Five Reasons why Every Neobank needs a Process Orchestration Tool

Thorben Croise, CTO Atfinity, 1. July 2022

 

Building a neobank is hard. You know that better than most people. Atfinity helped many neobanks get off the ground faster and we see some patterns why they chose a process orchestration tool.

First, neobankers are an impressive bunch. Everybody we interact with has a clear focus on making sure future customers have an amazing experience and get access to a hard to reach niche of finance. Their dedication to a great user experience lets them be a bit over-optimistic to some of the more classical problems. Naturally, entrepreneurs are focused on their goals, not the obstacles.

Still, many of the neobanks we worked with wished they would have added a process orchestration tool to their architecture sooner. Process orchestration may not sound sexy, but it makes sure neobanks can keep their focus. We typically see it solving these five problems:


1) Unhappy Path

It’s easy to forget that not all customer onboardings or lifecycle processes will go through. Some clients may have a risk too high or do not pass certain automatic checks. A good process orchestration tool will give you a case management user interface so you can handle these clients manually. You will need some case management software and building one from scratch is probably not your core business.


2) PDF generation

We know, it doesn’t sound great, but in the end you will probably still have to generate your contracts as a PDF. Process orchestration tools typically give you a way to collect all the necessary data from all relevant sources and put them on a nice PDF. Most likely you will need to archive this PDF, which they ideally also offer.


3) Centralised Business Logic

Your process will contain quite some business logic like pricing and risk calculations. Maintaining this logic and keeping it in sync between your tools can be hard. You will probably not get around duplicating some parts of it in your frontends, but a process orchestration tool will make sure that every process will, in the end, adhere to the rules your business wants it to follow.


4) Audit Trails

Banks, and also Neobanks, need to keep an audit trail of what has happened in processes like customer onboarding. The trail needs to be complete, secure of modifications and fulfil all the other requirements your regulator puts on you. A process orchestration tool will give you a good audit trail just out of the box without the need to build something yourself.


5) Handling changes

Your process will change. From the first time you test your onboarding, you will start learning more about you and your customers and figure out better ways to onboard them. Or you see new market opportunities you would like to seize. Or, the most frustrating reason probably, there is more regulation you will have to follow. Having your logic in a process orchestration tool will make these changes easier and faster. In many tools changing key aspects of your process can be as easy as clicking a few buttons. In the beginning, it always seems feasible to hard-code some logic into different parts of your architecture. In the end, you often wish you didn’t.


Conclusion

Using a process orchestration tool early on makes the hard task of building a Neobank easier. It allows you to avoid almost inevitable obstacles and continue to focus on what you do best: delivering a great user experience. 


If you want to learn more about process orchestration tools can help you and how our tool, Atfinity, fits into your journey, please to not hesitate to get in touch with our business team.