ING Bank Śląski selects Thought Machine and goes live with Vault to enhance customer experience

By Joy Dumasia

Thought Machine, the cloud-native core banking technology company announces that Polish bank ING Bank Śląski has selected it. The bank is now live on Vault, Thought Machine’s cloud-native core banking engine, with a new personal loan product, enhancing its position as a digital banking customer experience leader.

ING Bank Śląski is a universal bank that offers a broad range of services for individual and institutional clients. It will launch new features and services on Vault that improve the customer experience at a pace. The bank will continue to develop products over the coming years to enhance the banking experience for its clients further.

Vault, the foundation layer of modern banks, gives banks complete control to launching innovative products to maintain legacy products sustainably. Vault can run any type and size of the bank on a single platform and is cloud-native and cloud-agnostic to support any deployment type by a bank on any cloud provider.

Founded in 2014 by former Google engineer Paul Taylor, Thought Machine provides modern, cloud-native core banking technology to some of the world’s largest and most ambitious banks, including Lloyds Banking Group, JPMorgan Chase, Standard Chartered, SEB and others. The firm recently raised $200m in Series C funding led by Nyca Partners and participation from institutional investors including ING Ventures, JPMorgan Chase Strategic Investments and Standard Chartered Ventures.

Paul Taylor, CEO of Thought Machine: “Leading financial institutions, like ING Bank Śląski, truly understand the benefits of modern software design and cloud-native technology. The banks that choose to embrace this will deliver on ever-evolving customer needs and win in an increasingly competitive market. ING Bank Śląski, Poland’s leading financial institution, is one of these game-changers. We look forward to working on this core transformation programme and for ING Bank Śląski to deliver material value for its customers.”

Recently, IBS Intelligence reported that Thought Machine, the cloud-native core banking technology firm, announced the close of its series C funding round, bringing $200m into the business from new and existing investors. This latest round sees Thought Machine achieve unicorn status.