Case Study: Paragon Bank drives savings growth with OutSystems

Paragon Bank launches Spring in 6 months with OutSystems

Paragon Bank, a UK-based savings and lending bank, identified a market opportunity where over £500 billion sat idle in low-interest consumer accounts. To disrupt this stagnant savings market and achieve its strategic goals of digitalization and growth, the bank partnered with OutSystems to build a new digital solution.

Using the OutSystems platform, Paragon developed Spring, a mobile-first savings companion app. The solution leveraged Open Banking to create a seamless user experience for transferring money into high-yield accounts. The results were significant, with the app attracting thousands of customers and millions in deposits within months, achieving a 4.8/5 Trustpilot rating and accelerating Paragon's deposit growth. OutSystems provided the highly available and resilient platform that was key to this successful digitalization strategy.

Paragon Bank