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Fintech

Innovative Retail Banking Platform for RBI International

Registered users: 17M+ customers

Project team: 30+ people

Time to launch: less than 12 months

Total project duration: 21 months.

 

The client

RBI is an Austrian banking group and a central institution of the Raiffeisen Banking Group Austria (RBG), having:

• more than 17 million customers;

• 12 subsidiary banks in the CEE region;

• more than 214 billion EUR in total assets.

 

Cooperation

 

RBI considered different options, such as hiring an internal team from scratch or applying the services of a third-party contractor to create the product and set up a new team for them.

 

Edenlab was chosen as the external R&D lab due to:

• Relevant experience in fintech and expertise in the required technologies.

•  Experience dealing with strict compliance, security, and legal requirements (PCI DSS Level 1 certification).

•  Experience working with large enterprises, together with their bureaucracy, technical legacy, and other features.

•  Innovative spirit and Agile approach combined with the ability to deliver the desired results on time and tune the development process in correspondence with the company’s setup.

Task

RBI was planning to:

1. Develop a digital banking platform that would let them fast-launch new retail products for their clients and adapt them to the legal requirements of different countries.

Basic requirements:

•  Use modern technologies and relevant solutions that would enable them to compete with fast-growing challenger banks in the dynamic environment successfully.

• Full correspondence to all relevant compliance and security requirements.

 

2. Get their own internal tech team to support the digital platform, do further development without being tied to external contractors, provide training, and fully set up the development processes.

Basic requirements:

•  Agile attitude: an iterative approach to project management and software development that would help teams deliver value in short-term periods and smoothly transfer projects into production.

•  Ability to deliver in the enterprise landscape.

 

 

Challenge

Here are the main challenges we faced and successfully managed during the project:

  • We had to work on the edge between an established enterprise company’s processes, compliance, legacy, and systems and a fast-paced, dynamic, and innovative startup approach.
  • The IT infrastructure was fragmented between different banks of the RB Group in different countries.
  • Existing legacy systems lead to various restrictions and limitations for the platform’s development.
  • The price of error was high due to the complicated enterprise approach to product development.
  • RBI didn’t have a market presence in the country where the new platform was going to be launched (Poland). This created even more product development challenges, mostly regarding legal compliance requirements.

Here's what was done and achieved:

  • Edenlab created and launched a retail digital banking platform from scratch in the shortest time (less than 12 months)
  • The platform corresponded completely to not only the client's business requirements but also legal requirements in both countries: Poland and Austria
  • Thanks to the platform's configurability and flexibility, RBI can now launch and scale financial products faster
  • We formed, trained, and smoothly transferred a new technical team to RBI that is now handling their technical tasks and further product development

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