A report by McKinsey & Company highlights the challenges associated with large IT projects, which typically exceed budgets by 45%, run 7% over time, and deliver 56% less value than expected. These inefficiencies have led to significant annual losses for Australia's financial sector, impacting both established institutions and emerging fintech companies.
Kobble aims to tackle these issues by focusing on integration and adaptability, allowing banks, fintech firms, and retailers to expand their offerings without undertaking extensive infrastructure replacements.
According to Kobble, the financial industry faces obstacles at all levels. Established institutions often contend with outdated legacy systems that hinder innovation, while smaller fintechs and startups are constrained by limited resources and technical barriers. Projects aimed at modernisation frequently fail, resulting in wasted time, financial losses, and unmet customer expectations.
Kobble’s solutions cater to a range of financial entities, including large institutions and startups or smaller businesses. For large institutions, the platform helps modernise operations by improving existing system without requiring disruptive replacements. For smaller entities, it provides access to enterprise-grade tools that enable faster scaling and better competitiveness in the market.
Kobble’s platform features a suite of modular tools aimed at simplifying financial product development. These include card issuance, digital wallets, fraud and compliance tools, Embedded Financial services, and white-labelled applications.
The modular, API-driven platform allows businesses to launch products faster by leveraging pre-built workflows and scalable components. Kobble’s integrated compliance and security features further streamline operations, enabling companies to focus on meeting customer demands.
Kobble’s launch comes in the context of consumer demand for seamless digital experiences growing and competition within fintech intensifying. Past IT project failures in Australia’s financial sector have already cost hundreds of millions of dollars, underscoring the urgency for more efficient solutions.
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