Mambu celebrates latest digital banking triumph in Australia

Mambu, a fintech unicorn specialising in Software-as-a-Service (SaaS) banking, is celebrating a significant milestone in the Australian market. The company has recently welcomed its 10th prominent financial services provider as a customer in Australia. Mambu’s client list in Australia includes well-known institutions such as the Commonwealth Bank of Australia, Bluestone Home Loans, and Nimble. This achievement is indicative of the growth and success Mambu has experienced in the Australian market.

Australia has witnessed a significant shift towards digital banking, with the vast majority of banking interactions occurring digitally. According to the Australian Banking Association (ABA), 98.9% of banking interactions now take place digitally. This shift includes a 21% increase in online banking interactions, a 31% increase in app interactions, and a 46% decline in in-person branch interactions. Australian customers have shown higher satisfaction with digital banking channels, such as websites and apps, compared to traditional in-person banking.

To cater to this shift, Australian banks have substantially increased their investment in technology, with technology expenditure growing from US$3.5 billion in 2005 to US$28.5 billion today. Mambu’s success in Australia is a reflection of the opportunities that digital banking presents domestically.

Fernando Zandona, the new CEO of Mambu, highlights Australia as an “incredibly important market” for the company. He emphasises the potential for growth and positive change within the Australian financial services industry as digital banking continues to mature. The Consumer Data Right (CDR) has also had an impact, driving digital transformation to the top of the agenda for many organisations. Mambu is well-positioned to assist financial institutions in their digital transformation efforts.

Mambu’s technology has played a crucial role in enabling financial institutions like Angle Finance to innovate and provide new features to their customers. Mambu’s focus on safety, security, and speed has allowed its customers to concentrate on serving their customers effectively.

Zandona emphasises the importance of financial institutions remaining agile and responsive to changing conditions as digital transformation accelerates in Australia. Collaborative partnerships with high-performing fintech companies like Mambu are becoming increasingly popular as financial institutions seek better and faster ways to meet customer expectations in the digital era. The future of the financial services industry in Australia is undoubtedly digital, and institutions without a digital transformation strategy may find themselves left behind. Mambu is excited by the pace of digital banking adoption in Australia and looks forward to welcoming more banks and financial institutions to its platform.