Mambu celebrates latest digital banking triumph in Australia

SaaS banking fintech Mambu is hailing a new milestone in Australia, having welcomed on board the 10th well-known financial services provider to become a Mambu customer.

Mambu now boasts clients in Australia including Commonwealth Bank of Australia, Bluestone Home Loans, and Nimble. It is the latest milestone for the company, which has previously partnered with high-profile collaborators like Visa and, at the end of 2021, recorded a valuation of US$5.5bn.

The Dutch fintech’s success in Australia reflects the opportunity that digital banking represents domestically, with 98.9% of banking interactions in the country now taking place digitally, according to the Australian Banking Association (ABA). This figure includes a 21% increase in online banking interactions, a 31% increase in app interactions and a 46% decline in branch interactions.

Indeed, the shift is partly motivated by the fact that Australian customers are more satisfied with digital banking channels, like websites and apps, than they are with in-person banking. In response, the ABA says, banks have considerably increased their expenditure on technology – from US$3.5bn in 2005 to US$28.5bn today – in order to capitalise.

Mambu's success comes almost two months to the day since it appointed a new CEO to lead the business into the future: former Amazon software developer and Microsoft programme manager Fernando Zandona.

Australia an ‘incredibly important market’ for Mambu

“Australia is an incredibly important market for us, as is the wider Asia Pacific region,” Zandona says. “We’re proud of the strong foundation we’ve built here, and are genuinely excited about the potential for growth and positive change within the Australian financial services industry.

“As digital banking matures in Australia and the understanding of the benefits of cloud grows, we want to continue expanding our reach to partner with and support even more pioneering financial service providers in Australia and the broader Asia Pacific region. With the impact of the Consumer Data Right (CDR) finally being felt, digital transformation has moved up to the top of the agenda for many organisations, and Mambu is in prime position to assist those financial institutions ready to make the digital leap.”

Peter Haviland from non-bank specialist lender Angle Finance, which is one of Mambu’s long-term customers, says: “Our innovative lending platform specialising in finance for commercial vehicles and equipment has been powered by Mambu for many years now, and we are constantly amazed at the new and exciting features we can add to our platform thanks to Mambu’s next-gen technology.

“We know we can trust in the safety, security and speed of the Mambu platform, freeing up our resources internally to focus on the business of serving our customers.”

Financial institutions need to ‘lean and agile’

Zandona continues: “As digital transformation ramps up in Australia, the most important factor that financial institutions must be aware of is retaining the ability to respond swiftly to changing conditions, and not become mired in additional tech debt. In order to remain agile and be able to operate on a lean budget, financial institutions in Australia are increasingly partnering with high-performing fintechs like Mambu to find better and faster ways to meet their customers’ expectations.

“We predict that this collaborative approach will continue to grow in popularity, as it has done in other parts of the world. There is simply no turning back for the financial services industry in Australia – the future is digital, and if a bank, lender or financial service provider doesn’t have a digital transformation strategy mapped out then they will soon be left behind.”

Zandona says he is excited by the pace of digital banking adoption within Australia, and is now looking ahead to welcoming more of the country’s banks and financial institutions into the Mambu fold.

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