BL Magazine feature: Composable banking

March 1, 2023

Alan Yates, Director at EWG, shares a roadmap to a future of digital banking that truly meets clients’ needs.

Today, we all expect the same level of digital convenience from our banking service providers as we enjoy from the e-commerce sectors, subscription-based streaming services and telecommunications.

If Amazon can deliver a seamless end-to-end service – where we know exactly, through real-time reporting, where our ordered items are, anywhere in the world – why can’t we enjoy the same level of service delivered seamlessly from our banking service provider?

Regulators across the world also agree, as we see more banking providers such as EWG entering the digital marketplace.

These positive disruptors are equipped with the technologies and the mindset to deliver products and services to the market, at speed, designed around the needs of the end customer or client, not the other way around.

We take time to listen to what our clients are saying, fully understand the challenges they face and then develop a technology-driven solution that takes that pain away.

It’s simple: along with other challenger banks, we recognise the challenges and then apply our resources and technology to continually evolve and develop our digital banking platform to meet the ever-changing needs faced by our clients.

EWG is not a traditional bank adapting dislocated and legacy banking platform systems that have been developed and evolved since the 1990s. EWG’s DNA is embedded through a composable banking platform approach.

What is Composable Banking?

So what makes EWG’s platform different from traditional banking providers? Cloud banking platform developer Mambu says: “Composable banking is an approach to design and deliver financial services that treat change as a constant based on the rapid and flexible assembly of independent, best-for-purpose platform systems.”

A recent Deloitte report into composable banking said: ‘The future of banking is a moving target’. And how do we hit that target? By designing and delivering a composable banking solution that fully meets our clients’ needs and exceeds our clients’ expectations.

Composable banking platforms can be brought to market and evolve at speed. They are incredibly flexible and scalable and the client journey can be highly personalised and surprisingly enjoyable.

Using EWG APIs, they bring together the best of each component and provide a future-proofed, constantly evolving, cost-effective digital banking alternative.

Keeping up with the pace of change

Traditionally, change in the banking sector has been slow. Big bang transformations can take so much time to develop that they can ultimately deliver outdated products or services that clients simply do not want.

With the plug and play approach of composable banking, that dynamic of slow transformation is banished to the past.
Through the use of EWG APIs, composable banking platforms don’t require transformation but constant technological improvement to components that can take place in months, not years.

As a digital banking partner to the professional fiduciary, corporate and fund sectors, we understand our clients’ sectors intimately. Through constant dialogue, we shape our programme of technology development, whether it’s self-service automation for client account-opening through the client onboarding process or creating banking ecosystems through our API integration to client host systems.

And because EWG’s platform is a composable banking solution, our updates don’t take years to implement.

Why is composable so agile?

Composable banking should not be mistaken for modular banking. Modular banking platforms are based on a core traditional banking system that can be extended by adding separate modules. The choice of these modules will be limited by the provider, and the systems are neither open nor flexible.

Although this modular approach is widely accepted within digital banking, it’s definitely not client led and therefore the ability to keep pace with the evolving needs of those clients is somewhat lost.

Composable banking consists of a core banking engine that coordinates a set of independent components through open APIs. This means the functionality can be extended by adding or exchanging components. And because clients have the option to choose those components, they can integrate them with their host systems.

The result is a solution that can be completely flexible, constantly evolving and future-proofed, and can address the specific challenges or bespoke requirements of individual clients. It’s as far removed from the traditional ‘one size fits all’ as you can get.

What does this mean for you?

At EWG, we build and continually test our client value propositions. Our vision is simple: make digital banking an enjoyable experience for our end clients. Our team achieves this by creating a great platform experience while partnering with our clients to deepen the relationships that transform how clients transact.

Uniquely, all our services can be accessed via one platform, using one log-in, whether you want to make cross-border payments, screen inbound and outbound client funds, manage multiple currency accounts or even run an international payroll.

EWG is able to onboard clients within 24 hours and integrate our platform into existing in-house client host systems using our open APIs. This will then automate bespoke reporting, creating cost savings and efficiencies.

EWG is at the forefront and leading the change in the offshore corporate services banking landscape. We are creating a new way to work – via client-led composable banking.

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