Cloud Switch is Multi-Trillion Opportunity for Banks – Mambu

Mambu and Google Cloud Argue Banks Must Expedite a Cloud Core. Picture: Getty Images
A newly-published report from Mambu, in collaboration with Google Cloud, reinforces the business case for banks to fast-track core transformations

Banks that successfully switch to a cloud core will be bigger, more profitable and grow faster, leading to a value creation opportunity worth trillions of dollars.

That’s according to a newly-published report from Mambu—the SaaS cloud banking specialist—in collaboration with Google Cloud, which reinforces the business case for fast-tracking core transformations.

The report delves into ways banks can outpace their innovative fintech competitors and turn bank cores around by taking advantage of cloud-native financial solutions, such as those powered by Mambu and Google Cloud.

Mambu’s partnership with Google Cloud was formed back in 2020 and has continued to expand, opening the door for more fintechs, neobanks, traditional banks and non-financial institutions to embrace cloud technology.

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“We’re seeing more banks adjust their services to meet today’s digital-first consumers, yet only a handful possess a modern core,” comments Omar Paul, SVP Product and Engineering at Mambu.

“Being forced to concentrate on front-end improvements because of legacy infrastructure's inflexibility adds complexity and inefficiencies to the back office. This hurts a bank's cost, performance and sustainability. 

“Using a cloud-native core reverses this, and Mambu and Google Cloud assisting financial institutions to transform themselves is why I am so excited about our partnership.”

Mambu and Google Cloud advocate cloud core

With more nimble fintechs arriving on the scene, it seems customers no longer have the patience for banks to catch up.

This has led to 61% of established banks struggling to reduce churn.

However, the answer to this long-standing problem, according to Mambu and Google Cloud, is for banks to expedite a cloud core. 

They point to McKinsey’s prediction that banks successfully managing this transition can contribute to a value creation opportunity of US$20tn.

Mambu and Google Cloud have been Working Together Since 2020. Picture: Mambu

Mambu and Google Cloud’s report focuses primarily on the following: 

  • Why banks must go beyond online services and provide seamless digital experiences for all customers
  • Why expediting to a cloud core will unlock a realm of benefits for both banks and customers
  • How banks can begin the transition to a cloud core to unlock innovation potential for customers and match the pace of today’s fintechs 

“In a digital world, customers expect everything on-demand,” adds Toby Brown, Managing Director, Global Banking Solutions at Google Cloud.

“The cloud's open architecture empowers banks to move beyond the limitations of legacy systems and, with a cloud-based digital core, they have the agility to meet customer expectations, build loyalty and stay ahead of the curve.”

Read the full report: Get in Front with a Cloud Core


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