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Banking transformation: „General Financing bankas“

Blog postby Eelco-Jan Boonstra
3 min read

UAB „General Financing“ has been a well established name in Lithuania for more than a decade, offering consumer credit and leasing services since 2005. With a loan portfolio of more than 70 million euros, they have become a market leader known for their focus on customer needs and excellent service.

To increase growth and provide even better service to their customers, UAB „General Financing“ became a bank under the new name of General Financing bankasnow adding deposits to its portfolio.

General Financing bankas Logo

The idea began three years ago in 2017, when Lithuania created conditions for specialised banks. These conditions establish a favorable environment for Lithuanian and foreign start-ups seeking to provide various financial services in the European Economic Area.

Building a portfolio of specialised banking services allows „General Financing bankas“ to offer their customers a wider range of services. As one of the first banks in Lithuania granted a specialised bank license, „General Financing bankas“ is an innovator, contributing to a changing banking landscape in Lithuania and across Europe.

But transformation doesn’t happen overnight. There were a number of challenges: navigating the labyrinths of Lithuanian and European legal acts, managing compliance throughout the organisation and building a future-ready tech stack to enable growth.

Reliable and result-oriented partners have been critical to our transformation.
Julija Markina-ČepienėHead of Internal Audit Service and Banking Project Coordinator

For a modern bank, the ecosystem is a critical success factor. It brings the key elements of digital banking – cloud, big data, and open APIs – together to build an excellent customer experience. The challenge in banking transformation is integrating legacy systems with the digital ecosystem.

"The most difficult and probably the biggest challenge was that we have one IT team that had to support the systems developed over fifteen years and create new ones that the bank needs," says Vygandas Jonušas, Director of the Information Technology Department of „General Financing bankas“.

Fortunately, Mambu’s cloud-native banking platform has allowed „General Financing bankas“ to build a best-for-purpose agile and scalable architecture to progressively change their systems. The quick and flexible assembly of independent systems on a cloud platform gives them the ability to build intuitive, responsive features that can be easily and continuously updated.

For example, in order to launch banking activity, it was critical to connect to CENTROlink, the payment system designed and managed by the Bank of Lithuania, that provides the gateway to the Single Euro Payments Area (SEPA). Close cooperation between all three parties, Mambu, Inventi and „General Financing bankas“, guaranteed that the usual complex process was rather straightforward and cost-effective.

Mambu has helped us create an agile and scalable banking platform that empowers us to grow and provide the best range of services to our customers.
Vygandas JonušasDirector of the Information Technology Department

The future is a moving target

Now that „General Financing bankas“ has launched and reached an important milestone in their transformation, they continue building for constant change and the evolving needs of their customers. Their plans for the next 2 to 3 years are to create the greatest possible added value for their customers and continue building new products and services to meet customer needs.

Eelco-Jan Boonstra

Accomplished sales leader experienced in building teams & driving business, Eelco-Jan draws on 20+ years of experience in technology to lead the rapidly growing EMEA team focusing on harnessing momentum in region, supporting the team to grow wins, broadening the partner ecosystem & manage key relationships.

Eelco-Jan Boonstra