Singapore – May 29, 2020 – Backbase, the leading omni-channel banking solution provider, announced today a strategic partnership with Mambu, the Berlin-based cloud banking platform to jointly deliver a unique and powerful turn-key digital banking solution.
In the highly competitive banking industry, financial institutions are looking for ways to increase their speed of innovation and flexibility to offer seamless banking experiences that customers demand.
Notably, banks in Asia Pacific (APAC) lead the way when it comes to outputs from the innovation process. 96% of banks in APAC reported that they have a cloud-first strategy for new software procurement compared to 89% in the Americas and 88% in Europe. They also recognize the need to reinvent themselves and shift to a more flexible technology architecture, with 44% of the top 250 banks across APAC estimated to complete their “connected core” transformation — working on platform-based and componentized modernization, and API-enablement by 2025.
However, they are confronted with outdated legacy infrastructures which are inflexible and costly to maintain – making it challenging for financial institutions to innovate, deliver and quickly adapt the products and services modern end-users expect. The Backbase and Mambu partnership will help financial institutions of all sizes to break free from their legacy core and take back control. These new capabilities are pre-integrated, cloud-based and include turn-key applications as well as a fully serviced platform.
This seamless and future-proof approach facilitates fast innovation and unparalleled flexibility that empowers financial institutions across the globe to deliver frictionless digital-first experiences and better meet the needs of today’s customers that prefer experiences over products.Backbase’s and Mambu’s combined offering provides financial institutions with a fully integrated end-to-end cloud-native digital banking solution on an open and modern architecture. Financial institutions that are exploring new ways to modernize their IT infrastructure can create new value for their clients on a daily basis and dramatically reduce their back-end operating costs.
Commenting on this partnership, Jouk Pleiter, CEO and Founder of Backbase says: “Mambu and Backbase are united in our goal to transform the banking industry. We enable banks to break free from legacy applications and successfully compete in a digital-first world. This is especially true for Greenfield banks, for which we can launch a complete new service in a matter of months. By partnering with Mambu we provide a complete front-to-back solution, agility and creativity that is needed for banks to become loved by their customers.”
Ben Goldin, CTO / CPO at Mambu, adds: “Backbase empowers financial institutions to build exceptional customer experiences for a digital-first world, and we are delighted to enable their proposition with Mambu’s composable banking platform. Unlike the incumbents of the past, today’s financial institutions are craving powerful and seamless solutions that create freedom to innovate and get creative. By partnering with Backbase, we give our customers a future-proof solution that will offer them the flexibility they are looking for.”