OneConnect Powers Digital Transformation for Banks with Launch of New Gamma Core Banking System

SHENZHEN, China, Nov. 24, 2021 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) ("OneConnect"), a leading technology-as-a-service platform for financial institutions and an associate of Ping An Group, has today released Gamma Core, its latest core banking system for financial institutions. Gamma Core is designed to help banks undergo a complete top-to-bottom digital restructuring in order to upgrade their underlying architecture, business processes and core systems.

Gamma Core is underpinned by the concept of three "ones", the first of which is one bank for all customers. Under this system, banks adopt a customer-centric approach where different customers are grouped into clustered Digital Services Unit (DSU) server nodes such as retail customers or enterprise clients. Using these clusters, banks will gain the capabilities necessary to provide unique and tailored product innovations for each group, while still consolidating all its customers into a single bank for everyone.

"The bank of the future needs to be more customer-centric than ever to help clients meet their personalized financial needs and access better services at any time and location. Digitalization, intelligence and transparency are fundamental pillars of the new digital economy, and banks seeking to thrive in the future will need to embrace these ideas within their core systems," said Li Jie, Chief Technology Officer of OneConnect.

The second "one" refers to the RMB 1 single account operating cost. With a fully distributed design, flexible resource allocation based on customer value, and low-cost servers, Gamma Core significantly reduces operation and maintenance costs and streamlines efficiency. And Gamma Core's third "one" promises that only 1 percent of transactions will require human intervention as a result of intelligent distribution via a smart display engine; intelligent risk control based on a smart analysis engine; and intelligent governance under the smart search engine.

The large-scale emergence of fast, intelligent, user-friendly, digital, cashless and contactless finance is revolutionizing the banking industry. By 2024, the digital transformation market for Chinese financial institutions is expected to exceed RMB 400 billion (US$ 62.6 billion). As a FinTech industry pioneer, OneConnect is a strong advocate for the digital economy and believes that in three to five years online business, digitalization, intelligence and transparency will shape the future of banking.

However, traditional banks risk being left behind in terms of digital strategy, operation and execution. A McKinsey survey of nearly 30 leading banks around the world found that when banks build digital businesses, they must first establish a customer-oriented, channel-focused and agile core IT infrastructure system to support their efforts.

In response to these trends, Gamma Core was created with a vision to accelerate the industry's development and transformation, and to help banks upgrade their core systems, empowering them with the capabilities and assistance needed to achieve financial growth.

"We are excited to start this new journey with Gamma Core to drive sustainable growth which will see us continuing to dive deeper into the financial industry with the most cutting-edge technology, extensive experience and profound understanding of the industry," said Shen Chongfeng, CEO of OneConnect. "We hope our Gamma One Bank Platform becomes the wing of technology innovation that better fuels financial institutions' digital transformation and takes the quality of customer service and internal management to the next level."

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About OneConnect Financial Technology

OneConnect Financial Technology Co. Ltd. is a technology-as-a-service platform for financial institutions. The Company is a Chinese national high-tech enterprise and was listed on the New York Stock Exchange in 2019 (NYSE: OCFT). The Company integrates extensive financial services industry expertise with market-leading technology to provide technology applications and technology-enabled business solutions to financial institutions. The Company's solutions enable its customers' digital transformations, which help them to improve efficiency, enhance service quality, and reduce costs and risks.

OneConnect is an associate of Ping An Group. By leveraging Ping An Group's over 30 years of extensive experience in financial services, the Company has established long-term cooperation with financial institutions to addresses their needs of digital transformation. The integrated solutions and platform the Company provide include digital retail banking solutions, digital commercial banking solutions, digital insurance solutions and the Gamma Platform, which is a technology infrastructure platform for financial institutions. The Company has also expanded its services to government, regulatory and enterprises to support the digital transformation of the financial services ecosystem. In addition, the Company has successfully exported "Made in China" technology solutions to overseas financial institutions. The Company has served 100+ customers in 20 countries and regions mainly in Southeast Asia.

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SOURCE OneConnect