News

audax and Tuum unite to fast-track digital transformation in banking

Wednesday 11 December 2024 11:49 CET | News

audax Financial Technology, a digital banking solutions provider, has joined forces with Tuum, a core banking platform provider, to accelerate digital transformation for financial institutions.

Initially focusing on the Middle East, the partnership aims to deliver digital banking capabilities, modernise core systems, and scale Banking-as-a-Service (BaaS) solutions. Plans are in place to expand these offerings to other regions.

audax and Tuum partner to accelerate digital banking transformation

With 80% of Middle Eastern banks prioritising digital transformation, this collaboration positions audax and Tuum as strategic partners for institutions looking to innovate and maintain a competitive edge. audax’s ability to launch digital banking solutions within six months, combined with Tuum’s modular, API-first architecture, enables financial institutions to modernise their operations with flexibility. The approach allows banks to implement specific modules without undertaking full system overhauls, minimising costs and risks while accelerating innovation.

Key benefits for financial institutions

The partnership between audax and Tuum helps financial institutions to:

  • Accelerate digital product launches: deploy new financial services, including fully digital banks, within six months.

  • Modernise systems: upgrade core banking infrastructure step-by-step, avoiding costly and high-risk full replacements.

  • Expand revenue opportunities with BaaS: scale BaaS models to diversify offerings and unlock new revenue streams.

Scaling financial innovation

The Middle East has emerged as a hotspot for digital-first banking, fueled by a tech-savvy demographic and one of the highest mobile penetration rates globally. A 2021 report by Backbase found that 89% of consumers in the region prefer digital banking channels over traditional branches, reflecting a growing demand for simple, real-time access to financial services. As mobile and internet penetration continues to rise – already surpassing 57% in several Gulf Cooperation Council (GCC) nations – the push for digital banking is becoming not just a preference but a necessity for financial institutions aiming to stay competitive.

By integrating audax’s digital banking expertise with Tuum’s configurable core banking platform, the partnership equips financial institutions to adapt to evolving market demands. Starting in the Middle East, audax and Tuum will extend their solutions globally, enabling banks to improve customer experiences, improve operational efficiency, and drive sustainable growth.

This collaboration underscores the importance of modular, scalable technologies in shaping the future of banking, allowing institutions to remain agile and competitive in a rapidly evolving industry.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, digital banking, financial institutions, BaaS, API
Categories: Banking & Fintech
Companies: audax, Tuum
Countries: Middle East
This article is part of category

Banking & Fintech

audax

|

Tuum

|
Discover all the Company news on audax and other articles related to audax in The Paypers News, Reports, and insights on the payments and fintech industry: