Mambu boosts support for retail lenders with new lending solution
By Megha Bhattacharya
Mambu has increased its support of retail lenders of all sizes who are looking for agile and scalable lending capabilities, including instantly approving and disbursing loans. The company provides banks and lenders loan management technology and also access to an ecosystem of partners, including those providing web-based identity authentication and credit checks.
Elliott Limb, Mambu’s Chief Customer Officer said, “Many lenders are held back by legacy system complexity. They are unable to react quickly when needed. This costs them competitive advantage. When today’s consumers choose a financial provider, they are looking for fast decisioning and a frictionless experience – and that comes with Mambu technology.”
ZestMoney, an Indian consumer lending FinTech company, selected Mambu for the agility and accuracy of its products. ZestMoney’s co-founder & CEO Elizabeth Chapman said, “India’s dramatically changing financial market means we need a high level of infrastructure responsiveness. Mambu’s composable architecture allows us to react quickly to market changes by launching new products and services and adapting old ones in weeks, even days. We can now plug and play, and reassemble products to better suit our customers’ changing needs.”
Ferratum, the Finnish mobile finance provider, tapped Mambu to integrate and scale a suite of new products that can be customised to meet the needs of different markets. According to Ari Tiukkanen, COO at Ferratum, Mambu brought all of Ferratum’s business loan management into one accessible and composable architecture. “This allowed us to quickly and efficiently address a globally underserved segment of the market.”
Recently, a new study released by Mambu has revealed that more than half (52%) of consumers have never heard of open banking and 61% have never used it, in spite of 80% of respondents using one or more mobile finance apps. Commissioned by Mambu, the Censuswide survey was conducted with 2,000 global consumers.
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