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Magyar Bankholding picks Thought Machine as digital banking partner

Banking

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Magyar Bankholding Group has chosen the London-based Thought Machine as its partner to launch its new digital banking world, becoming the first domestic bank to use this technology, according to a press release sent to the Budapest Business Journal.

As a result of the new agreement between Magyar Bankholding’s member bank, MKB Bank and Thought Machine, the integrated bank will create and operate the new digital banking platform and the full range of retail digital banking products with the help of Vault, the next-generation core banking system of Thought Machine.

The cooperation is set to bolster digital development that accompanies the merger of Budapest Bank, MKB Bank, and Takarék Group. In addition to improving user experience, Magyar Bankholding sas that it aims to optimize costs as well.

“We are very proud to work with the Thought Machine team to provide a completely new kind of banking experience for our clients. Thought Machine combines in-depth market knowledge with award-winning engineering expertise to create a product that is truly unique. We are confident that together we can build a new and exciting digital bank from Hungary's second-largest banking group, which will provide high-quality products and a world-class user experience for our clients,” said Balázs Vinnai, chief advisor to the chairman responsible for the technology transformation of Magyar Bankholding.

As part of the collaboration with Thought Machine, the holding plans to introduce products and services that allow clients to manage their day-to-day finances in one place, in a convenient fashion. The customization and flexibility provided by Vault allows the emerging superbank to create any type of product, adjust it to the individual needs of its clients, and easily and quickly introduce innovations.

The new platform will be available to both existing and new clients of the member banks of Magyar Bankholding Group who are looking for automated, permanently available digital banking services. The Foundation movement, established under the auspices of the holding, is responsible for the implementation, bringing together Hungarian and international technology specialists, fintech experts, designers, and product development managers.

The clients of London-based Thought Machine include major international banks such as JPMorgan Chase, Standard Chartered, Lloyds Banking Group, or Curve.

"We believe that the most successful banks will deploy modern technology to unlock innovation and ultimately benefit competition – and thus, customers. Our partnership with the Magyar Bankholding team is a further demonstration of how established banks are taking technologies of tomorrow to create systemic change in banking. This is a huge milestone for the bank which will undoubtedly have a great and long-term impact on financial services in Hungary,” said Paul Taylor, founder and CEO of Thought Machine.

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