A new report from Mambu, released in partnership with Google Cloud, highlights why banks must begin to “provide services for tech-empowered customers to avoid being left behind by tech-savvy competitors.”
Research shows that banks “that successfully switch to a cloud core will be bigger, more profitable, and grow faster, leading to a value creation opportunity of $20 trillion, as highlighted in a new report from SaaS cloud banking platform Mambu.”
The ‘Get in Front with a Cloud Core’ report “reinforces the business case for fast-tracking core transformations.”
It reveals how banks can “outpace their innovative fintech competitors and turn bank cores around by taking advantage of cloud-native financial solutions powered by Mambu and Google Cloud.”
With more nimble fintechs on the scene, customers are “not waiting for banks to catch up. This has led to 61% of established banks struggling to reduce churn.”
Mambu and Google Cloud revealed “that the answer to this long-standing problem is for banks to expedite a cloud core.”
McKinsey predicts that banks “that successfully manage this transition will be bigger, more profitable, and grow faster, leading to a value creation opportunity of $20 trillion.”
Omar Paul, Senior Vice President, Product and Engineering at Mambu said:
“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.”
In a digital world, customers expect everything on-demand.
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.”
The full report has been published on Mambu’s website.
The update looks into why banks must “go beyond online services and provide seamless digital experiences for all customers.”
The report covers why expediting to a cloud core will “unlock a realm of benefits for both banks and customers.” The report also looks into how banks can “begin the transition to a cloud core to unlock innovation potential for customers and match the pace of today’s fintechs.”