Germany’s oldest private bank, Berenberg, has started collaboration with Profinit. The partnership has already seen success with the Securities Workbench project. The collaboration targets the enhancement of digital banking experiences.
Berenberg, Germany’s oldest private bank, renowned for over 430 years of banking excellence and innovation, and Profinit, a leading Czech software development company known for its expertise in delivering high-quality software solutions to the banking sector, today announced the commencement of a strategic nearshore software development partnership. This collaboration combines Berenberg’s extensive history and financial expertise with Profinit’s bespoke software development capabilities and experience in banking environments.
The partnership already kicked off in September 2023 with the Securities Workbench project, which proved that the model of close agile remote collaboration is feasible. This initiative includes daily remote collaboration on the development of a new system that supports and largely automates the entire workflow in the private banking investment advisory process for the purchase/sale of securities. It encompasses analysis, prototyping, infrastructure building and process automation.
The partnership leverages Profinit’s strengths in delivering high-quality services at an affordable cost. Profinit’s strong track record in banking software development aligns perfectly with Berenberg’s commitment to excellence and innovation in financial services.
“Our partnership with Profinit represents a strategic alignment with our commitment to innovation and excellence in serving our clients. Through this collaboration, we are enhancing our capabilities to deliver superior financial solutions,” said Knut Jessen, Head of Global Technology at Berenberg.
“We are thrilled to partner with Berenberg, a bank with a rich history and a forward-looking approach to technology and banking services. This collaboration underscores our commitment to providing top-notch software development services in a nearshore mode and supports our mission to deliver exceptional value to our clients,” stated Pavel Jíhlavec, Chief Executive Officer at Profinit.
Nearshore software development partnerships have emerged as a strategic approach for businesses seeking to enhance their digital banking services and IT capabilities, particularly within Europe. This model combines the cost-effectiveness of outsourcing with the convenience of geographical proximity, allowing for improved collaboration, communication, and cultural alignment between the outsourcing company and the service provider.
Data from Eurostat shows that most outsourcing takes place within the European single market. 77% of EU companies sourcing abroad do so within the EU. The main reasons for this nearshoring preference are cultural and geographical proximity as well as the same legal and administrative environment. The COVID-19 pandemic significantly affected international sourcing, with many non-manufacturing companies switching to and partially staying in remote working mode. The main sectors driving outsourcing are manufacturing followed by ICT.