Gamma Core launched to help banks upgrade their core systems
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) (“OneConnect”), a leading technology-as-a-service platform for financial institutions and associated with Ping An Group,released Gamma Core last week [November 24, 2021], its latest core banking system for financial institutions. Gamma Core is designed to help banks undergo a complete top-to-bottom digital restructuring in order to upgrade their underlying architecture, business processes and core systems.
Gamma Core is based on the concept of three “ones”, the first of which is one bank for all customers. Under this system, banks adopt a customer-centric approach where different customers are grouped into clustered Digital Services Unit (DSU) server nodes such as retail customers or enterprise clients. Using these clusters, banks will gain the capabilities necessary to provide unique and tailored product innovations for each group, while still consolidating all its customers into a single bank for everyone.
The second “one” refers to the RMB 1 single account operating cost. With a fully distributed design, flexible resource allocation based on customer value, and low-cost servers, Gamma Core significantly reduces operation and maintenance costs and streamlines efficiency.
And Gamma Core’s third “one” promises that only 1 percent of transactions will require human intervention as a result of intelligent distribution via a smart display engine; intelligent risk control based on a smart analysis engine; and intelligent governance under the smart search engine.
Li Jie, Chief Technology Officer of OneConnect stated “the bank of the future needs to be more customer-centric than ever to help clients meet their personalized financial needs and access better services at any time and location. Digitalization, intelligence and transparency are fundamental pillars of the new digital economy, and banks seeking to thrive in the future will need to embrace these ideas within their core systems.”
Traditional banks risk being left behind in terms of digital strategy, operation and execution. A McKinsey survey of nearly 30 leading banks around the world found that when banks build digital businesses, they must first establish a customer-oriented, channel-focused and agile core IT infrastructure system to support their efforts.
The emergence of fast, intelligent, user-friendly, digital, cashless and contactless finance is revolutionizing the banking industry. OneConnect is a strong advocate for the digital economy and believes that in three to five years online business, digitalization, intelligence and transparency will shape the future of banking.By 2024, the digital transformation market for Chinese financial institutions is expected to exceed RMB 400 billion (US$ 62.6 billion).
Gamma Core was created with a vision to accelerate the industry’s development and transformation, and to help banks upgrade their core systems, empowering them with the capabilities and assistance needed to achieve financial growth.
Shen Chongfeng, CEO of OneConnect said,”we are excited to start this new journey with Gamma Core to drive sustainable growth which will see us continuing to dive deeper into the financial industry with the most cutting-edge technology, extensive experience and profound understanding of the industry.We hope our Gamma One Bank Platform becomes the wing of technology innovation that better fuels financial institutions’ digital transformation and takes the quality of customer service and internal management to the next level.”