“Banks have not kept up and are marooned on their own tech, and as each year goes by, it comes more problematic,” noted Taylor. In the case of neobanks, Thought Machine’s pitch is that it has already built the rails to run a banking service, so a startup — “new challengers like Monzo and Revolut that are creating quite a lot of disruption in the market” (and are growing very quickly as a result) — can integrate into these to get off the ground more quickly and handle scaling with less complexity (and lower costs).

https://techcrunch.com/2020/03/01/thought-machine-nabs-83m-for-a-cloud-based-platform-that-powers-banking-services/