The first pan-European mobile-only bank uses Mambu’s solution to reduce costs and grow
Mambu, the SaaS banking engine, today announced that its innovative solution is being used by N26 to allow the Berlin-based mobile bank to integrate systems and quickly bring services to market in support of its growth strategy.
Before N26 was granted a full banking licence in July last year, it used the services of a partner bank and then migrated to its own platform in late 2016. Since then their customer base has grown by 500%, helping them reach the 500,000 customer mark in August 2017.
“Mambu allowed us to cut our core operating costs drastically by minimising our IT resource requirements, helping us create the FinTech hub to meet the needs of our experience focused customers,” said Gino Cordt, Chief Technology Officer at N26. “Mambu’s ease of integration, flexibility and time to market has helped us to give our customers an unrivalled, technology-driven mobile banking experience,” he said.
The Mambu implementation went live in October last year and enabled N26 to migrate all of its customers over to the bank. Mambu’s current account and overdraft functionalities were also enhanced to support the bank’s transactional needs. The solution’s SaaS model and regular release programme means all of their customers benefit from these enhancements.
“Mambu is excited to be working with N26 as they are realising the true potential of mobile-first banking,” said Eugene Danilkis, co-founder and CEO of Mambu. “By putting customer experience at the centre of their strategy, they have created an app which gives their customers a truly simple banking experience. This is a great example of how retail banking can be redesigned in the 21st century,” he said.
N26 also launched a loan product on the Mambu platform in February 2017.