Faced with the economic impact of COVID-19, as well as increased competition from techfins (tech companies offering financial services) and neobanks, CEOs across financial institutions are accelerating their organisations’ banking transformation.
This is driving a core banking market surge, especially for cloud-native solutions and open banking initiatives.
As Technology Transforms, So Does Banking
The core banking market has changed dramatically over the past few years. This year there are just seven vendors included.
The transformation in the Quadrant has mirrored the transformation of the banking industry - both demonstrate that legacy approaches cannot meet the changing needs of customers. They are being replaced by cloud-native, agile banking solutions that scale effectively and enable faster time-to-market.
Mambu is pleased to be positioned as a Challenger for the second year in a row. This is a reflection of the work of our product and customer success teams to bring strong business value and help drive growth for customers like N26, Santander’s Asto, Tyro, MSB, and Acesso Bank.
Our excellence in core banking operations and our pay-as-you-go pricing model empower large and small financial institutions to evolve with the market, quickly launching new products and services to meet changing customer needs.
Mambu’s cloud-native core banking platform is a pure SaaS solution, allowing us to continuously improve and serve customers anywhere in the world.
Challengers Today, Leaders Tomorrow
When we launched in 2011, we knew banks needed more agile and flexible technology. Over the past ten years, we’ve seen banks evolve and change more than in the previous 50 years.
Looking at the 2020 Quadrant and how much has changed in just a year, you may wonder how different the 2021 Quadrant will look. Given the rapid changes in our market, I will not make any predictions, but I will share that Mambu is focused on providing even better support to our growing customer base.
Our recent announcements of partnerships with Google Cloud, Transferwise and Backbase are examples of our commitment to building a strong partner network to support our customers globally.
We are also growing our customer support and delivery teams under a new VP of Customer Success, Peter Richmond. With this, Mambu will continue to provide cost-effective growth solutions to our customers, helping them to create new products and venture into new geographies through our composable platform.
Source: Gartner, Magic Quadrant for Global Retail Core Banking, Vittorio D'Orazio and Don Free, 5 Aug 2020.
Gartner Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.