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Money 20/20 centered discussions around four themes: offense and defense, vulnerability, chain reactions and experiences. With each comes a new perspective on the issues shaping the industry and opportunity for innovation.

The volatile economy was the overarching topic at the event, according to Ted Westhelle, Senior Manager, North America, Mambu. “We have rising interest rates, fighting off inflation. There’s an assumption that there is going to be an economic downturn off the back of that,” said Westhelle. “In fintech, we’re serving financial institutions, so that’s top of mind for all of them. We think about how our customers are going to be adjusting and how our platform can help them do that.”

Aside from current economic trends, payments, digital transformation efforts and core banking are the biggest topics in fintech, unlike the previous year’s emphasis on crypto.

Offense and defense

Similar to any smart sports team, financial institutions need to prepare their defense and offense, fortifying existing capabilities and offering new, innovative tools for customers.

One of Mambu’s superpowers is the ability to release new functionalities through a robust and flexible product factory. Just this year, Mambu touted dozens of new features and improvements that allow customers to build, experiment and customize their products and services. Partnerships and innovation go hand-in-hand at Mambu.

“Prospects, customers and partners are all looking for ways to differentiate themselves in a market where fintech and banking are getting harder to tell apart. A system of record like Mambu is core to any of these differentiation initiatives,” said Brent Moulder, Solution Engineering Manager, North America.

Chain reactions

As we head into 2023, Robin Smith, Regional Vice President, North America, believes that rising interest rates and declining venture capital funding will shape the industry. “These adjustments will create numerous opportunities for established organizations to look at technology solutions to help boost efficiency while at the same time using technology solutions to drive growth.”

For Mambu, growing payments use-cases and improving the platform are also on the table for 2023. “We’re looking at scalability, and at how we can better extend our core banking platform. We’re going to see a lot coming throughout 2023,” explained Fernando Zandona, Chief Product and Technology Officer.

Ultimately, these chain reactions – resulting from minor shifts and major changes to the financial ecosystem – will define Mambu in 2023.

The future is fintech

Fintech is here to stay. “The lines between true fintechs and traditional financial institutions are blurring as incumbents embrace the fintech ecosystems,” said Smith.

Additionally, Zandona thinks composable banking will shape the financial ecosystem, both at Mambu and the industry at-large. “If you look at the incumbents or traditional banks, you have a monolithic approach. We are now looking at the next disruption we’re going to bring.”

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