Yobota has unveiled new brand management capabilities to enable brands and products to be launched at speed.
Banks will now have the ability to configure and evolve independent functions while providing full brand immersion and maintaining a single view of the customer.
Founded in 2016, London-based tech firm Yobota has built a fast, flexible, cloud-native core banking platform that allows clients to create and run innovative financial products. The new capabilities mean financial services companies can create, launch and manage new brands quickly and at low costs.
Chetwood Financial is one of Yobota’s clients using the new brand capabilities. The digital bank has recently launched the BetterBorrow lending brand to complement their reward loan and savings brands, and it can now launch any additional brands with minimal effort.
The update to the Yobota platform empowers its clients to spin up new brands for niches in the market far more easily and with dedicated system integrations. By bringing down the time to market, complexity and costs, it lowers risk and enables financial services businesses to take a more agile, responsive and brave approach.
The ability to run multiple brands on a single platform will also simplify the procurement and regulatory reporting process.
It is a breakthrough moment for banks and lenders looking to launch new offerings - under individual brands - that are targeting different financial products for different demographics.
James King, Co-founder and COO of Yobota, said: “The significance of Yobota’s multi-brand capabilities cannot be underplayed. This is a big moment, not just for our platform, but for the entire banking sector. Financial institutions can now spin up new brands without the need to invest in duplicating systems, data and processes. Importantly, they can still ensure data integrity in their own single instance with a single view of their customer.
“This is a major step forward when compared to high street banks’ past investments when launching new brands, which have generally involved considerable cost and time with no guarantee of success. Now, there is a way of entering a new market without needing to bet the house on it.”
Ammar Akhtar, Yobota’s Co-founder and CEO, added: “Chetwood has already been taking advantage of our platform’s multi-brand capabilities. Businesses like this, which have a progressive approach to using technology, are going to drive change in the financial services industry - they are creating more responsive, customisable, customer-friendly products and experiences. They are leading the way and others will follow suit.”