Digital financial ecosystems have come a long way since being an extremely niche industry a couple of years back. Major organizations like Solarisbank were now on the brink of creating a new financial world where traditional concepts meet the benefits of the digital sphere.
Just recently, Berlin-based Solarisbank revealed that they would be expanding to several European regions by the end of 2021. This growth was synonymous with the growing adoption rate of the digital economy around the world.
Solarisbank chief executive Roland Folz claimed that the move to other countries was an important step in terms of global acceptance. The organization was also the first bank in Germany to shift toa completely cloud-based system. Solarisbank first shot to fame for its “banking as service” model which drew in some big names from the tech industry.
Samsung remains one of Solarisbank’s largest clients with the South Korean bigwig using the former’s technology for Samsung Pay transfers. The rapid rate of capital movement can be handled by Solarisbank now because of the movement from traditional architecture to Amazon Web Services [AWS]. All of Solarisbank’s core systems were moved to the web hosting service within a year of the company’s launch.
The expansion announcement was considered a major landmark in Solarisbank’s history with Mr. Folz adding:
“We want to grow with our existing partners and ensure that they can spread their business and value proposition across Europe. The ambition level could be higher. The opportunity is there to build a substantial financial powerhouse for any of the big techs out there.”
Samsung’s reach in the global technology sphere contributes to a major portion of Solarisbank’s growth. Statistics showed that there are over 80 million Samsung mobile devices present in Europe, a staggeringly large playing field. Even grabbing a small percentage of this market share would give Solarisbank;’s the major foothold it needs in the continent. This tactic could also help Solarisbank grab a larger piece of the bank account’s pie, a number rising rapidly daily.