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It would be an understatement to say that we are witnessing a unique time in the world. The impact of the coronavirus is a very different kind of shock. In fact, the current global pandemic will force the hands of both fintechs and established financial institutions to rapidly adjust to the COVID-19 crisis in the short term.

In the long term if there was any uncertainty to the need to be flexible, agile and customer-centric in the design of financial products: that has been clearly answered and the expectations for the future set.

The world is collectively grappling with what this global pandemic means for us — as humans first, but also as professionals. There is no playbook for times like these, but it’s very clear that the pressure on the banking system is growing and the pace of change is unlike one ever seen before. All institutions need to be ready to rapidly evolve to streamline their operations and be able to bring the right products to the right customers at unprecedented speed. Everyone must be able to act fast, because the financial market may look very different in six months. And they need to be ready.

Adapting to changing circumstances

The ability to move quickly and be agile is now a priority. We are more fortunate than most in being able to support both our employees and customers through this period as this is innately part of how Mambu was built. As a geographically dispersed team, lockdown measures in place in most countries in which we have employees, did not adversely impact the business as our teams are equipped to work from home without any interruption.

This ability to work from anywhere particularly in this period, lets us continue to help our customers. With millions unable to work, governments supported by banks and financial institutions are helping consumers cope with the financial impact by implementing measures like payment holidays and delayed interest payments.  This is where the ability to be agile and flexible, and work in a dynamic environment is vital. Working remotely but collaboratively, our developers and engineers have been able to brainstorm solutions and roll it out to customers quickly.

Embracing the fintech era

COVID-19 will have a transformative effect across societies, economics and offices. It is a health crisis first and foremost that has shaken the world but the tremors have been felt in every aspect of life, highlighting the need to be able to adapt, rapidly.

As market dynamics keep on changing, both fintech and traditional financial institutions have a chance now to have a tremendous positive impact on the lives of their customers. In the long-term they can choose to embrace the new world based on rapid evolution, of partnership and of modern technology or modern ways of working, or continue on the old paths which will see them unable to adapt when needed most.

We have often commented that the true path to success for any venture is a combination of people, processes, culture and technology. We have lived and breathed this philosophy over the past few weeks and have proven its efficacy.  For other fintechs and financial institutions, the right decisions and adapting this mix will help guide their path and prepare them for the very different time that lies ahead of us.

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Mambu Communications
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Mambu Communications