Business Reporter: Why Digital Transformation Doesn't Need to be a Leap Into the Unknown

LONDON, June 2, 2020 /PRNewswire/ -- Digital transformation has been changing the way businesses large and small operate dramatically over the last few years, with recent events only bringing the necessity for them to adapt into even sharper focus.

In an article for Business Reporter, Elliot Limb, Chief Commercial Officer at Mambu, argues that increasing demand for online banking services will push traditional banks to innovate more quickly – and that they can learn a lot from the fintech playbook.

Upgrading legacy systems is a major part of digital transformation, but the process can be costly and unwieldy, and reaching a decision on how to do so can stall digital transformation. Digital transformation also requires a degree of risk-taking, but because banks are naturally risk-averse this can make progress difficult.

In the same way in which fintechs have been able to build better customer experiences as they enable constant iterating and improvement, banks need to be able to create an environment where they can be able to experiment without fear, says Limb. And although it can seem like an insurmountable task, many large banks – such as Santander UK and ABN AMRO – have been success stories in a new approach, which Mambu calls composable banking.

Composable banking creates the space for banking and fintechs to experiment without having to first take the risk of dismantling their existing legacy systems. This tech-driven approach enables organisations to build new technology within, or in parallel to, the old, which means you don't need to risk tearing everything up. It's also customisable, giving you the specific components you need to create a great customer experience. You can use stateless APIs to build new products and services, and avoid vendor lock-in by building a community infrastructure that scales with your customer demand.

To read more about Mambu's approach to a safer, more streamlined approach to digital transformation, read the article here.

Notes for editors

This press release has been provided by Business Reporter (www.business-reporter.co.uk).

About Business Reporter

Business Reporter is distributed with The Daily Telegraph, The Sunday Telegraph and City AM, with each publication reaching an average of 1.5 million people.

Content is also published through the Business Reporter and teiss websites, which include video debates, online articles and digital magazines, delivering news and analysis on the issues affecting businesses to a global audience.

Business Reporter also hosts conferences, breakfast meetings and exclusive summits, events which bring together some of the most influential decision makers and innovators in modern business. These exclusive events for business leaders give Business Reporter direct contact with readers and help to inform the content and direction of its editorial projects.

Business Reporter is committed to the UN Sustainable Development Goals, and was the first UK member of the UN SDG Media Compact. We have launched a website dedicated to showcasing the work of companies towards these goals at 17globalgoals.com.

Business Reporter is committed to providing meaningful analysis to everyone in business. Whether you're running a small business, the head of a local company or an executive in a multinational corporation, there's something for you at Business Reporter.

www.business-reporter.co.uk

About Mambu

Mambu's pure SAAS platform for composable banking powers over 6000 loan and deposit products which serve over 25 million end customers for banks (ABN AMRO's New 10, Santander's Asto) major fintechs (N26 and OakNorth), and telcos (Globe Telecom). Mambu enables access to modern financial services by providing a cloud-native banking platform for composing best-for-purpose banking or lending offerings, enabling our customers to be much more agile and cost-effective than the legacy approach to core banking.

Mambu was launched in 2011 with the vision to enable access to modern financial services for all. Currently, Mambu has a team of over 320 people across offices in Amsterdam, Berlin, Singapore, London, Iași (Romania), Vilnius (Lithuania) and Miami.

Related Links

https://www.business-reporter.co.uk/

SOURCE Business Reporter