09 Oct Introducing Mambu – A New Approach to Core Banking
With new technologies always on the horizon, the way we comprehend products and services is continually being challenged. Nowhere are these rapid changes in technology and expectations, more strongly felt than in financial services.
Financial institutions have traditionally relied on custom-built solutions to bring their products to the market. Unfortunately, this way of doing business is no longer a viable option for quickly responding to new opportunities and threats. A more evolutionary approach is the need of the hour!
What is Mambu?
Launched in 2011, Mambu is a cloud-based platform that reimagines how banks, fintechs, and lending companies should manage their services so they can better address new opportunities.
Built on a cloud-first, SaaS model, it is a lean alternative to the clunky core banking systems of yesteryear. However, being highly configurable and integrable, Mambu serves as an excellent foundation for financial institutions to rapidly design, launch, service, and scale lending and deposit products with ease.
Currently, Mambu powers over 6000 loan and deposit products, which serve just shy of 8 million end users. With more than 3 million active accounts in over 46 countries, Mambu is helping its clients successfully pioneer new business ventures, optimize existing processes, launch new products, and expand into new markets.
How is Mambu Different from Traditional Core Banking Systems?
While Mambu provides most of the functionality you may expect from core banking platforms, it’s also different in many ways. Mambu is not just about handling transactions but also helps you manage your entire customer portfolio, kind of like how a CRM does.
Another aspect that sets it apart from traditional approaches to core banking is that it’s not something you buy and have customized according to your unique needs. Instead, it forms the core, which can then be integrated with a whole host of additional products and services that a client may require.
Who is Mambu for?
Mambu caters to the needs of both big and small financial institutions. While its clients mainly range from tier-one banks to fintech startups, Mambu can effectively support a range of businesses as it’s not a traditional core banking system. In fact, new contenders in the lending space such as Telecommunication Companies are turning to Mambu to provide financial services to their ever-expanding customer base.
It’s safe to say, Mambu is the right choice for any organization seeking to cement its place in a digital-first banking world by providing the next wave of lending and banking products.
● Mambu Core Banking Engine
Mambu covers all the basics that make a complete core banking infrastructure. Customers can open new accounts or maintain existing ones as well as process payments and cheques, anytime and from anywhere. To be precise, Mambu includes the following essential core banking features:
- Lending Engine: Lets Mambu users launch and service consumer, business, and marketplace lending.
- Deposits Engine: Customers can easily set up your chequing, money market, and savings accounts.
- Customer: Provides clients a 360-degree view of all customer information.
- Transactions and Accounting: Provides full balance sheet, profit and loss, and trial balance visibility as well as full transaction-level traceability on all account activity.
- Documents: Enables clients to automatically generate contracts and statements and store all KYC and supporting documents for their customers.
- Auditing: Allows clients to track all system activity right down to field-level changes.
● Cloud-Native Banking
Mambu has been built from the cloud up. This is unlike its traditional core banking counterparts that have been specifically designed for desktop environments or have later been migrated over to the cloud. Besides ensuring uninterrupted remote access to the latest version of Mambu for clients, being cloud-native also enables Mambu to bypass the costs and complexity associated with traditional banking systems and custom in-house solutions.
● Multi-layer Security
Mambu provides multiple levels of security to guarantee you complete peace of mind. At the physical database level, Mambu ensures this by running all its services from development to production on AWS. AWS carries a range of compliance certifications, including SOC 1, SOC 2, and SOC 3 reports, PCI DSS Level 1 certification, and the ISO27001 security management standard.
At the application level, Mambu brings its extensive expertise to the table. Besides investing in R&D, Mambu performs penetration testing twice a year and makes necessary adjustments to stay ahead of the latest threats so that their customers don’t have to dedicate resources to do the same.
Additionally, Mambu provides users the ability to create different user roles to easily control and assign permissions to users according to their position in the organization. Doing so enables each Mambu user only to have access to the information that’s relevant for their required activities in Mambu.
● Mambu Integrations
Due to its API-Driven and Composable Architecture ecosystem, the Mambu core readily integrates and connects with a wide array of best-of-breed third-party solutions. Thus, Mambu isn’t offered as a complete end-to-end solution but as an open, flexible platform that clients can augment as they deem fit to build their own products.
Not only does the high degree of integrability equip Mambu for a broader range of use cases, but it also makes it possible to incorporate highly specialized solutions into your final product.
● Mambu Marketplace
In the Mambu ecosystem, the Marketplace is the equivalent of your smartphone’s app store. It’s the ultimate destination for financial institutions to discover innovative integrations and solutions from certified Mambu partners that can help them expand the capabilities of their product.
Mambu holds all of its partners to strict standards from a technology as well as a cultural standpoint. Thus, with quality solutions always at your disposal, there’s really no need to develop expertise for every component in-house, and you can give your undivided attention to the things that really matter.
Key Benefits and Strengths of Mambu
● Enables Flexible and Futureproof Development
Traditional core banking solutions offer you a framework that you can have customized according to your business needs. However, highly specific customizations in the core system make it increasingly difficult to implement any changes down the road and for you to quickly respond to new threats and opportunities.
Mambu understands this and leverages API and plug-and-play components, to allow users to develop loosely coupled, but easily changeable systems. Hence, you’re able to configure your products quickly and cost-effectively without ever needing to overhaul the core system.
● Simplifies Creation of Bespoke Financial Solutions
Owing to its high level of integrability, Mambu serves as an excellent platform for rapidly designing and deploying highly tailored solutions. This, coupled with the range of possible pricing, loan, and credit arrangements in Mambu, allows clients to come up with genuinely bespoke products for their customers on a case-to-case basis.
● Allows Companies to Focus on their Core Competencies
By relying on best-of-breed solution providers, Mambu users don’t have to invest in extensive in-house infrastructure or expertise in developing or maintaining specific features in their Mambu products. Consequently, they can concentrate on the more business-critical aspects of their products and develop competencies in those areas.
● Provides Accessibility to Small Businesses
With Mambu, small financial institutions, get all the core banking basics while keeping down costs associated with software licenses, maintenance, and in-house infrastructure. Hence, by providing them access to technologies previously beyond their reach, Mambu empowers institutions like small microfinance organizations and community banks and helps them compete with the big players in their domain.
● Makes Large Organizations More Agile
On the flipside, Mambu also grants large financial organizations the flexibility and agility to function speeds usually associated with startups. It makes it possible for them to innovate quickly by exploring new markets and trying out new channels.
Mambu is all set to change the way core banking and financial services, in general, are perceived. Due to its extensively flexible and configurable nature, Mambu is perhaps one of the few financial solutions out there that not only keep up with the demands of our changing world but continuously evolve with them as well.
Intagleo has extensive hands-on experience with Mambu development and integration. Contact us today if you’re considering Mambu for launching your next financial product or require support for your existing Mambu implementation.