The digital banking landscape is undergoing rapid transformation, thanks to cutting-edge technologies. A prominent pioneer in this regard is WeBank, who has unveiled a revolutionary banking system called Openhive. This distributed core banking system offers an inclusive, efficient, and cost-effective solution, which empowers significant performance in digital banking.
Revolutionizing Banking with WeBank’s Openhive System
WeBank has conceived Openhive, a financial-grade distributed banking system which functions efficiently behind their branchless service. This system challenges the conventional setup by enabling the bank to handle a whopping 1 billion daily peak transactions. With agile scalability and a turnaround time of just 10 days for new product ideation to live launch – Openhive has set a new benchmark in digital banking technology.
Meeting Customer Needs with Cost-Effective Digital Banking
For a digital bank to surpass customer expectations, balancing stellar service with cost-effectiveness is paramount. In this scenario, WeBank’s Openhive shines through. With a robust infrastructure that eliminates branch operation costs, cuts down on labor, and keeps equipment and maintenance affordable, Openhive enables WeBank to offer consistent 24×7 services to its growing customer base. Furthermore, the operation and maintenance cost per account stand at a mere 0.3 US dollars/year, significantly lower than the industry average, advocating for a more sustainable inclusive financial landscape.
Openhive’s Impact on Digital Banks in Southeast Asia
Openhive’s influence has not been confined to China alone. Digital banks in Southeast Asia have adopted this solution, enabling them to offer sustainable inclusive finance to their vast customer base. This technology has demonstrated its power in serving the unbanked and underbanked market, thereby fostering financial inclusivity in the region.
In conclusion, WeBank’s Openhive has truly reshaped the digital banking paradigm. By providing scalable, affordable, and incredibly efficient financial services to the masses, it’s paving the path for a more inclusive future. As Openhive continues to expand its impact across Asia, it cements WeBank’s position as a visionary and leader in the rapidly evolving world of digital banking.
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