The ability to build platforms to distribute products and quickly build on niche portfolios has taken centre-stage. If businesses don’t move at hyper speed, they’re dying. If they move slowly, they’re already dead.
This is even more true when it comes to financial services. Mostly gone are the days where financial institutions can differentiate themselves with individual products. Intense competition has brought commoditization that is here to stay.
The true differentiator in financial services is the holistic experience of both the consumer-facing interface and breadth of products offered. The true challenge is choosing partners to build a platform quickly that can do both.
Most vendors require 24-36 months to deploy a platform
Theodore Roosevelt once said, “Nothing in the world is worth having or worth doing unless it means effort, pain, difficulty.” It would appear that most fintech platform vendors have taken this to heart.
To deploy a composable platform in today’s market, prospects in most cases are staring down the barrel of a two-to-three year process. That’s if everything goes according to plan. It often does not.
There’s much public information on the topic, it just takes a little digging. Examples abound similar to one where a bank expected a 30-36 month deployment but the project took 63 months. Delays like this are not the exception, but the rule.
The situation can seem dire to prospective digital pioneers simply looking to build unique and better products to serve their customers. Fortunately, there is good news.
Mambu’s speed to market delivers unrivalled value
Mambu’s technology is specifically built for an environment such as this. Its low code approach allows for both rapid build and integration with partners, and faster deployment of new products. These factors help Mambu customers launch up to 18 months faster than competitors’ customers.
The impacts of this are significant. Mambu’s Customer Value Team performed an analysis to determine the impact an extra 18 months could have on a project over a five-year period, and the results were staggering.
Based on analysis of current customers, an extra 18 months of growth leads to 50 percent larger deposit portfolios, 41 percent larger lending portfolios, and 68 percent higher revenues in the fifth year of a project.
The significance of time to market is simply unmatched in choosing a core-banking vendor. There is no growth solution, no cost cutting measure, that can eliminate the vast discrepancy in returns.
What does this mean for prospects?
When beginning the digital journey, prospects should understand the impact speed to market can have on their endeavour. Great ideas that are slow to market become redundant in moments and obsolete overnight.
Mambu’s 250+ customers across 65 geographies give it the experience needed to deliver prospects’ ideas to the marketplace quickly and efficiently.
The market is waiting, and time is of the essence.