GBC taps Thought Machine to modernise core banking system

Core Partnership and Strategy - General Bank of Canada (GBC) has partnered with Thought Machine to enhance its banking capabilities using modern cloud technology as part of its strategic plan [1] - The collaboration involves transitioning GBC's core banking product development to Thought Machine's cloud-based platform, Vault Core, to support GBC's long-term vision [1][2] Technological Advancements - Vault Core is recognized for its real-time architecture, enabling GBC to build and manage financial products efficiently, thus providing new operational capabilities [2] - The partnership aims to offer GBC a flexible infrastructure that supports its transformation strategy and drives innovation within the bank [2][3] Product Development and Market Positioning - GBC plans to deploy the Vault Core platform incrementally to enhance its bank-to-business-to-consumer (B2B2C) operations, allowing the bank to create and distribute innovative products through various channels and partners [3] - The technological transformation is expected to position GBC as a powerful market driver, leveraging a real-time product engine to deliver next-generation financial services rapidly [5] Industry Impact - GBC's collaboration with Thought Machine is seen as a catalyst for growth in an industry undergoing significant disruption, confirming GBC's status as a Schedule 1 bank that actively enables market change [4][5] - Thought Machine has a track record of serving global banks, focusing on developing scalable cloud technology, which further enhances GBC's competitive edge in the Canadian financial sector [5][6]