With a growing customer base of hundreds of banks, Strands creates customizable money management software for top-tier financial institutions around the world.
Strands’s mission as a software company is applying its expertise in artificial intelligence and machine learning to revolutionize the banking experience.
The Barcelona-based company’s software platforms, such as Engager, enable banks to process huge amounts of information to build models for each customer, based on transactions, balances, and the customer’s input. Those models provide insights to help people make better decisions about their money, and about using the right financial products.
The result: Happy customers who more effectively use the bank’s services, thus boosting the financial institution’s core business and improving its bottom line.
The room for growth is enormous—35,000 financial institutions can use our software. How to get to them? By distributing our technology in the cloud, as software as a service.Erik Brieva, CEO, Strands
Strands sees enormous opportunity for growth. While the company has 700 customers today for its fintech platforms, the potential market includes 35,000 institutions. Key to expansion is Strands’s aggressive use of the cloud to run its artificial intelligence-based platform, which it now offers as software as a service, in addition to its traditional on-site systems running in a bank’s own data center.
An essential piece of the company's SaaS platform is Oracle Autonomous Transaction Processing running on Oracle Cloud Infrastructure. The database stores the vast quantities of data required to build, tune, and deploy machine-learning models. Strands also uses containers to rapidly onboard new customers, leveraging Oracle Container Engine for Kubernetes to manage those containers.
Strands's SaaS solution requires less effort for its customers to implement and integrate with digital banking than its previous on-premise software. This means banks can launch the service and get the capability in front of customers much faster.
Oracle Autonomous Database
Strands's operating costs decreased by 15 percent using Oracle Autonomous Database running on Oracle Cloud Infrastructure.