ABC partners with Mambu for digital home loan
The major bank has confirmed that it has aligned itself with the cloud banking platform as a way to grow the recently launched loan.
Commonwealth Bank first announced the launch of its digital home loans division last month, offering customers applications that can be completed in 10 minutes and a discount that has been increasing every year for three decades.
Currently, Unloan is accepting refinance applications and intends to expand into new home loans in the coming months.
Speaking at the time, Unloan chief executive Daniel Oertli said Unloan’s intention was to provide a loan that was simple to understand, easy to obtain and convey “more value to customers”.
“We have a low variable rate, ever-increasing discount and easy online application,” Mr. Oertli said.
This emphasis on simplicity appears to be a factor in the decision to partner with Mambu, according to ABC Chief Architect Brendan Harrap.
“Partnering with Mambu is an investment in the sustainability of the ABC,” Mr. Harrap said.
“Mambu’s SaaS (software-as-a-service) cloud banking platform will allow us to bring best-in-class solutions from other fintechs and high-performing vendors, to create financial solutions that meet the demands and expectations of our customers, and maintain our position as Australia’s leading bank.
Founded in 2011, Mambu is a SaaS company that provides a cloud-native banking platform to banks and lenders. According to the fintech, its services offer its customers a simplified user experience and reduced time to market for new products.
Its current customer base includes Bluestone Home Loans and Western Union.
At the end of December, Mambu announced that it had reached a valuation of 4.9 billion euros ($7.34 billion).
Speaking about the partnership, Mambu Chief Revenue Officer Werner Knoblich said the fintech was delighted to work with an organization that “has already demonstrated a deep understanding and respect for the power of technology and played a leadership role plan in Australia’s digital banking revolution”.
“Working with organizations that want to improve banking for everyone is at the heart of what we do at Mambu, and this new partnership with CBA fits that bill perfectly,” said Knoblich.
Mambu Australia and New Zealand managing director Paul Apolony added that there has been a shift in the way people think about their finances over the past two years, “with a significant acceleration in adoption digital technologies and higher consumer expectations”.
“People aren’t just getting what they’re given anymore; they want personalized customer service and products tailored to their circumstances. This is what Mambu can enable, at a fraction of the cost and much faster than traditional banking technology,” said Apolony.
“We are excited to work with CBA as it takes another step into the digital future.”
Last week, Nano confirmed that it would pitch its digital home loan offering to homebuyers, investors and refinancers.
In May, AMP Bank confirmed that it would launch a digital mortgage for retail customers in the third quarter of the year.
[Related: CBA launches direct-only digital mortgage]