In order for a bank to be able to do its job, it has to use what is often known as a core banking system. Essentially, this refers to the system used by the bank to process deposits and expenditures, thereby allowing them to keep each account current. There was a time when much of this was done in-house, but the digital nature of virtually everything necessitates that most banks use a core banking system that is not only efficient, but also completely digitized. That is precisely where a company called Thought Machine comes in. The company provides the services associated with an efficient core banking system and it does it all through a cloud-based system that allows branches from all over the world to access the same information. In fact, the company is quite unique in the way that it operates. If you're interested in knowing more about how your bank probably operates using Thought Machine, consider these 20 things about the company.
1. They don’t just provide software for existing banks to use
The company does a lot more than just provide cloud-based software that existing banks can utilize. As a matter of fact, they are capable of helping any banks that partner with them develop a unique system that can be built from the ground up in order to accommodate needs that are much more specific. While it's true that they do provide cloud-based software, their system is actually much more comprehensive than that offered by virtually any other company in existence.
2. They consider the banks who use their services their partners
The company has always been quick to point out that they don't consider any bank who uses their services a mere customer. Instead, they refer to all of their customers as partners. That's because in the truest sense possible, that is exactly what they are. By helping each of their clients build something that works for them from the ground up, they truly develop a partnership with each and every one of their clients that can't be duplicated by simply providing a one-size-fits-all software system.
3. They can help a bank build its system from the ground up
As previously mentioned, they have a tendency to help their clients build systems from the ground up. Each of their clients has the opportunity to work with the company in order to tailor the system they use to fit their exact needs. By meeting with each client and finding out what they need as opposed to merely providing a software product that is used by everyone across the board, the services provided to each client are more detailed and far more personalized.
4. A lot of banks that use smartphone apps use the company’s services
These days, almost every bank has a smartphone app that customers can access. Even smaller, more independent banks have largely switched to these types of systems. In many cases, it is because they have partnered with Thought Machine in order to not only create the app, but also various other products such as those that allow customers to make deposits using their smartphone and even print bank statements directly from the app as opposed to waiting for one to come in the mail or having to visit a branch physically in order to have one printed up.
5. They can tailor their services to fit the bank’s individual needs
This has been touched on before, but it's definitely worth mentioning again. Their services are always tailored to fit each of their clients' individual needs. It would be easy to create a software product that is cloud-based and push it out there to every bank, telling them how much easier it will make their day-to-day operations. It's an entirely different thing to create something from the ground up that is truly customized. In fact, it's the difference between night and day. Thought Machine simply won't settle for creating some blanket product that they expect everybody to use. Instead, they prefer to tailor everything in a very specific fashion in order to ensure that each of their clients has exactly what they need.
6. They conduct their own testing to ensure everything works properly
The company also conducts their own testing from time to time in order to ensure that everything works as it was designed to work. Of course, the overwhelming majority of this testing is done when they are actively building a product for a new client. That said, they also conduct random testing of the various products they have designed for their clients in order to make sure that there are no broken links or anything else that might potentially cause a problem.
7. They also provide training to bank employees
In addition to all of the work they do on their end, they also provide training to bank employees so that the individuals responsible for using the system know exactly how to do so in the most efficient manner possible. In fact, their training is so complete that most of the bank employees who go through it are more than capable of fixing small issues or working through a challenge without any assistance from the parent company whatsoever.
8. They have around-the-clock support for their customers
Of course, the company also provides both technical and customer support for their clients on a 24-hour a day, 7 days a week basis. Even though they provide extensive training for all of their clients, there are those inevitable times when someone might need an expert in order to help them work through a problem or provide advice on how best to accomplish a specific goal. Anytime one of their clients has a problem or question, all they have to do is contact the company and their experts will help walk them through the necessary processes in order to get the client back on track.
9. They truly operate on a worldwide basis
The company truly does operate on a worldwide basis. They don't concern themselves with national borders or things of that type. As a matter of fact, they have two main hubs that they operate from, one located in London and the other in Singapore. From these two main hubs, their employees are capable of providing comprehensive assistance to their clients who are based all over the world.
