Award-winning core banking, Myles Betrand, Chief Executive Officer, Tuum

By Robin Amlot

Tech provider Tuum and client LHV jointly won the accolade of ‘best core banking installation’ at the latest Global FinTech Innovation Awards

Tuum powered LHV’s award-winning core banking transformation. IBS Intelligence sat down with Myles Betrand, Chief Executive Officer of Tuum, beginning the conversation by asking what made this project unique?

“Several factors set this project apart. First, the collaboration wasn’t a typical bank/vendor relationship; it was a true partnership. LHV and Tuum shared a strong commitment to innovation, creating an environment where both teams could challenge legacy assumptions and push boundaries.

“Second, LHV approached modernisation differently. Rather than replicating outdated processes, they embraced a strategic transformation to rethink processes and build an agile, scalable, and user-friendly banking platform. This allowed for open discussions, leading to a seamless transition and a best-in-class outcome.

“One of the most remarkable results was LHV’s ability to reallocate its IT budget, shifting from 80% maintenance to 80% innovation, a clear example of how modern core banking frees up resources for growth rather than just maintaining legacy systems.

“Additionally, scalability was a major differentiator. LHV’s platform now supports over 200 FinTechs, a testament to Tuum’s architecture that adapts effortlessly. Crucially, this transformation was executed swiftly and securely, ensuring compliance across multiple regulatory environments, a challenge many banks struggle with when modernising.

“This project has set a new benchmark for core banking implementations—not just in technology but in redefining IT strategy to focus on growth, agility, and innovation.”

Tuum has partnered with Google Cloud. What does this mean for your business?

“Google is a key player in many of the regions we operate in, especially the Middle East, where cloud adoption is accelerating. Banks there need more flexibility in modernisation, and at Tuum, we’re all about giving them choices, which is why we’re cloud-agnostic. Our customers can pick the cloud provider that best fits their regulatory, operational, or strategic needs.

“That said, our partnership with Google Cloud is particularly important. They’re deeply embedded in financial services conversations, and they understand our modular, API-first approach and how we’re helping banks rethink core banking. This partnership enables us to better serve our Middle East clients, ensuring we can scale effectively while meeting compliance, security, and cloud sovereignty needs.

“Additionally, Google’s broad industry network makes them a great growth partner for us. They connect us with key financial players, opening opportunities to collaborate and innovate further. While we give customers cloud flexibility, our collaboration with Google Cloud ensures we deliver at scale while meeting the demands of modern banking.”

Tuum launched its Islamic Banking Solutions in Q4 2024. What differentiates your approach?

“Islamic banking has traditionally been quite conservative, but there’s a massive demand for innovation, not just from banks but from their customers. Before launching, we conducted extensive research, speaking with financial institutions, regulators, and end-users. What we found was clear: Islamic banking customers expect the same seamless experience as conventional banking customers.

“There’s a huge transformation happening in Islamic banking right now, particularly in the GCC. The region is leapfrogging generational change in financial services, with Saudi Arabia moving at incredible speed.

“We’d be crazy not to be there! We’re seeing huge opportunities, and banks are looking for modern, compliant solutions that let them evolve with the market. That’s exactly where we come in, bringing a FinTech mindset to Islamic banking, ensuring full compliance while introducing modern banking capabilities that allow institutions to innovate and grow.”

SME banking remains a challenge. How can technology help banks get it right?

“SMEs are the lifeblood of most economies, yet banks have struggled to serve them profitably. Why? Because traditional banking models weren’t designed for SMEs, the cost of serving them has always been high. Lending, in particular, is difficult because many SMEs don’t fit traditional credit scoring models, making risk assessment a challenge.

“But technology changes the equation. With automation, real-time data analysis, and embedded finance, banks can dramatically cut costs while offering tailored products like BNPL for business, cash flow lending, and multi-currency accounts.

“SMEs are a huge opportunity, but banks need to shift their approach. With automation and real-time decision-making, they can finally serve SMEs at scale profitably, efficiently, and with products that truly help them grow.”

Tuum promotes ‘Progressive Modernisation’ as a core principle. Can you explain this concept?

“Progressive modernisation is about helping banks evolve step by step, instead of diving into high-risk, high-cost full-scale transformations. Instead of the dreaded ‘rip-and-replace’ approach, we help banks introduce new technologies gradually, ensuring minimal disruption and business continuity.

“The key? Start with the biggest priority. Maybe a bank wants to launch a digital bank, enter a new market, or roll out a new lending product; doing that on top of a legacy core can be slow and costly. Tackling one challenge first delivers immediate value and builds internal momentum.

“From there, banks can modernise at their own pace, scaling new capabilities in a way that fits their strategy. It’s about making smart, low-risk moves that drive real impact without disrupting the entire business.”

How is AI changing the future of core banking?

“AI is fundamentally reshaping financial services enhancing decision-making, improving customer experiences, and optimizing operations. But it’s also pushing banks to rethink their core infrastructure.

“For years, banks have focused on front-end innovation while leaving their core systems largely untouched. That’s no longer an option. AI needs real-time, always-on access to data. You can’t have a core that goes to sleep for five hours a day, or one that still relies on batch processing.

“That’s where modern, cloud-native, API-first platforms like Tuum come in. Our architecture ensures banks can leverage AI effectively whether it’s for enhancing customer interactions, streamlining operations, or strengthening risk management. We don’t just help banks keep up with AI we help them lead.”

What do you see as the biggest opportunities and challenges for Tuum?

“We’re not trying to become an AI platform, but we are AI-enabled. Our role is to be the engine that powers how a bank evolves, whether that’s transforming its operating model or adapting to how new players are reshaping financial services. The barrier to entry is lower than ever, but the biggest challenge? Time. If you take 18 months to launch something, the market will have already moved on. Speed isn’t just important, it’s critical.

“But it’s not just about technology—banks need to rethink their processes and the way they operate. That brings me to Zing. The concept was fantastic, but it got bogged down by traditional big-bank thinking. Even existing HSBC customers had to redo KYC and AML checks just to use it—an unnecessary roadblock that killed momentum.

“Technology is now forcing a shift in how banks behave, and that’s a huge opportunity for us. We’re in a unique position; we’re not held back by legacy technology, not even our own. One of our core principles is retiring technical debt, which is why 25% of our R&D investment every year goes into making sure our platform evolves with the market.

“Our biggest challenge? Credibility. We’re small, we’re young, and we’re playing in a space dominated by the giants Temenos, Oracle, Finastra. But every month, we chip away at that gap, winning more customers, gaining market share. You must remember we are not talking about a peripheral system here. We’re talking about the heart and lungs of a financial institution.”