FinTech Report Podcast: Episode 22: Interview with Paul Apolony, Mambu

Competition for “fast” banks is here for all banks, says Mambu

Visit here to listen to the podcast.

The main points of the podcast:

  • Mambu is a market-leading cloud banking platform. Launched in Berlin in 2011, Mambu is now operating globally. The December 2021 Series E funding round raised an additional € 235 million, bringing the total valuation to € 4.9 billion (“Double Unicorn” status).
  • Mambu provides the technical foundation (SaaS-based cloud-native banking platform) for banks, financial services providers, and other fintechs to launch innovative digital banking products and services.
  • Think of the Mambu platform as a car engine. It provides a strong core for digital banks and allows other providers and services to “plug” into the platform via open APIs, allowing customers to build digital banks or digital products.Their customers want
  • Hundreds of customers around the world have used the Mambu platform to launch some of the most innovative and advanced banking products and brands they have ever seen.Full Digital Banks Banks, Traditional Bank Digital Arms, Payment Providers, ewallets, Lenders, BNPL – Any financial product or service you can think of can be built with Mambu
  • Mambu’s cloud core banking platform replaces the expensive and monolithic legacy core banking technology stack. Cloud-native and soon cloud-independent (Google Cloud, AWS, Microsoft Azure,)
  • In Australia, and in fact many banks around the world, the legacy technology stack is nearing the end of its life cycle. This on-premises core banking technology is expensive and time consuming to implement and very time consuming to update and change. This is especially noticeable in mutual / customer-owned banking spaces. Cloud native cores like Mambu bring speed, agility and flexibility. In short, traditional old school banks can start operating like a nimble fintech, launch new products in weeks instead of years, and meet changing consumer expectations on the fly.
  • Companies can launch an entire digital bank or launch a specific digital product with Mambu
  • A common and effective way to move to digital is to phase out individual components within a bank’s existing technology stack. This reduces the risk of a rapid “ripping and replacement” approach and allows banks to take their customers on a journey.

What is the situation in Mambu, Australia?

  • AU Entity Mambu Australia Pty Ltd Established in January 2022
  • Aggressive Recruitment – ​​The current team is 22 FTEs from Syd, Mel, Bris and Per.
  • Leveraging Mambu’s experience in Europe, England and APAC, he started running here in Australia
  • For current AU customers, (very) Recently announced Commonwealth Bank of AustraliaFinTech such as Shaype (formerly Hay), ADI such as Tyro, Lumi, Bluestone, Prospa, Nimble and other creditors.

What is “Composable Banking”? Why is it gaining momentum?

  • Mambu coined the phrase “composable banking” over a decade ago. Recently featured by competitors in the field of cloud core banking. This is a compliment.
  • Composable banking is the rapid and flexible assembly of the optimal system for independent purposes.
  • Mambu is currently talking to customers and prospects about “Race to high speed.” With Mambu, organizations can grow quickly, flexibly, and cost-effectively to meet the growing demands they face every day.
  • Customers can create a modern financial experience by placing Mambu’s powerful engine at the core of their financial architecture, configuring it as needed, and then adding any number of services connected via open APIs. I can do it.
  • Clear and transparent SaaS pricing model with no vendor lock-in
  • The “composable” approach gives banks and financial services providers the flexibility to do business and make quick changes as needed. You may need to enter a new market, start a new greenfield operation, start a digital spin-off, or completely replace your core banking system.
  • The configurable approach also relies heavily on the FinTech ecosystem. There is a connected web of market-leading vendors, all seamlessly connected to the Mambu platform.
  • Mambu provides access to a complete suite of components that can be selected and assembled in an infinite number of combinations, easily exchanging, exchanging, or reconstructing independent elements to create a new and innovative financial experience. Has a function
  • More than 360 ecosystem partners in Asia Pacific alone
  • The configurable approach is also evolving, supporting daily updates and continuous delivery of financial services with no downtime.
  • Mambu’s platform is infinitely scalable, cost effective and flexible. This is all the characteristics not currently found in legacy core banking systems and allows for fast competition.

What is the impact of new technologies on the customer experience?

  • Next-generation banking is all about the customer experience. What do customers want, when they want it, and how do they want to access it? The banks and financial services providers with which Mambu works are all ultimately customer-centric, and Mambu provides a flexible, “always on” financial services experience.
  • Hyperpersonalization is a new digital financial service that brings together technologies such as AI, data analytics, and machine learning to provide personalized services that banks have never, or perhaps willingly, been able to offer. It’s a big advantage.
  • All of this technology not only speeds up end-customer banking, but also reduces the likelihood of human error and improves reliability.
  • Mambu Australia is working with two SME lenders, Prospa and Lumi, who can develop a very rapid application process and fund SMEs within 24 hours. This is in stark contrast to the documentary, week-old application process, which proves to be very important as Australia’s economy continues to recover from Covid.
  • There are also more lenders offering mortgages, such as CBA’s Unloan and Bluestone Mortgages, which take only 10 minutes to apply, have lower fees, and have much lower management requirements.
  • The future of banks is driven by technology, and Mambu is excited to be at the center of it.

FinTech Report Podcast: Episode 22: Interview with Paul Apolony, Mambu

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