How they describe themselves: The technology underlying our banking systems is decaying. It is expensive to run, unreliable, outdated and bank customers never get anything like the quality and richness of service they deserve. Thought Machine is changing all this. With a world class engineering team with the CEO, CTO and CIO all ex-Google and expert in cloud computing, we are creating the banks of the future on Vault.
How they describe their product/innovation: Thought Machine’s core banking product called Vault creates banks that run in the cloud. It provides secure, fast, reliable end to end banking systems, capable of managing users, accounts, savings, loans, mortgages and more sophisticated financial products. Vault is completely flexible with smart contracts that are used to create bank products. Vault runs as Software as a Service, so a bank can scale from one customer to tens of millions without having to incur any hard costs.
Product distribution strategy: Direct to Business (B2B), through financial institutions