Today, we are thrilled to talk about a very unique and exciting product, Nomo Bank, one we've dedicated nearly four years to developing and evolving. Nomo stands as the first Sharia-compliant mobile banking platform created entirely remotely from the ground up. The scale and complexity of this undertaking are immense, and we're excited to share our journey with you.
In November 2020, during a globally challenging time, we partnered with BLME and Nomo to bring this innovative product to life. This partnership is a testament to the hard work, resilience, and collaborative spirit that drove us forward.
Our engineering team is dispersed across the globe, including locations such as the UK, US, France, Italy, Portugal, UAE, and wherever the wind took us (one of us is a sailor!). This diverse and widespread team leveraged the advantages of remote work to bring together a wide range of expertise and perspectives.
Efficiency and Scalability
To maximise efficiency during the project's early stages, we made strategic choices in our technology stack that allowed for faster iterations and reduced reliance on a large DevOps team. Collaborative decisions ensured that we could scale effectively as the company grew.
With emphasis on maximising reusability we leveraged modern, API-first technology solutions and stitched these together into an event-driven, modular, component-based platform ecosystem. From day one, the focus was on building a highly flexible and scalable platform using open architecture principles, ensuring robust backends and light, customer-friendly frontends.
The platform has continued to evolve with containerised workloads and orchestration tools, further de-risking the delivery processes and improving testability and efficient deployment of new features.
Core Banking Services
Core banking services are the foundation of any bank's operations. Together with a strong engineering team at Nomo, we designed and implemented a robust banking system, integrating necessary compliance and security measures to enhance operations. Our efforts also included enabling swift (no pun intended!) and efficient banking services for Nomo's customers.
Onboarding and Security
Customer onboarding is critical for satisfaction and retention, especially for a digital bank catering to high net worth individuals. Robust authentication mechanisms were built and strong customer authentication to safeguard user accounts. It was paramount to establish stringent cybersecurity measures to prevent abuse, ensuring a secure user experience.
Comprehensive Know Your Customer (KYC) processes, including ID verification, address validation, and screening, were integrated; and enhanced due diligence was conducted to mitigate risks and ensure compliance with financial regulations. This holistic approach improved user trust and streamlined Nomo's operations.
A Cutting-Edge Mobile Platform
As a mobile-first digital bank, developing an advanced mobile platform was paramount. Initially spearheading the development of Nomo's iOS app, we subsequently led the creation of a comprehensive mobile platform for both iOS and Android. Continuous integration and deployment pipelines were refined, ensuring quick and reliable updates with minimal disruption and careful planning on architecture, state management, and security, ensuring a seamless user experience.
Significant effort was dedicated to developing a multi-brand offering, formulating an architecture that allowed rapid and cost-effective development of partner apps, further extending Nomo's reach and capabilities.
The Nomo Team
None of this would have been possible without the incredible people at Nomo Fintech. Their vision, collaboration, and unwavering commitment were instrumental in bringing Nomo Bank to life. It has been a privilege to work with such a talented and dedicated team, and we look forward to future collaborations.
Nomo Bank remains close to our hearts as a symbol of innovation, collaboration, and resilience. We are proud of what we have accomplished and excited for the future of Nomo Bank.
While this was not our first venture into fintech, creating a Sharia-compliant product was a unique and fulfilling experience. Our successes at Nomo is a result of the dedication and expertise of our very talented engineers. We leave you with some snapshots of a few of us behind the scenes.