Client Objectives

A newly established Middle Eastern neo bank wanted to create a digital bank that made the full range of retail and SME banking service available, from the start, to the underbanked population. In the midst of applying for a banking license and building the team, the bank realized this was more complex than they envisioned. They enlisted Fincog’s help to manage the process from A to Z.


When we joined, a variety of key initiatives were already underway (i.e., the regulatory application, choosing an IT partner, proposition design, core team selection and more). Yet there was no clear overview of interdependencies. So our first move was to assess what was underway and what still needed to happen to create this digital bank.

Next we created a workplan that included all timelines, identified owners of the various workstreams and clearly outlined governance for the management. Along with establishing the Project Management Office, we put into practice weekly updates and status reports with all workstream owners. As ad-hoc challenges regularly surfaced during implementation, we continued to detail the proposition and operating model throughout.

We also guided both the selection and management of the IT development partner. Using a structured approach, we first defined the business requirements and selection criteria before choosing. From onboarding to completion, we worked closely with the chosen IT partner to ensure a timely delivery that was on budget and in line with stated requirements.


With our implementation support the client was able to establish the bank in one year’s time without exceeding their budget. The foundation we provided allowed the neo bank to enter the market as the first regional challenger while helping them successfully tap into the sizeable underbanked market.

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