US neobank HMBradley picks Thought Machine for core banking tech
HMBradley, a US digital banking platform, has selected Thought Machine for its core banking tech.
It will utilise the vendor’s cloud-native core banking platform Vault Core to power its services. The neobank says the move has enabled it to open its waitlist and allow customers to create new accounts for the first time in 16 months. New York Community Bank (NYCB), a division of Flagstar Bank, will maintain customer deposits on behalf of HMBradley.
Through the partnership, HMBradley says it will be able to offer customers a personalised banking experience with tailored product offerings and better financial insights.
Zach Bruhnke, CEO and co-founder of HMBradley, says the company will also benefit from faster time to market for products and services, and can now “quickly create and build the products we’ve imagined”.
HMBradley was founded in 2019 and is based in Los Angeles, California. It was built to reward customers “for developing sound financial habits”.
The fintech start-up claims it has been able to boost customer deposits “significantly faster” than most fintechs and financial institutions by allowing customers to set their annual percentage yield (APY) on their accounts each month, based on savings and spending habits.