Collaboration for innovation in legacy banking system
With more than a century and a half of experience in the banking industry, this company has been a pioneer in its line of business since its inception. Covering more than 175 countries throughout its expertise, the company has always been driven to improve the quality of the service via technology breakthroughs and developments. Being one of the international pillars of success in the financial industry comes of course with challenges and the need to always have new, innovative ideas and new solutions at hand
Once a partnership is established we usually begin the analysis phase and discovery. Obviously, the banking system had its challenges, and understanding the project and the many intricacies that each string of work has proved challenging. Our team of two, in the beginning, entered the financial risk assessment department with a clear objective of redesigning and migrating some functionalities towards new technologies. Our fintech expertise together with the momentum of change, that was already manifesting itself in the company, has started the innovation process with full speed.
Having a clear understanding of the project was crucial. The concept we were involved in, covered a variety of functions and risk factors. Our team started creating a flow to the work and organized the Jira tasks to fit the new objectives of the project. We introduced agile methodology and started laying the foundation for our work.
While being a great support for the product development team, we also started to take ownership of features developed and helped the client migrate toward new ways of working and delivering the agile way. Our experience working with a mixed team has proven to be crucial towards the development of the projects.
From the beginning, OceanoBe was selected as an engineering supplier considering fintech know-how but also engineering expertise on new tech stack: UX, Angular, Java, Spring. Our redesigning and improving existing platforms on the Financial Risk Assessment department extends now to two streams: market risk and trading. Our team is working with scrum and agile methodologies applying expertise in:
We include in our work the LIDA framework, Oracle database, and custom software solutions.
At our initial approach, we realized that the customer was looking for a development partner that could bring new software skills to the table and help them transition from legacy technologies towards new and better solutions.
Our footprint in the financial risk department expanded exponentially enabling us to help create tools to measure and manage trading partners’ pre-settlement risk exposures.
By providing expertise and vision together with team flexibility and willingness, our team has helped deliver faster and more efficient software development. Since its inception, the project has grown to more than 20 people. We have a mixed team distribution on different sub-streams and are working in full autonomy on both frontend and backend development.
As we see it the future looks very promising. The fintech sector is always in need of a new vision, expertise on new technologies, and the ability to innovate, but most importantly flexibility. These are all qualities that our team has mastered over the years and continue to do so.