Mambu Expands Australian Customer Base, Eyes Growth in the Regionby Fintech News Singapore October 23, 2023
Cloud banking platform Mambu has expanded its customer base in Australia to now include 10 of the country’s most innovative financial service providers.
This includes Angle Finance, Bluestone Home Loans, Commonwealth Bank of Australia, Lumi, Nimble, Prospa, and Tyro.
Mambu’s CEO, Fernando Zandona, said that Australia is an incredibly important market for the company, and that it is committed to continuing to expand its reach in the region.
Zandona also said that digital transformation has moved up to the top of the agenda for many organisations in Australia, and that “Mambu is in prime position to assist those financial institutions ready to make the digital leap”.
“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.”
The digital banking revolution is well and truly underway in Australia, with the Australian Banking Association (ABA) reporting that 98.9% of banking interactions now take place digitally.
Additionally, Australian banking customers are more satisfied with digital banking channels compared to the rest.
“We know that the industry understands this, with the ABA’s recent data highlighting that banks have considerably increased their expenditure on technology, from US$3.5 billion in 2005 to US$28.5 billion today,”
Zandona concluded that it is critically important that banks and lenders make strategic and appropriate investments in technology, and that these investments enable them to quickly and effectively launch the products that their customers want and need.