Rodrigo Melato, VP of Sales at Pismo, was a guest on dojo.live, a Mexican podcast specialising in technology and business. dojo.live brings together technology experts and business leaders from companies worldwide for weekly interviews.
The hosts Kimberly Lantis and Mon Novelo interviewed Melato. They discussed how banks depend on next-generation core systems, like the Pismo platform, to modernise their technology stack and outpace competitors.
Modernising is inevitable
Melato says the pandemic fueled the digitisation of banking products, accelerating the transition from a digital-first to a digital-only world. Incumbent banks created beautiful apps to improve customer experience. However, many still rely on outdated technologies.
“They updated websites and front-end applications. Yet, with legacy systems in the background, it was hard to scale up the operations and deliver the same experience that the new banks provide to their customers,” explains Melato.
According to our VP of Sales, the financial institution’s size does not matter. With a modern core banking or payment system, banks can become more flexible and react faster to the economic turbulences we face.
Evolution must be constant
Technology is moving faster than ever, which is clearly visible in the financial services industry. Account holders demand a better experience daily. So financial institutions need to evolve continuously to satisfy them.
Melato explains that continuous software deployment is a crucial technology for Pismo. We make more than 300 software releases a month. These updates bring new functionalities and improvements to the Pismo platform.
“Think about an app update on your smartphone,” says Melato. “It is a deployment. At Pismo, we make ten updates daily to improve your experience. That’s what we’re doing with our platform for banking and payments.”
Release fast, reduce costs
With a cloud-native, API and microservices-based platform, Pismo enables clients to release financial products much faster than they could do with traditional computer systems. Melato mentioned a financial institution that utilises the Pismo platform for banking and payments:
“Some time ago, this customer wanted to deploy a new digital wallet. Since they were still testing and planning this transition, they developed two versions of the wallet: one using their legacy system and another with Pismo,” he explains.
The difference between the two approaches was huge: “They took 30,000 development hours to build the wallet with the legacy system and 200 hours with the Pismo platform,” he says. This outcome, according to Melato, matches the findings of a recent McKinsey report about banks migrating to cloud-based computer systems.
“With the right approach, banks can reduce costs by 70% using next-generation platforms like Pismo. This upshot greatly impacts what the financial services industry used to think about core banking systems.”
You can watch the interview on the dojo.live channel on YouTube.
