Mambu’s Finding Reveals Risks if Banks Do Not Evolveby Fintech News Philippines August 25, 2021
Banking and financial services platform Mambu shares its “Reinventing Banks as Disruptors” whitepaper to help financial institutions get ready for the future of core banking.
Technology is evolving faster than ever and it is becoming challenging for banks to continue to be leaders in the industry.
This is the time banks need to start thinking to evolve or they will get left behind.
The market has been blown wide apart with open banking and PSD2, leaving the door open to competition from nimble fintechs.
Brand is not a concern for consumers anymore, what matters is convenience, choice and speed above bank size and scale.
In this whitepaper, Accenture highlighted that banks who fail to evolve, risk losing US$280 billion in payments revenue by 2025.
On top of that, 73% of millennials would rather use a digital brand than a bank as called out in the Millennial Disruption Index.
To be a disruptor in the industry, financial institutions will need a cloud-native banking platform that frees them from costly and restrictive legacy infrastructure.
Banks need a true Software-as-a-Service (SaaS) banking platform with composable architecture and proven APIs to accelerate and ease the orchestration, integration and automation of new banking journeys.
Find out how Mambu can help bring banking ambition, strategy or dream to life here.
Featured image credit: Photo by Alexes Gerard on Unsplash