Composable banking enables financial institutions to create a financial infrastructure from interchangeable building blocks. As this solution requires a multi-vendor approach, it is mistakenly assumed that composable impacts business resilience. In fact, it is quite the opposite.
With many solution vendors in each functional domain, you can easily select your best-for-purpose solution. API-first SaaS platforms such as Mambu are well-proven in the market. Adopting a best-of-breed approach, as opposed to a legacy/ one-stop-shop solution, allows customers to utilise the most secure and best performing components available in the market to deliver specific processes.
Composable provides a future-ready solution
Single vendors spread R&D and innovation investment across multiple solutions, whereas ecosystem components can focus on a limited set of functionalities, which accelerates innovation delivery. Additionally, as you are not locked into one solution, it means that systems are future proofed as they can be easily modified in a timely and efficient way to respond to changing market requirements and business strategy.
Composable offers increased resilience against risks
Composable uses cutting edge, highly specialised capabilities for each architecture component. The adaptability of the components means that each ‘block’ in the ecosystem is managed by cloud service providers who have not only the best technology, but also the expertise to ensure your systems are well protected against known risks such as outages and cyberattacks.
Conversely, single vendor solutions typically have limited resources and options to mitigate risk. For example, a composable ecosystem in the cloud offers more disaster recovery than on-premise, and in a more cost-effective manner.
In short, not only does composable offer revenue and efficiency benefits, but it also provides a highly secure infrastructure that protects your business and customer data. The incremental nature of composable gives you further confidence because no aspect of the build is irreversible.
By using solutions like Mambu, which are API-first, easy to configure, and easy to interface with others, you are taking the best-of-breed of each one of them to develop a complete solution.
To find out more about composable banking and hear the views of leaders from Deloitte and Mambu, watch our Composable Banking FAQs webinar, where we dispel some of the myths around composable banking and answer the most frequently asked questions.Watch on demand