Mambu Australia primed for rapid growth after achieving exciting customer milestone
Leading cloud banking platform Mambu has bolstered its dominance of the cloud banking technology sector in Australia, expanding its customer base to now include 10 of the country’s most innovative and forward-thinking financial service providers, among them Angle Finance, Bluestone Home Loans, Commonwealth Bank of Australia, Lumi, Nimble, Prospa and Tyro.
Mambu’s newly appointed CEO, Fernando Zandona, visiting Sydney from Mambu’s head office in Amsterdam, said, “Australia is an incredibly important market for us, as is the wider Asia Pacific region. We’re proud of the strong foundation we’ve built here, and are genuinely excited about the potential for growth and positive change within the Australian financial services industry.
“As digital banking matures in Australia and the understanding of the benefits of cloud grows, we want to continue expanding our reach to partner with and support even more pioneering financial service providers in Australia and the broader Asia Pacific region. With the impact of the Consumer Data Right (CDR) finally being felt, digital transformation has moved up to the top of the agenda for many organisations, and Mambu is in prime position to assist those financial institutions ready to make the digital leap.”
Peter Haviland, CEO of non-bank specialist lender Angle Finance, one of Mambu’s long-term customers, said, “Our innovative lending platform specialising in finance for commercial vehicles and equipment has been powered by Mambu for many years now, and we are constantly amazed at the new and exciting features we can add to our platform thanks to Mambu’s next-gen technology. We know we can trust in the safety, security, and speed of the Mambu platform, freeing up our resources internally to focus on the business of serving our customers.”
Continues Zandona, “As digital transformation ramps up in Australia, the most important factor that financial institutions must be aware of is retaining the ability to respond swiftly to changing conditions, and not become mired in additional tech debt. In order to remain agile and be able to operate on a lean budget, financial institutions in Australia are increasingly partnering with high performing fintechs like Mambu to find better and faster ways to meet their customers’ expectations. We predict that this collaborative approach will continue to grow in popularity, as it has done in other parts of the world.”
In Australia, the digital banking revolution is well and truly underway, with the Australian Banking Association (ABA) reporting that 98.9% of banking interactions now take place digitally, including a 21% increase in online banking interactions, a 31% increase in app interactions and a 46% decline in branch interactions (ABA 7 June 2023). Further signifying the growth of the digital banking sector, Australian banking customers are more satisfied with digital banking channels (website and app) than with other banking channels.
“There is simply no turning back for the financial services industry in Australia – the future is digital, and if a bank, lender or financial service provider doesn’t have a digital transformation strategy mapped out then they will soon be left behind.
“We know that the industry understands this, with the ABA’s recent data highlighting that banks have considerably increased their expenditure on technology, from $3.5 billion in 2005 to $28.5 billion today. What is critically important now is that this technology expenditure is strategic and appropriate, and that it enables banks and lenders to quickly and effectively launch the products that their customers want and need. We are truly excited at the pace of adoption of digital banking in Australia and look forward to welcoming many more Aussie customers to the Mambu family,” concludes Zandona.
