Digital Transformation Propelled by Thought Machine for Shawbrook Bank
Shawbrook Bank has taken a significant step forward in its digital transformation journey, going live on Thought Machine's next-generation core banking platform, Vault Core. This partnership, established in September 2024, marks a pivotal moment in redefining modern commercial banking in the UK.
Vault Core serves as a cornerstone of Shawbrook's future banking infrastructure, providing the flexibility and real-time capabilities to move at pace and launch products swiftly and confidently. According to Paul Taylor, CEO and Founder of Thought Machine, this partnership aims to help banks and FinTechs move away from rigid legacy infrastructure towards a cloud-native future.
Paul Taylor believes that Vault Core's capabilities will empower Shawbrook to redefine what modern commercial banking looks like in the UK. The platform is designed to make business and product changes straightforward and quick to implement, eliminating unnecessary complexity. This design philosophy aligns with Taylor's mission to power the world's most ambitious banks and FinTechs with elegant, simple-to-use, and highly scalable technology.
Arthur Leung, Chief Technology Officer at Shawbrook, stated that the partnership with Thought Machine reflects Shawbrook's commitment to combining technology with human expertise. Shawbrook can independently design and deliver highly tailored solutions for individuals, businesses, and property professionals using Vault Core's access to hundreds of smart-contract-based templates.
The launch of Shawbrook's first product, a buy-to-let mortgage, on the Vault Core platform within nine months is a testament to the platform's efficiency and adaptability. Shawbrook Bank's CEO, Marcelino Castrillo, led the transition to Thought Machine's Vault Core core banking system, guiding the bank towards a more innovative and adaptable future.
Vault Core equips Shawbrook with a cloud-native, modular foundation for rapid product design and advanced automation of back-end operations. This modern infrastructure supports Shawbrook in staying focused on the evolving needs of its customers, enabling greater automation and powering future growth across areas like commercial SME lending.
Paul Taylor, in a statement, expressed his pride in partnering with Shawbrook on their journey towards modernizing commercial banking. He emphasized that Vault Core is a key component in Thought Machine's efforts to power the world's most ambitious banks and FinTechs. The partnership between Shawbrook and Thought Machine continues to support Shawbrook's ambition to innovate and adapt, ensuring they remain at the forefront of the UK's commercial banking landscape.