10. The company has hundreds of employees
As a matter of fact, the company has more than 400 employees. That might sound like a lot, but when you consider the enormous scope of the work they do, it only stands to reason that they would have to employ hundreds of people. Otherwise, it would be virtually impossible for them to partner with as many clients as they have or to achieve the goals that they have achieved thus far.
11. They have a culture of fun at work
One of the things that truly sets the company apart from many of their would-be competitors is that they employ a genuine culture of fun at work. There are a lot of companies that say this, but there are relatively few that actually back it up with any type of action. This particular company believes that they are capable of getting the best performance out of their employees when their employees are truly happy. Furthermore, they understand that it's virtually impossible for an employee to be happy if their every thought is controlled. Therefore, they encourage their staff members to have more fun and to be more free in their thinking as they go about doing their daily jobs.
12. They are often more open to unique work situations than other companies
There is no doubt that some companies are simply more open to employees who have rather unique work situations than others. This is a company that encourages time spent with family and an opportunity to complete work from home when need be as opposed to forcing employees to be in the office adhering to some rigid schedule on a daily basis. This is a major departure from the way that traditional companies tend to do business and it's also something that is becoming increasingly popular. As a matter of fact, most companies are finally beginning to realize the benefits of doing business in this manner, as they have an opportunity to enjoy less employee turnover and better production from their employees while they are at work.
13. They offer comprehensive medical insurance to all employees from day one
As such, the company also offers comprehensive medical insurance to all of their employees from the first day that they are hired. Their insurance also covers both dental and optical insurance, something that many companies who provide otherwise comprehensive plans do not cover.
14. The company has mental health professionals onsite for employees to talk to
Perhaps one of the most interesting things about this particular company is that they have mental health professionals that are always on site. Any time that an employee feels like they need to talk to one of these professionals, whether the issue is work-related or personal, they can take a break from their work during a normal work day and go talk to the mental health professional in order to get the help they need.
15. They don’t charge their employees to speak with mental health professionals
It's even more impressive that the company doesn't charge their employees for going and speaking with a mental health professional. As a matter of fact, they encourage their employees to speak with them anytime they need to and they allow them to do it all completely free of charge.
16. They also have an on-site gym
Another way that the company works to ensure that their employees are both healthy and happy is to provide an on-site gym. Gym membership isn't free like the mental health counseling, but it is provided at a tremendous discount. Furthermore, the company also allows their employees to take a break from work during a normal work day in order to visit the gym. They even allow them to do this more than once if they need to in order to ensure that they are happy, healthy and at their most productive. Perhaps the best part of it all is that employees have the opportunity to take these breaks without fear of repercussions from their employers, as they are allotted a certain amount of time each day to participate in these types of activities.
17. Their employees can take breaks from work to go work out
They don't just allow their employees to take breaks to go and work out, but they actively encourage it. In fact, they routinely comment that employees are unable to give their best effort unless they can work off the mental stress that happens to everyone from time to time. As opposed to merely talking about it, they provide an avenue for employees to actively manage the issues that could potentially interfere with their own well-being as well as their productivity.
18. They promote strong collaboration among every employee
The company also promotes a strong sense of collaboration among all employees. It doesn't matter if you are a senior employee who has been there for years or you are the newest hire and are still in your first week, everyone has the same opportunity to collaborate and work together.
19. They allow their staff to have a drink while on the clock
The company also allows their staff to have a drink while they are at work. It's regulated, only allowed on Friday afternoons when everyone comes together for what amounts to a team meeting. Employees are limited to just one or two small drinks, but it promotes a culture of being able to relax while at work as opposed to forcing their staff members to be so rigid.
20. Their system allows for a system of checks and balances
Since everyone has the opportunity to collaborate and speak their mind without fear of repercussions, there is a genuine system of checks and balances that exists within this company, one that doesn't exist in many others. As a result, it's a lot easier for them to operate in an effective manner with employees that genuinely want to be there.
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Written by Dana Hanson
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