Take for instance our client, Trust Bank.

Trust utilised pre-built smart contracts to accelerate product delivery. The bank configured and developed pre-built smart contracts to launch a comprehensive initial product set that included credit card, savings account and family personal accident insurance. Following its launch, Trust adjsut product parameters and built new features in days based on customer feedback.

Banks using closed-box systems depend on the vendor to make iterations to predefined products. It takes many months, even years, to develop products in legacy systems. Whereas, Trust was able to innovate at a much faster pace without reliance on Thought Machine.

On the other hand, a bank might attempt to build an innovative financial product from scratch. For example, our client, C6 Bank, wanted to roll out a carbon offset account which monitored transactions of a customer’s credit, debit and check accounts using a calculation engine. The engine would monitor and measure transactions in relation to the consumption of CO2 or an equivalent measure.

This was all made possible with smart contracts – allowing C6 Bank to build the product from scratch using a subset of Python code. C6 defined the product logic, and partnered with a CO2 engine to launch the innovative product.

With a closed-box system, the bank would have needed to ask the vendor to build a new product, which would be expensive and time-consuming. This product would be siloed from credit, debit and other accounts, resulting in a poorer overall customer experience. The bank would not be able to iterate the product with innovative enhancements without depending on the vendor.