Convedo supports Australian FinTech with banking infrastructure

27 August 2020 3 min. read

Canary Wharf based IT consultancy Convedo has supported Australian FinTech Hay with the launch of its own challenger bank service. Hay sought out Convedo to help implement a low-code app building solution, based on the Appian platform.

In February 2020, Australian FinTech Hay announced it had applied for a deposit-taking banking license from the Australian Prudential Regulation Authority. Having already obtained an Australian Financial Services Licence (AFSL) and submitted an application to APRA for a Restricted Authorised Deposit-taking Institution licence, the announcement signalled the company’s intent on becoming the newest Australian challenger bank.

Since then, the Sydney-based Hay Bank has formally opened for business, and is currently offering its first 10,000 customers a special ‘founder’ card, enabling them to get early access to Hay’s future launches. Hay’s mobile banking app uses the New Payments Platform for instant transfers in and out and like other digital banks, its sends real-time notifications to your smartphone or smartwatch.

Convedo supports Australian FinTech with banking infrastructure

Several members of Hay’s leadership team come from Shawbrook Bank, a UK-based challenger bank launched in 2011 that specialises in providing financing to SMEs that they may struggle to obtain from traditional banks. Jason Latham, Chief Technology Officer at Hay, spent seven years with Shawbrook, before setting out with an objective to deliver a world-class experience to customers by creating a robust operational banking infrastructure that would support their new banking app.

Hay wanted its customers to be able to securely open an account in less than five minutes. To comply with Know Your Customer guidelines, this would require a set of automated checks to carry out the due diligence before new customer on-boarding or a process – something many traditional banks are still struggling to adapt to, meaning on-boarding can take them weeks.

At the same time, Hay wanted all data to be secure yet available at the fingertips of account managers. All transactional workflows in the back end were to be automated enough to provide a fast, seamless experience for the customers.

To quickly build such a system, Hay opted to work with low-code platform Appian. Low-code platforms provide figurative building blocks, with which clients can construct a customised application at pace, and without having to re-invent the wheel each time a new project begins – however, Hay still needed a partner to help apply the technology. That’s where consultancy Convedo came in.

Hay’s Latham commented, “Hay aimed to deliver a world-class banking experience to its customers which required a world class app and a world class back-office. Convedo has helped create a “single pane of glass” to cover transactional banking and fraud, using Appian, to support.”

Convedo and Hay's operational teams then worked together to develop the transaction platform. The collaborative approach meant that the user experience of the system matched the way the customer service team envisioned using it. The project was delivered using agile methodology and enabled centralised customer records management, automated case management, and robust security and fraud management. Convedo’s involvement ultimately helped Hay to provide a unique service which can help them in their bid to win market share from traditional banks, making money management safe, secure and above all fast.

David Curry, Chief Operations Officer at Hay, said, “A truly digital banking experience for our customers would count for little if we are unable to service our customers’ needs and operational issues with the same level of transparency and efficiency. The implementation of Appian with convedo has allowed us to build the foundations to do this both now and as we grow and scale up.”