According to Gartner®, “the demand for core banking packages is expected to grow in 2022 as banks deliver on digitalization strategies while facing the consequences and opportunities from the pandemic.”
Faced with the post pandemic economic impact, as well as increased competition from techfins (tech companies offering financial services) and neobanks, CEOs across financial institutions are accelerating their organisations’ banking transformation.
The limitations of legacy banking systems is driving greater demand for the core banking market and is increasing requirements for cloud and open banking initiatives. But as technology transforms, so does banking.
The core banking market has changed dramatically over the past few years. The transformation in the Magic 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 in 2022 Gartner® Magic Quadrant™ for Global Retail Core Banking for the third year in a row. Financial institutions like BancoEstado, Raiffeisen Bank, ABN AMRO, and N26 rely on Mambu's cloud banking platform to build distinctive financial experiences. With our composable technology, hundreds of financial powerhouses and fintech disruptors around the world have shifted to a high velocity operating model to win the hearts of their customers, while achieving previously unattainable economics.
“Mambu’s overall composable score is the highest among the vendors in this Magic Quadrant. Mambu Banking Engine’s orchestration across application, events and data demonstrates advanced interoperability, a key attribute for composable applications.”
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.
Mambu is committed to building a strong partner network to support our customers globally and we are also growing our product team under a new Chief Product Officer, Kevin Trilli. With this, Mambu will continue to provide customers with an expanded capacity to seize new opportunities for monetisation through services and streams of innovations that never let up.
Source: Gartner®, Magic Quadrant™ for Global Retail Core Banking, Vittorio D'Orazio and Don Free, 22 Feb 2022.
Gartner® disclaimer: Source: Gartner®, Magic Quadrant™ for Global Retail Core Banking, Vittorio D'Orazio and Don Free, 22 Feb 2022.
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Attribution: Gartner, Magic Quadrant for Global Retail Core Banking, 09 February 2022, Vittorio D'Orazio | Don Free