As head of research and development at the largest retail bank in Ukraine, Alexander Vityaz grappled with a problem faced by banks around the globe: old, inefficient IT systems that hindered data processing and product innovation.
The solution he came up with — a core platform run entirely in the cloud — worked well enough for PrivatBank to send him to Silicon Valley to try to sell the technology to the U.S. banking industry.
Corezoid, the vendor spun off from PrivatBank, officially opened for business last week with a sales pitch that might have been a nonstarter a few years ago but sounds plausible today as banks race to keep up with customers' expectations.
"If there are 30,000 banks in the world, they're all trying to create 30,000 different Internet banks, 30,000 antifraud systems, and so on," Vityaz said. "Ninety-nine percent of business operations in the bank are the same standard. These operations need to be commoditized and moved to the cloud."
Read more at American Banker.