PaymentGenes is extremely proud to announce its partnership with Mambu. PaymentGenes will offer Mambu’s customers with a selection of payments and card issuing solutions, card scheme membership or regulatory license applications towards product design and a certified implementation. Check out our interview with Michel Breeuwer, General Manager Benelux at Mambu, to learn more about how customers can benefit from this strategic partnership.
SaaS. Cloud native. API-driven. These all describe our market-leading banking and financial services platform. It was inspired by a university project the three founders worked on which focussed on uncovering the needs of microfinance organizations in Angola and Mozambique and how technology could be used to support their operations. The aim was to find ways that technology can help enable organizations to increase access to finance faster and cheaper. They saw the opportunity and solution offered by cloud - and built on that idea, changing the banking space. Mambu launched in 2011 and is now the global market leader in SaaS banking enabling financial institutions to embrace composable banking and focus on what truly matters: being customer centric, offering customers the best possible services and products.
"We enable financial institutions to transform and renovate their architecture fraction by fraction."
At the heart of every financial institution you will find a core banking system. It is the back-end system that enables financial institutions to cre- ate financial products such as loans and deposits. Next to creating these products, the system functions as the system of record for the account balances, transactions and account- ing related to the financial products. Mambu’s platform is versatile to be used by banks, retailers and telcos- basically any company with a financial offering - but we do things differently. We take a composable approach.
Composable banking is an approach that allows financial service providers to compose the banking experience best suited for them without being tied to a specific vendor, product or technology. The financial services industry is evolving. changing market conditions, customer expectations, and regulations result on the business models of existing financial institutions. For that reason many institutions are asking themselves: does my current system and way of structuring the IT landscape allow me to embrace all of these changes now and in the future? The solution for this is composable banking. Composable banking is the approach for banks to embrace change, it is the approach to design and deliver financial services based on the rapid and flexible assembly of independent, best-for-purpose systems. This approach enables financial institutions to achieve synergy benefits, maintain flexibility and build customer journeys tailored to their own vision and more importantly the ever changing specific needs of their customers. Our SaaS platform enables composable banking.
Changing market conditions, customer expectations, and regulations result in more pressure
A good use case is from New10, the digital spinoff from ABN AMRO who was one of the early adopters of Mambu’s platform solution. By embracing the cloud and a SaaS core, they were able to rapidly onboard new users that were not existing customers of ABN AMRO. Drastically reducing the onboarding time allowed New10 to quickly tap into a new group of customers such as SMEs. The entire project also went from concept to launch in just 10 months and showed customer results quickly. If you look at this timeline, you can see that composable banking enables a different way of doing transformations. Another example would be reduced risk and time to market. Amsterdam Trade Bank was able to launch their MVP in only 52 days and now has real-time risk dashboards to mitigate all kinds of risks. A last example would be cost reduction, where Tyme Bank in South Africa reduced its platform cost by 50% after implementing Mambu.
As previously mentioned, financial institutions need to be able to keep up with change, become truly customer centric, embrace synergy benefits by integrating best of breed solutions, and remain flexible, there is one more thing I would like to highlight around incremental transformations. When many banks think about a transformation, they think about the big bang transformation. So multi-year projects with negative ROIs, and the moment that you then finally realize your project, the metrics that you were measuring likely became obsolete because the market is constantly changing. We let financial institutions choose their approach and “renovate” their architecture section by section. With Mambu, financial institutions embrace lean implementation models, reduce their risk, increase their ROI, iterate and make decisions based on data, and apply a continuous improvement mindset rather than trying to do a big bang migration every 10 years.
Open banking allows for innovation and customisation in scenarios that institutions cannot possibly predict yet. More opportunities to differentiate. This is the time to personalise services, which is becoming the new norm. As an API-driven SaaS core banking platform, Mambu is uniquely positioned to support financial institutions with our open banking ambitions
“Personalised services are becoming the new norm.”
I believe that open banking is a term misunderstood or unknown by many consumers. We wanted to get better insight into how people view and use open banking today so we conducted consumer research Our conclusion, based on input from 2,000 global banking customers, is that open banking hasn’t delivered what it promised. Yes, open banking is being used, and yes, there are advantages. But has it fully delivered on the potential to optimise how consumers move, manage and make the most of their money? We’re saying no. Not yet. In this consumer research we also dive into the specifics of what financial institutions can do to improve the fact that open banking is still not delivering what it has promised.
With PaymentGenes being an internationally recognized consulting and recruitment service partner to the fintech and payments industry, I see great opportunity for both companies to help non-financial institutions who want to enter the financial services industry - such as the larger retailers and ecommerce organisations. Next to that PSPs who want to become an EMI or even a bank, but also other greenfield and transformational banking projects can benefit from our partnership.
Michel is General Manager Benelux at Mambu with 10 years of experience and a strong track-record in consulting and business development within the financial services industry. Motivated by helping financial institutions create more value for their customers with flexible and scalable solutions, he leads growth and drives execution in the Benelux region.
The PaymentGenes FinTech magazine & "Voices In Payments" Podcast are initiatives to positively impact the payments community, by educating and connecting the market with vertical-specific industry expertise.
PaymentGenes Empowers Business growth by providing expertise-driven Recruitment, Contracting, Consultancy Services. These services all resolve and intersect around payments. Get in touch and learn more about how we can help your business here.
The Q2-2021 issue of the Payments and FinTech magazine is here! This edition provides you with insights on the hottest trends and developments in 2021 for FinTech. You can read about: Open Banking by Tink, Adverse News Monitoring by Owlin, the FinTech Outlook by G+D, SaaS by Mambu, Card Issuing by Enfuce, our hottest FinTech jobs, and don’t miss a special announcement about Season 2 of the Voices In Payments Podcast Series!
True entrepreneurship always starts with an idea that solves an actual problem. For a Fintech this could be creating smooth onboarding to banking services, or to reduce fees connected with credit. All done with digital savviness and a strong vision. But it’s important to recognize that there is no way of shortcutting the banking process with its regulations and needs for controls and checks. And as Fintechs grow from entrepreneurial ideas to customer-facing offerings, a sustainable partner strategy is the silver bullet to success!
To say that 2020 was a transformative year would be putting it mildly. The ongoing pandemic has prompted profound changes in the way we live, work, spend and socialise — with prolonged social distancing restrictions meaning that many aspects of our lives have moved online in the past 12 months.