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With increasing customer demands, ever-evolving expectations, and the faster pace of product innovation, mutual banks are facing unprecedented challenges, where even the trust of their members is in danger as evidenced by the increase in multi-bank customers.
Mambu and 4impact spoke to top executives from mutual banks in Australia and a common finding stood out - it’s clear that most mutual banks have a need to transform and need a new modern digital banking platform that will enable them to launch digital products, leverage date and meet the ever-increasing compliance demands.
In this high level summary report, we have addressed the trends that are shaping the mutual banks in Australia, outlining the challenges in the industry, the business opportunities and the strategic steps that mutual banks can take to modernise their existing legacy systems.
We dived deeper into our findings and share insights on how mutual banks can embark on their digital transformation journey. Hear from 4impact, a Mambu consulting and integration partner, on how it helps customers ‘transition’ to a new digital banking platform and the community of digital solution providers and consultants that can be accessed in a way that reduces innovation costs. Also hear about new ways to tackle the constant challenges of risk and compliance, cost, customer data, integration, and automation.
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Steve Bolland is an experienced banking and fintech technology leader with a focus on helping banks evolve their organisations for ‘now’, whilst delivering accountable transformation roadmaps for their futures. With over a decade of experience in Banking IT, Steve has developed a strong reputation for his acumen, transparency and solutions knowledge base across both on-prem and cloud based financial technologies. Supported by a strong background in ICT project and program delivery, and project governance, Steve has an innate ability to support the bigger picture whilst honing initiatives that not only support his clients strategies, but also deliver speed to value as a priority.
As 4impact's Banking Lead, Steve provides the leadership and guidance to their financial business team enabling the delivery or high impact Digital services through partnering with leading Fintech’s and expert consultants.