Overview

The project involving Cake’s transformation into a full-service digital bank through its partnership with Mambu, a cloud banking platform provider, was driven by the goal of addressing the financial needs of Vietnam’s digitally-savvy, formally unbanked population. Mambu’s selection as the technology foundation, thanks to its flexibility and scalability, allowed for a rapid and successful core banking replacement project, completed in just 74 days. This collaboration enabled Cake to offer a range of efficient digital banking services, including mobile account opening, and unique integration into the Be ride-hailing app, expanding access to financial services for millions.

Implementation Process

The implementation process of Cake’s transition into a full-service digital bank, in collaboration with Mambu, was marked by strategic planning, agile execution, and a strong commitment to enhancing customer experiences. Key phases included the swift selection of Mambu’s cloud banking platform for its flexibility and scalability, followed by the rapid replacement of Cake’s core banking systems in just 74 days. Rigorous testing and quality assurance ensured seamless and secure digital banking services, while the integration into the Be ride-hailing app expanded Cake’s market reach. Throughout the process, a user-centric approach prioritized quick account opening and efficient transaction processing. Training and continuous improvement initiatives further ensured the project’s success, enabling Cake to emerge as an innovative player in Vietnam’s digital banking landscape.

Benefits Achieved

• Speedy Deployment: Mambu’s platform enabled Cake to launch in just 74 days, ensuring a quick market entry.
• Adaptability: Mambu’s cloud technology allowed Cake to scale and adapt to changing business needs.
• Improved User Experience: Mambu’s tech enhanced customer interfaces and transaction efficiency
• Market Expansion: Integration with Be’s app granted access to millions of potential users.
• Financial Inclusion: Cake addressed the needs of Vietnam’s unbanked population.
• Efficiency: Transactions were processed faster, improving operational efficiency.
• Streamlined Operations: The project optimized Cake’s internal processes.
• Scalability: Mambu’s infrastructure ensures Cake’s ability to grow.

Conclusion

In conclusion, the collaborative journey of Cake and Mambu represents a remarkable success story in the world of digital banking. Through the strategic adoption of Mambu’s agile and scalable cloud banking platform, Cake achieved rapid market entry, expanded its customer base, and delivered innovative and accessible financial services in Vietnam. This partnership not only addressed the needs of the unbanked population but also positioned Cake as a customer-centric, efficient, and adaptable player in the competitive digital banking landscape. The project’s focus on continuous improvement and enhanced user experiences ensures that Cake is well-prepared for sustained growth and success in the ever-evolving fintech industry.

Key Facts

Bank Name: Cake
Bank Founded In: 2021
Bank HQ: Vietnam
Vendor Name: Mambu
Solution Implemented: Cloud Banking Plaform
Timeline: NA