Mutual Vision, a community-owned technology provider, announced it will adopt Mambu’s cloud banking engine.
Mambu will “underpin Mutual Vision’s services and bring a unique proposition to its expanding customer base of 27 building societies and banks in the UK.”
Mutual Vision provides “a digital platform and ecosystem to UK building societies, banks and specialist lenders.” On Mambu, Mutual Vision and its customers “can create and deploy financial offerings with flexibility, accelerated time to market, and with a composable banking approach that allows ecosystems to expand.”
This is important “considering 78 percent of UK consumers state that the availability of online and digital banking services is important to them in a bank or financial institution, according to Mambu research.”
The same study found “that 44 percent of UK consumers are likely to pay a premium for financial services that save them time and that offer greater flexibility (40 percent).”
With Mambu, the team can “deliver a level of digital capability not previously seen within the retail banking sector.”
Richard Wainwright, CEO Mutual Vision, said:
“As a customer community-owned business, Mutual Vision prides itself on being wholly focussed on the needs of the customers we serve. Our strategic partnership with Mambu embodies this commitment by embracing third-party capabilities wherever they add real value for our customers. Through our commercial partnership with Mambu, we will combine our unparalleled experience delivering banking solutions with the power of a world-class, cloud-native core banking engine. We are excited to not only meet the current needs of our customers but to bring industry-leading, yet affordable technology solutions that will unlock a new level of choice and flexibility for financial institutions today.”
Through APIs, Mutual Vision and its community of UK financial service providers can integrate with various technologies “to create new products and services.”
By pairing Mambu’s technology with Mutual Vision’s domain expertise and professional services skills, current and future customers “can realise their digital ambitions as they scale.”
By partnering with Mutual Vision, they are “addressing a gap in the market.”
Scott Wilson, RVP EMEA at Mambu, said:
“Financial institutions are recognising the need to swap legacy tech stacks with a modern banking infrastructure. Our combined technology frees up resources, so joint customers can focus on tech innovation and business evolution. With Mutual Vision’s deep sector expertise and purpose-driven ethos, we can deliver a future-proofed solution.”
