April 8, 2021
TABLE OF CONTENTS
With modern technology facilitating digital deposit growth, banks no longer need to rely heavily on physical branches. To expand geographic reach, streamline innovation, and promote scalability, a top-50 U.S. bank decided to build a standalone digital bank proof-of-concept (POC) focused primarily on high-yield savings accounts.
The client recognized Levvel as a natural fit to drive the overall digital bank effort from strategy and vendor evaluations to the POC build thanks to deep banking expertise and familiarity with vendor options.
Many banks’ in-house tech stacks are outdated, and the client felt slowed by their legacy footprint. The client wanted to increase deposits and remain competitive by introducing this digital bank, but it wasn’t easy to modernize existing platforms without lengthy lead times.
With Levvel’s expertise, the bank embarked on both a strategy and implementation phase. The strategy phase lasted approximately 90 days, where Levvel provided expertise on standing up a net new digital bank and optimizing the vendor ecosystem to achieve their strategic vision.
Levvel needed to determine the key requirements, considerations, and vendor selections to create a proof of concept. This included:
With a clear roadmap in place, the implementation phase involved:
Levvel partnered with Finxact, Apiture, and Savana to build a functional digital bank proof-of-concept in just 106 days. This included operational instances of Finxact’s native cloud core, Apiture’s customer front-end, and Savana’s servicing platform, all of which proved out a model for the bank to quickly adopt modern technology and improve speed-to-market for future products and efforts.