The banking industry has undergone an unprecedented transformation in the last few years. The shift towards digital banking has led to the development of new and innovative products and services for individuals and businesses. In this context, banks need to be agile in adapting their solutions to the ever-changing needs of their customers and business strategy. Tailoring these products and services has become essential to maintain a competitive advantage.
Traditionally, banks have invested in building customised solutions and applications which are proven to be resource consuming. Given the shift in the market, banks have quickly realised they can achieve the same business outcomes by leveraging configuration in a more efficient and effective manner through the adoption of composable banking solutions.
Configuration permits the setting up of core banking systems in a faster way, which supports our clients’ expectations to be faster and offer new and innovative products the market is demanding. This can be achieved by using pre-built parameters and rules that can be easily configured without requiring coding.
Another benefit of composable solutions is that it allows banks to be more agile in responding to changing market conditions, whether it’s a business or regulatory need. Banks can select the best of breed of multiple solutions and ensemble the way they need. Leveraging in prebuilt parameters and existing connectors to easily respond to the market and be able to differentiate from competition. Banks can implement end to end solutions from the core to the front-end improving customer experience for end users.
Additionally, custom code requires a significant amount of time and resources to develop, test and maintain – increasing risk (dependency on a few in-house resources) and technical debt. In contrast, configuration allows banks to make changes to their core banking systems quickly and easily without requiring coding. This can help banks save time and money, which can be invested in other strategic initiatives.
Utilising configuration instead of customised code can offer several benefits to banks. It can help them be more agile in responding to changing market conditions, reduce the cost and complexity of maintaining customised code, and improve their customer experience.
Composable banking providers, such as Mambu, are API-first, easy to configure and easy to integrate with other systems. They offer a best-of-breed solution for banks seeking to innovate, adapt and evolve in the market. Composable banking is the secret sauce to cater for customers’ needs.
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