Our feature profile of Starling Bank explains how pioneering digital banks are adopting ‘Cloud Native’ practices to rapidly develop and deploy new Open Banking innovations.
Renovite intend to play a disruptive role in this market from their offices in Dunfermline, enjoying a £250k grant to create 28 new jobs there.
They offer a platform for transforming payments infrastructure, such as ‘ATMs in the Cloud‘, a particularly novel niche specialism.
Scotland is facing widespread closure of bank branches and ATMs, so clearly there is a market need to address and innovative new Cloud-based capabilities would be a smart way to do so.
Cloud Native DevOps
Other Scottish digital leaders like Skyscanner are also employing this new Cloud Native approach, one that involves a wholesale embrace of the Cloud computing trend, not just in terms of where software is hosted but how that software is developed.
The core principles include the use of containers, continuous deployment DevOps practices and a microservices software architecture.
This enables a faster throughput of digital innovation. When business systems are based on ‘black box’ legacy applications, like mainframes, the ability to modify and improve them can prove difficult, expensive and slow, often due to the required skills being long gone.
New features that bring new value to customers is achieved as a function of software engineering. Digital natives like Netflix and Amazon have wholly moved to an entirely Cloud Native architecture and are thus able to develop and bring new features to market far quicker than their legacy-bound competitors.
As he describes in this article Renovite COO Jim Tomaney explains how they enable banks to apply this transformation to their legacy ATM infrastructure, making possible this heightened rate of digital innovation for an aspect of their customer experience that is often completely ignored in the digital banking conversation.
Engineering for growth
The Cloud Native trend represents the largest shift of enterprise technology since the first data centres, the market it will drive will be astoundingly large. And of course digital banking is itself a mega trend, so this intersection is a massive niche for Scotland to tap into through innovators like Renovite.
They are very active in taking this message to the world, such as taking part in a trade mission to Austria and Switzerland, and forming alliances with partners like Madrid-based Cashware to build and globalize comprehensive ATM modernization solutions for banks across the world.
Excellent showing of support and enthusiasm at today's Scottish Fintech Festival event from a growing community, with @investinfife @FinTechScotland @FifeCouncil @UniStrathclyde and many more #fifefintech #fintech #payments pic.twitter.com/6mEVk09csK
— Renovite Technologies (@Renovite) September 17, 2019