So what exactly is Mambu?
Mambu is a cloud-native core banking platform that serves at the heart of banks, fintechs, lenders and even non-traditional financial players too. We like to say the Mambu is the foundation on which modern financial experiences are built.
Gartner defines a core banking system as a back-end system that processes daily banking transactions and posts updates to accounts and other financial records. Core banking systems typically include deposit, loan and credit processing capabilities, with interfaces to general ledger systems and reporting tools.
Mambu was created with this in mind but with scale, agility, ease of use and speed as drivers. Which is why it was born in the cloud and delivered as a service. It’s the engine processing banking transactions, managing accounts and building the lending or deposit offerings. Mambu allows its customers to create and deploy financial offerings at scale, with over 200+ customers on Mambu serving over 60 million end customers.
As the first cloud-native, software-as-a-service (SaaS) core banking platform, Mambu is highly flexible, allowing easy changes to banking or loan products/offerings and comes with lower cost and implementation times than traditional legacy vendors.
How did it begin?
Three Masters students, working on a microlending assignment, found that the operating systems banks were using were outdated, non-existent or too complex for microloans. They realised that they were onto something. In 2011 they launched Mambu, a startup that provided cloud-based, software-as-a-service core banking technology. The mission was ‘to enable individuals and emerging enterprises to pursue economic opportunities by access to financial services - everywhere around the world.’ Today the mission endures. Mambu makes access possible by providing a modern cloud native banking platform that changes the market through its composable banking approach.
- Configurable product: On Mambu there are >30k different possible product configurations, allowing easy tailoring to end customers needs
- Lower effort: Mambu allows users to use a low-code/no code interface to build and maintain processes, reducing the need for a large maintenance team
- More flexible: Mambu can be integrated with a large ecosystem of technology partners using a wide range of pre-built connectors reducing the time to get partners online and allowing for change in the future
- Faster and lower cost installation: 65% faster core implementation times than industry average and spend on core technology can fall by as much as 50%
- Proven track record: Mambu is already being used by >60m end customers and this number is growing all the time
How does it work?
Whilst the core is the platform on which everything else depends, building a great customer experience requires a range of other components to make the whole. Mambu was not created to be all things to all customers as no single vendor can be the best at all facets of an ecosystem. This is why Mambu has been designed to allow easy integration with a full suite of technology partners in what is termed a composable banking approach.
This allows Mambu customers to choose from an ecosystem of best-in-market offerings and combine the specific components needed—no more and no less. Not only does this give the ability to build for today but components can easily be swapped out as circumstances change. Composable banking empowers our customers to focus more of their time on what they do best to meet their customers’ needs.
Technology is just the beginning
However, we are more than just a technology platform. We are the enablers that help our customers develop and implement these solutions. Our advisory and customer success team work hand in hand with customers to input into the design of a tech strategy and provide ongoing support once Mambu is installed. We are continuously expanding and investing in our global network of partners. Our ecosystem covers system integrators, consultants and technology partners to support customers' innovation.
The best, most innovative financial brands in the world are powered by Mambu's cloud banking platform. Today, our customer list includes fintech startups, telcos and top tier banks. Mambu customers have been shown to outperform peers in customer experience, seeing 63% digital engagement, 28 points higher than the industry average, while Mambu’s own B2B NPS Score with its customer is 10 points higher than the industry average. Find out more about Mambu and its products here.
Find out more about our composable technology platform, here.