thinkmoney is a UK-based financial services provider that thinks differently about money. Their no-jargon, no forms, no charges approach to banking is a welcome refreshment for customers who’ve struggled with traditional banks in the past. thinkmoney is on a mission to become the UK’s number one digital bank; by providing an inclusive, accessible and empowering financial experience for all.
thinkmoney's banking platform and low-code mobile app were limiting their ability to deliver personalised and flexible solutions for their customers.
Development changes were outsourced to their platform provider, which was costly, time-consuming and frustrating, while customisation was limited by their app’s low-code constraints. The team couldn’t deliver the customer experience their customers deserved or flex to meet evolving customer needs. These factors were stunting the digital growth they were looking to achieve.
With their existing platform planned for sunset at the end of 2023, thinkmoney were against the clock to find and execute a better solution. They knew a complex migration project was inevitable and that, on top of building a new app, would require a significant scaling of their digital team.
thinkmoney needed a digital partner that could:
Our people immediately got to work embedding themselves into thinkmoney’s organisation. The success of the project would depend on operating as one high-performing team, with shared goals and ways of working.
Our initial two-week discovery laid those essential foundations, embedding SCRUM to drive value in sprints.
From there, we went straight into the build phase, joining thinkmoney’s existing App, Budgeting and Payments teams. Working collaboratively across disciplines, we built a brand new React Native app from the ground up. We built everything from the banking-essential features (like authentication and payment processing), to thinkmoney’s ‘USP’ features (like their benefits platform and automated budgeting tools). We engaged users throughout the build to ensure the tools we were building were the tools customers really wanted, and we led demos after every sprint to get buy-in and feedback across the wider business. Development of new features was streamlined by our new, comprehensive design system; reflecting thinkmoney’s new branding and ensuring consistency and pace across teams.
As the project progressed, our input evolved too. Our Cloud experts consulted on thinkmoney's migration to AWS, helping them secure funding and lay the foundations for a scalable, flexible infrastructure. Our developers also supported the build of thinkmoney’s back-office portal, giving them the technology they needed to efficiently manage customer relationships, payments and auditing.
Our delivery managers kept the complex, multi-team build on track through collaborative planning, continuous demos and open feedback loops. Then when go-live approached, our engineers were on-site, proactively monitoring and resolving any issues to ensure a seamless transition for thinkmoney's 105,000 customers.
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Over the course of 8 months, our partnership transformed thinkmoney's digital experience.
We successfully migrated 105,000 customers - including 68,000 app users - to their new platform and mobile apps, and we increased their app user base in the process.
But the impact goes far beyond the numbers. thinkmoney now owns their entire digital experience, from the user-friendly app to the behind-the-scenes tech stack. They can rapidly launch new customer propositions like Apple Pay, Google Pay, Saving Pots and fresh account types, without being boxed in by their old platform's restrictions.
thinkmoney’s brand new back-office tools empower teams to provide seamless customer service, while intelligent features like Confirmation of Payee help keep customers' money safe from scams and errors.
Operationally, thinkmoney is seeing significant efficiency gains too. Calls to their contact centre have dropped by 50%, resulting in major cost savings. And their continuous delivery pipeline, coupled with a comprehensive design system, allows them to develop and release new app updates at pace.
Perhaps most importantly, thinkmoney's future is no longer constrained by technical debt or a third-party platform roadmap. With a modern, flexible AWS infrastructure and in-house expertise, they can drive their own innovation and growth for years to come.
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