illimity & MongoDB: Revolutionary yet Reliable
September 21, 2020 | Updated: May 4, 2022
There’s a new paradigm bank in Italy called illimity.
Founded in 2018 by Corrado Passera, the former CEO of Intesa Sanpaolo, it stands for change.
It’s the country’s first cloud-native, digital bank.
It means it can provide the latest mobile services at an incredible speed. And it's the reason why illimity can combine reliable customer experience with new modern features.
Over 37,000 customers have opened accounts and use its personalised product range.
It's a single platform that uses a true open banking approach. It means illimity can integrate different services to share intelligent recommendations with customers.
This level of innovation could only happen by rethinking the norm.
To build a scalable application infrastructure capable of this growth, the team needed a modern and scalable database. One that would allow them to build a single view of all its customers.
illimity started to build its entire organization and technical architecture from scratch. It did so on the global cloud database service, MongoDB Atlas on Microsoft Azure. For the first time, the team could focus on building applications rather than database operations.
The banking revolution had begun.
A shared belief for innovation
"We were very much aware of MongoDB Atlas and its competitors," said Renzo Rognoni, Team Leader Data & Analytics at illimity.
"After a stringent evaluation, lasting three months, we chose MongoDB because its technology is revolutionary yet reliable," said Filipe Teixeira, CIO of illimity.
"It’s a true game changer, as we strive to be, and works well for the relatively small size of our IT department," said Teixeira. "Our main objective was to find a partner able to deliver an innovative data management solution and anticipate the needs of our customers. MongoDB has set itself apart from the field. They are an excellent partner in terms of research, development and maturity,” added Teixeira.
People + Innovative Technology = success
“Today, MongoDB Atlas is offering illimity ease of use, flexibility, and the scalability we need,” said Rognoni.
“Our staff devote significantly less time to database management. Access to information is easy and immediate. The cloud hosting on Microsoft Azure allows us to look at growth without worry. All of this in compliance with the strictest data security and privacy standards.”
At illimity, MongoDB Atlas is being used to build a 360-degree single view to improve customer experience, fight fraud and comply with the GDPR. The key innovations include:
Internet & Mobile Banking
MongoDB Atlas has reduced delivery times of both internet and mobile banking apps.
"In a year, from October 2018, we went live with our internet and banking apps — all starting from scratch," said Rognoni. "In the banking world, these projects usually take years."
ACID transactions made it easier to design and build apps requiring the highest levels of data integrity and correctness. Today, end users can use strong consistency: the most up to date data anytime, anywhere.
Security & Compliance
Next and most important is security and compliance. Continuous backups, high availability across multiple regions, and detailed audit logs in MongoDB Atlas let the bank track operations in real-time. It ensures quality and safe service at all times, anywhere in the world.
This new single view in MongoDB Atlas helps identify new customer opportunities and eliminate risks.
MongoDB Atlas is also used with NPLs (or non-performing loans). It’s a loan where the borrower has defaulted and scheduled payments aren’t made. These are sold by several banks and extracted from many different legacy systems.
In Atlas, MongoDB’s expressive query language, indexing, and aggregation capabilities make it possible to find and filter the data, no matter how illimity needs to access it. It reduces the time teams spend looking for insights. Teams no longer need proprietary software and hardware — making the NPL projects less expensive.
Finally, MongoDB Atlas plays a big part in credit acquisition. It’s where banks take back fees other than interest — usually for refinancing or changing a loan.
These activities normally need months of calculations. Now with a central repository and real-time analytics in MongoDB Atlas, illimity can better navigate data and pull results in just days.
MongoDB has set itself apart from the field. They are an excellent partner in terms of research, development and maturity.Filipe Teixeira, CIO, illimity
The revolution continues in this data-centric future.
"If we want to continue playing the role of game changers, we must follow the development of digital technology day by day," said Rognoni.
"The MongoDB roadmap is interesting and stimulating. It will enable the technology to remain top of the class in its segment, and even more so with MongoDB Atlas".
"We have also taken advantage of MongoDB's consultancy offerings. We will continue to do so to brainstorm, innovate, and enhance the human capital that is at the center of our project".
In illimity’s case, the revolution has only just begun. Its ambitions are high and there is plenty of work to do. Already it is changing the Italian banking industry and leading the cloud race.
Today, MongoDB Atlas’ single view platform continues to pull in illimity’s disparate data sources into one location. It can all be easily accessed, managed, and audited by staff or regulators, wherever they are.
It saves time, money, and regulatory headaches. Now teams can instantly see customer's interactions and provide the reliable service they expect.
So as the revolution grows, watch this space. illimity is moving at an incredible speed and being both revolutionary and reliable is hard to emulate.
Ready to get started? Sign up for MongoDB Atlas today.