Genesis, the low-code no-code platform built for financial markets, has been appointed by Banco Bradesco (following the acquisition of BAC Florida Bank), Brazil’s second largest bank by total assets, to drive digital transformation across the bank’s business lines.
The new partnership will leverage the Genesis Low-Code No-Code Platform (LCNC) to deliver a multitude of applications across the organisation to optimise and digitise manual workflows. These large-scale changes will improve efficiency, reduce costs and ultimately deliver investment returns for end clients.
Banco Bradesco has a strong brand and pedigree as a leading firm in Brazil’s financial, capital, insurance and asset management markets and provides a wide range of financial services across multi-asset products and services to both institutions and individuals, with access to offshore financial products in the United States and Latin America, as well as Brazil.
The business-wide digitisation programme is driven by retail investment in Brazil reaching record levels, as interest rates have dropped to unprecedented lows and high-income households search for higher yields and to diversify investments. Bradesco BAC Florida Bank has selected Genesis to deliver a “bank in a box”: a suite of performant, resilient, scalable solutions to streamline workflows across wealth management, treasury, trading, post-trade and right through to addressing complex compliance functions. This will enable Banco Bradesco to deliver modern, compliant and secure productivity and financial tools, attract and win new customers with state of the art market access platforms and ultimately empower and accelerate the bank’s expansion plans.
Following a rigorous and competitive due diligence process, BAC Florida Bank chose Genesis for its deep financial markets domain expertise and the powerful combination of the Genesis Low-Code No-Code Platform, an enterprise-wide offering that enables the rapid creation of solutions, and the extensive Genesis Application Library of readily available applications. A suite of applications from the library or “bank in a box,” has been seamlessly and swiftly integrated with the firm’s existing systems via APIs. Genesis democratises product design, empowering BAC Florida Bank’s business teams to design and enhance applications without having to write substantial lines of code.
Ricardo Lanfranchi, CEO & President Bradesco BAC Florida Investments & Bradesco Global Advisors at Bradesco BAC Florida Bank, said: “When we set out to find a low-code platform we had a strong vision, high standards and great expectations. Genesis has not only impressed us throughout the due diligence process, they have delivered quickly and efficiently, and exceeded our expectations across the board. With Genesis we have the best of both worlds, the choice to both empower our in-house teams to design applications as well access the suite of enterprise-ready solutions from the Genesis Application Library. This means we can proactively adapt to the changing market environment and deploy at speed. For us, achieving wide-scale operating efficiencies and unlocking latent revenue potential are high priorities and Genesis is already helping us achieve this goal, and much more. We look forward to a long and fruitful partnership.”
Stephen Murphy, Chief Executive Officer of Genesis, said: “We are immensely proud to have been chosen to work with a firm of the size, stature and pedigree of Banco Bradesco. To be playing a part in their future success is a responsibility we take very seriously and we are focused on delivering value to Banco Bradesco and their end clients. Our partnership with Banco Bradesco adds to our strong base of Brazilian clients as well as our ever growing domestic, regional and global financial institutions, all regarded for their commitment to innovation and vision for the potential that automation can unlock. We look forward to playing a part in their future success.”