The founders of SaaScada, Nelson Wootton and Steve Round, discuss their journey and innovations in core banking.
- SaaScada revolutionises banking by focusing on financial inclusivity and real-time data innovation.
- Their approach allows coexistence with existing systems, reducing risks during transformation.
- Innovative use of cloud technology sets SaaScada apart from traditional banking systems.
- Their mission extends from low-income solutions to high-net-worth banking on a single platform.
SaaScada, led by Nelson Wootton and Steve Round, aims to transform core banking by prioritising financial inclusivity. Their journey began with the Change Account, a pioneer in cloud-based core banking for low-income individuals, delivered through charities. This initial venture laid the groundwork for SaaScada’s vision: a universal banking platform catering to diverse income levels.
Nelson Wootton reflects on the challenges of bringing SaaScada to market amid global disruptions in 2020. Despite a difficult start, the company secured critical deals, setting the stage for rapid expansion. SaaScada now frequently closes monthly deals and is eyeing international markets, driven by interest in its unique approach.
The company’s distinctiveness stems from two major innovations. Firstly, its platform is truly cloud-native, unlike competitors that merely virtualise existing architectures. This strategy not only allows infinite scalability but significantly reduces costs when inactive. Secondly, SaaScada excelled in rapid product deployment and real-time data availability, overcoming delays common in traditional banking systems.
Their unique data management approach collects and processes all raw transactional data, allowing clients to generate bespoke reports with ease. This capability creates a feedback loop, enabling continuous improvement and swift product launches. Real-time insights empower banks to make immediate decisions, fostering a new level of innovation in the financial industry.
Nelson Wootton and Steve Round introduce a strategic coexistence model, allowing SaaScada to function alongside existing systems without disrupting current operations. This methodical transition minimises risks associated with full system revamps, advocating for incremental product migration and integration with existing infrastructures.
Steve Round expresses a commitment to financial inclusivity—not merely inclusion—emphasising empowerment and self-esteem. SaaScada supports various financial institutions, enabling micro-finance in regions like Africa and high-net-worth management in Europe on the same platform. The technology is versatile enough to accommodate both everyday and luxury financial needs.
Addressing the challenges in banking post-2008 crash, the founders advocate for innovation and adaptation as banks face heightened scrutiny under new regulatory regimes. Steve Round and his team strive to mitigate concerns by sharing their industry expertise and emphasising that maintaining the status quo is a riskier strategy than embracing change.
SaaScada stands as a transformative force in banking, advocating innovation and inclusivity in financial services worldwide.
