Money20/20 USA 2023 saw the leading lights of financial services come together in Las Vegas to connect and offer key insights into the future of fintech.
We spoke to Mambu CEO Fernando Zandona about the growing presence of big tech in the banking industry and asked just how far big tech firms – Google and Apple included – will go in the space at risk of falling foul of regulations.
Mambu: Big tech’s banking future
For Zandona, “big tech is seriously considering how far it can go in the banking segment. We are all holding big tech devices in our hands every day, so the power they have is ease of use, which is what customers want.”
However, “regulation is the main concern” adds Zandona. “For big tech firms, the question is: Do we really want to become a bank? Do you really want to have concerns about how fast you can move and release new products and solutions to market?
“I think this is what is holding tech firms back from truly entering the banking space. This is why at Mambu we like to partner with tech firms as well as banks to offer them the financial solutions they need, without encroaching on the regulated zone of pure banking.”
Offering big tech solutions
One such solution Mambu offers to tech firms is its cloud platform, which brings with it many advantages. “The first is total cost of ownership,” notes Zandona.
“You don’t need to leverage your own hardware anymore, you can just use someone else’s and pay for the usage, which really drives convenience.
“The second is speed, you can do things with much greater efficiency when leveraging a SaaS cloud solution as opposed to legacy infrastructure.”
For more from Zandona and Mambu on its cloud-based platform for financial services companies, you can click on the video link above.
Want to see more from Money20/20 USA 2023? Stay tuned to our website for more content, which will be rolled out in the coming days.