Moneysmart, the new digital banking platform from ADIB, holds the concepts of community, sharing and customer experience at its very heart. Its focus is on financial literacy and empowering its customers to create their own financially secure future. To make moneysmart more than just another online bank, ADIB had to ensure that the technology they chose was suitable for creating a platform that embodied these values exactly.
So, they looked at Fidor. With our first-hand experience of setting up our own highly successful bank with an emphasis on community and user experience, they liked what they saw. Fidor Bank itself has an active community of close to 1,000,000 members, sharing knowledge and interacting together to create a better banking experience for all.
Fidor was able to provide ADIB with a truly simple to use but highly innovative community-focused platform, based on the Fidor operating system, that plugged directly into ADIB’s existing core banking system. It included APIs for the associated mobile app as ADIB can easily connect its own channels or additional front end to the fidorOS platform.
The Mobile app and Fidor web front end sit in front of two major components:
1)The fidorOS (fOS) Platform takes care of the back office, the app manager and communications, and powers the community function that drives the knowledge exchange and sharing aspects of the platform.
2)The fidorOS Customised Modules cover onboarding, the banking and express finance functions, the product catalogue, and the sandbox.
Underneath this, ADIB’s core system is responsible for retail core banking, card systems, SMS gateway, trade finance and a collaboration tool.
So what exactly is fidorOS? Simply put, it’s a logic embedded middleware system that drives a diversified financial system, with a unique architecture based around user profiles rather than a product-centric approach, and with a focus on generating and utilising valuable user data.
It has five key elements:
1) The front-end layer offers ready-to-use, responsive, internet and mobile applications that can be quickly customised to mirror the client’s branding. Fully-integrated social media capabilities come as standard. With moneysmart’s focus on community and sharing, an inviting front end that reinforces the immersive nature of the moneysmart experience is a must.
2) The API layer includes the API adapters and an API Management system to fulfil any required tasks.
3) The fidorOS modules provide the core customer, account, payment and data management functions. Each module interacts in real-time, without the need to rely on the core banking system. That gives ADIB the reassurance that it’s using proven technology for these fundamental functions.
4) A middleware layer that integrates with the existing (in this case ADIB’s) core banking system.
5) These four elements work in harmony to facilitate a fifth - the generation of vital user data, capturing usage, learning and continuously improving platform operation.
Fidor’s community function is a key differentiator.
It’s not just another forum - it works in conjunction with fidorOS, links to the customer engagement platform and has a built-in reward programme, and brings real and tangible value to customers.
A great example of this is something we call “60 second banking”; a combination of straight through processing, video KYC onboarding and the use of open API banking.
In short, it’s a customer-centric symphony, orchestrated by fidorOS but powered by the community. We believe that for banks like ADIB fidorOS makes it simple to bring about deep, digital transformation - from their systems and business models to delivery and culture, at a lower cost, risk and time commitment than from using a traditional core replacement.
It’s this flexibility that will enable moneysmart to grow with its young customers, remaining relevant, and adapting to their needs and wishes.