CEC Bank partners with Aurachain to accelerate digitalisation

By Leandra Monteiro

With an aim to accelerate digitalisation CEC Bank has announced that it will use a low-code platform developed by Aurachain to automatize part of the bank activities. This will enhance productivity and cost efficiency.

Using the low-code technology method allows the development of software applications with minimal code intervention. By using a visual approach one can with drag and drop user interfaces in order to add different types of elements such as connection to databases, to other software applications or logic elements, and even blockchain implementations.

The partnership between CEC Bank and Aurachain will be focused on accelerating the digital transformation of the bank in three key areas. The first is the implementation of an integrated system for monitoring and maintenance of the bank’s ATM and POS fleet, the second is to allow online onboarding of SME’s, the third targets the implementation of online trade finance solutions for SME’s.

The bank aims to implement these three projects this year in addition to digitalisation initiatives already launched by the bank for private individuals such as online opening of accounts and online personal loans available through CEC_In, CEC Bank’s virtual store.

“The partnership with Aurachain allows CEC Bank to continue its digital transformation and align with the best available technologies worldwide. While online access to banking products is becoming mainstream, current discussions on the future of banking, at international level include public and private blockchain implementations, including involvement of Central Banks. Blockchain technology and distributed ledger solutions instead of centralized databases may foster faster, more secure and more efficient financial services. Low-code solutions can stand at the basis of block-chain technology implementation,” said Bogdan Neacsu, General Manager of CEC Bank.

“Low code helps organizations achieve an unprecedented speed of digitalization, as most applications can be built with less risk of coding. Business owners, business analysts and tech teams, can work more effectively to achieve a consistent look-and-feel of the numerous enterprise apps which until recently, were mainly the territory of legacy systems. CEC Bank is the perfect representation of a bank which needs to take a very revolutionary approach in the Romanian banking space, to significantly improve client experience. And this is where we bring value,” said Adela Wiener, CEO of Aurachain.