MONETA Money Bank (MONETA) provides retail and commercial banking, as well as other financial services in the Czech Republic. The bank services one milion clients, runs more than 200 branches and operates over 650 ATMs, offering customers current accounts, savings accounts, loans, mortgages, investment and insurance services. In 2017, MONETA embarked on a four-year digital transformation strategy to make the bank more competitive and become a digital leader in the market.
The bank aspires to build market-leading digital capabilities, increase market share and satisfy the increasing demand for online services, with the goal to sell at least 40% of its major products online by 2020.
MONETA’s plans to expand its digital banking capability are ambitious and they found that they were being held back by an outdated fifteen-year-old platform. The system in place didn’t allow decentralised, agile and parallel development and did not support the principles of Continuous Integration and Continuous Delivery (CI/CD). Another setback for the bank’s transformation strategy was the age of its integration system, which meant the bank was unable to support industry standards such as Open APIs.
Changing the platform became a fundamental part of the MONETA’s strategy and it needed to find an experienced middleware partner that could complete the necessary work and enable migration away from the existing Oracle FlexCube system. Having selected WSO2 as its new middleware platform, it was imperative that MONETA chose the right integration partner as it needed to support the bank in its migration of an old system that supported around 40 million calls per day. Mitra’s WSO2 experts proposed an enterprise-class, scalable solution that would speed up MONETA’s responsiveness and help the bank realise its digital ambitions.
MONETA partnered with Mitra to implement a new banking Integration Platform (IP). This involved the rolling out of an Enterprise Service Bus (EBS) and Application Program Interface (API) Manager. The new system eliminated many pain points for MONETA and enabled it to support an agile model of development, a higher level of automation and ultimately its ongoing digital transformation.
MODERN CENTRALISED HUB
Moving to a modern Integration Platform (IP) was a critical element for MONETA, as it is an integral part of supporting modern transactional standards. The move has enabled the bank to manage API life-cycle, throttling, security and much more as a native functionality of the
Another outcome has been the increased level of automation, with more and more of the bank’s activities being automated. MONETA now has the ability to create on-demand releases by supporting principles of Continuous Integration and Continuous Delivery (CI/CD).
Mitra has helped MONETA during its digital transformation by building a platform that can deliver the types of services it needs to make it more competitive in the Czech Republic’s market of modern banking and support its agile development. MONETA can now focus on building market-leading digital capabilities and satisfy the increasing demand for modern services inside the organisation.
- Faster, more responsive deployment made possible by decentralised, agile and parallel development
- Use of modern transaction standards
- Seamless migration from legacy to cloud and hybrid solutions enabled
- Business focused and demand led releases by supporting the principles of Continuous Integration and Continuous Delivery (CI/CD)
- Paved the way for the bank to work towards its 2020 target to be a digital leader
CIO of Moneta Money Bank
Working with Mitra Innovation has truly enabled MONETA to further its digital transformation aspirations. It has been a pleasure in working with the Mitra team, whose work has created such a huge difference to the organisation and the future of MONETA. Without Mitra, we simply wouldn’t have been able to achieve what we have for our customers and for that, I thank them