The relationship between banks and their customers has had its ups and downs. Gaps in trust and transparency paired with complex fee structures and limited accessibility have often left people unhappy with their banking experience. Yet a rise in innovation and financial technology (aka fintech) over recent years have led many customers to actually enjoy banking. New features like product recommendations, mobile deposits and easy money transfers are immediately available online and in your bank’s mobile app, and accessible from just about anywhere.
As consumers are connected more than ever before, we’ve come to expect fast, frictionless services at our fingertips. To meet this digital standard, banks are teaming up with third-party fintech partners to assemble a flexible and modern banking architecture. That is, the technical pieces and components that are stacked together to build a complete, full service bank.
What is it that these fintechs offer to banks? Key functions like user onboarding, credit decisioning and payment processing are often supplied by specialised technology vendors and plugged into a bank’s core system in order to expand its range of processes and customer offerings.
The power of cloud core banking
A bank’s core system is at the heart of it all – the central piece of it’s architecture. It is the back-end platform that processes the fundamental services of a bank like daily transactions, savings and financial records, and in which other systems can be connected to. Traditional core banking platforms, some dating back decades, were built with limited flexibility and an inability to quickly adapt for change. This makes it difficult to keep up with the fast-paced innovation needed in financial services today due to new customer expectations and increased competition.
Mambu’s core platform does things differently. We help banks rapidly deploy services using cloud-based technology. As a result our tools and services provide more capabilities and better scalability, while also helping to reduce key challenges for banks like risk, cost and time to market for new products.
To offer financial institutions the maximum amount of flexibility and agility, Mambu follows a unique approach to our core platform, something we call composable. Think of it like a set of legos. A bank can mix-and-match multiple pieces and functionalities needed to build a final product that is exactly how they want it.
The concept of composable enables a diverse network of specialised tech providers to connect with Mambu’s core platform through simple integrations and pre-built connectors. This creates a complete banking solution which can be changed and adapted anytime it’s needed, ensuring business and customer expectations can be efficiently met.
The end result is a bank that can cater to customers’ evolving needs and adapt for changes. With a cloud-native core platform like Mambu, banks access the freedom, agility and speed needed to keep up with consumers’ ever-changing demands.