UK-based unicorn cloud bank OakNorth powered by Mambu
OakNorth Bank, a fully authorized bank for SMEs, has selected Mambu's composable banking technology to develop an agile and flexible core engine that would allow it to more rapidly enter, and better meet the needs of its growing customer base.
UK-based OakNorth Bank is the first fully regulated European cloud-based bank serving SMEs and has a loan book of over £3 billion.
OakNorth is a bank for entrepreneurs by entrepreneurs and it aimed to provide credit responses 10 times faster than traditional institutions. To properly meet the needs of entrepreneurial growth businesses in the UK, they needed a radically different approach to customer service than what was available from traditional banks. This meant merging the best practices of commercial and retail banking with the technical flexibility and dexterity of an online digital disruptor.
OakNorth chose Mambu’s engine as the core of their digital architecture, for faster time-to-market, business agility, maximum flexibility and security, enabling them to rapidly bring new products to market. Mambu’s composable infrastructure and API enabled OakNorth to offer business loans with flexible terms to SMEs enabling their future growth.
What distinguished Mambu from other SaaS offerings available was the platform's composable architecture specifically built to be hosted in a public cloud environment, leveraging the computing and storage infrastructure offered by Amazon Web Services (AWS).
Following a fast and smooth implementation, OakNorth could focus on the front-end experience and to design truly customer-centric services, all with a level of agility unattainable with a traditional core banking system. The composable nature of Mambu's platform enabled OakNorth to make system changes rapidly, often in days rather than weeks, meaning they are able to adapt to the needs of customers and offer solutions where others cannot.