Mambu expands partnerships with financial service providers, driving digital transformation in Australia’s evolving financial landscape.
The financial services industry in Australia is undergoing a notable transition towards digital banking, as shown by Mambu, a cloud banking platform.
By forming partnerships with ten financial service providers—Angle Finance, Bluestone Home Loans, Commonwealth Bank of Australia, Lumi, Nimble, Prospa, and Tyro—Mambu has gradually increased its market share in Australia.
Mambu’s recently hired CEO, Fernando Zandona, underlined the significance of the Australian market during a visit to Sydney from Mambu’s head office in Amsterdam. He expressed eagerness for growth and good transformation within the local financial services industry.
Zandona stated: “We want to keep growing our reach to partner with and support even more innovative financial service providers in Australia and the wider Asia Pacific region as digital banking matures in Australia and awareness of the benefits of cloud grows.”
“Now that the Consumer Data Right (CDR) is having a real impact, many organisations are prioritising digital transformation, and Mambu is well-positioned to support financial institutions that are prepared to take the digital leap.”
Australian terrain
Australia’s digital transformation is accelerating, therefore being able to quickly adjust to new circumstances is critical. In order to effectively meet client expectations, Zandona emphasised the significance of financial institutions eschewing technological debt and instead collaborating with nimble fintech businesses like Mambu.
According to Zandona, “the most important factor that financial institutions must be aware of as digital transformation ramps up in Australia is retaining the ability to respond swiftly to changing conditions and not become mired in additional tech debt.” Financial institutions in Australia are increasingly collaborating with high-performing fintechs like Mambu to develop better and faster ways to meet their customers’ expectations in order to stay flexible and be able to operate on a tight budget. We believe that, as it has in other regions of the world, the popularity of this cooperative method will only increase.
The Australian Banking Association’s (ABA) most recent data highlights the digital transformation of the nation’s banking sector. In Australia, digital interactions account for a staggering 98.9% of banking transactions; while in-branch interactions have drastically decreased, online and app interactions have grown dramatically. Furthermore, compared to traditional channels, Australian banking consumers have reported feeling more satisfied with digital ones.
The ABA also notes that bank IT spending has increased significantly, to $28.5 billion.
Zandona did, however, stress the need of strategic technology spending, which enables lenders and banks to introduce customer-centric products in a timely and efficient manner.
“It is now vitally important that this technology investment is strategic, appropriate, and allows banks and lenders to promptly and efficiently introduce the products that their clients require and desire.” We are genuinely thrilled about how quickly digital banking is being adopted in Australia and we can’t wait to add many more Australian clients to the Mambu family.
