to the new, ensuring minimal disturbance to both customers and staff. The bank’s vision of a solid digital framework was accomplished, prepping them for upcoming innovations, especially the dawn of Open Banking.

Innovative Offerings:

A revolutionary product was launched, aiming to set new standards for banking in Panama. This innovative solution is expected to attract a multitude of new clients.

Digital Solutions:

The bank’s digital solutions, encompassing new products and efficient onboarding processes, are crafted to cater to a broader audience. The core of this transformation is its scalable structure, intentionally created to tackle the bank’s aspirational hurdles.

Cryptocurrency Integration:

A crucial feature was the inclusion of cryptocurrency-based product transactions for a Latin American Bank. This initiative is predicted to attract a unique market segment, promoting the widespread acceptance of cryptocurrencies in the area.

Achieving Bank Objectives:

The bank has actualized its goals via streamlined processes, improved backend operations, and rigorous traceability systems to efficiently serve clients. This innovation, attracting a new market segment, is predicted to bolster the bank’s revenue channels, reinforcing its position as a trailblazer in groundbreaking digital banking.

Technical

Infrastructure:

Amazon EKS, Argo, Harbor, Maven, GitHub, sonarqube y JFrog Artifactory

Middleware:

Spring Integration, Grafana, Prometheus, Docker, Zipkin, Keycloak, Hazelcast y Swagger

Data:

Amazon REDSHIT, dms SOFTWARE, AWS Glue, Power BI, Lambda

BPM:

Appian

 

Technologies

Technologies

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