Red Hat, Inc. (NYSE:RHT), the world’s leading provider of open source solutions, today announced that it has worked with CYBG, owner of Clydesdale Bank, Yorkshire Bank, B and Virgin Money, to expand and standardise its digital banking efforts.
As a challenger to the UK’s big five banks, the combination of CYBG with Virgin Money seeks to disrupt the status quo in banking. The full-service Bank focuses on UK consumers and small and medium-sized enterprises (SMEs) and is seeking to take advantage of opportunities to expand its market share as payment, mortgage, and lending markets evolve. To achieve this goal, the Bank is launching new, innovative digital services more quickly than before.
As part of its digital transformation strategy, CYBG created a digital platform, called iB, in 2016 to challenge traditional banking services by transforming the way customers manage their money. The Bank invested in a common platform to unify its services, using a blend of microservices-based and traditional platform technologies.