Credisense, a credit decision platform, has partnered with Mambu to accelerate the modernization of lending systems in the Asia-Pacific market.
The partnership will provide lenders of all sizes with a flexible, end-to-end lending platform that supports loan origination through loan collection, all through a no-code, configuration-based technology stack. The Mambu/Credisense lending solution will help lenders reduce costs while enabling them to modernize their technology systems and launch new products and services.
The Mambu/Credisense partnership aims to provide a modern, cost-effective platform for lenders that leverages a no-code composable development approach, allowing lenders to bring new product development in-house without having to hire teams heavy in engineering. The end-to-end lending solution will benefit lenders of all sizes and will be especially useful for smaller, more localized lenders in the market.
Credisense is a cloud-native origination and decision platform. Core to Credisense is the proprietary no-code functionality enabling rapid implementation and management of the platform for enterprises ranging from banks and credit unions to telcos and commercial credit providers.
It has been a successful year for Mambu as recently, in October 2022, it has extended its market reach to cloud providers Amazon Web Services (AWS), Google Cloud and Microsoft Azure. With this new platform extension, Mambu customers have the choice of a supplier based on their specific business, technical and regulatory requirements, located in the same geographic region or in a different geographic region, with no impact on availability or service levels.
As for SWK Bank, it will bring its modular banking services in the area of personal loans and deposits, while Mambu will bring its cloud-native banking platform. SWK Bank and Mambu developed the first marketable investment module in just three months.
As for Carbon Finance, the partnership will allow the company to expand its financial services by offering a full range of banking services. The first product that will be Carbon Zero, its new product Buy Now, Pay Later (BNPL).
Digitization in Asia-Pacific
The use of digital banking services by consumers in Asia-Pacific has entered an acceleration phase, fueled in large part by innovations launched in emerging markets. Nearly nine out of ten consumers in emerging and developed markets in the Asia-Pacific region are actively using digital banking services, and most of them are willing to purchase more banking services through digital channels.
The shift to digital banking has happened quickly and has likely been accelerated by existing trends – such as the increasing use of digital channels for various transactions, including banking, and the wider use of teleconferencing/calling video instead of face-to-face meetings – which have intensified during the COVID-19 pandemic.
As consumers in Asia-Pacific increasingly turn to digital channels to manage all aspects of their finances, incumbent banks need to carefully weigh the above strategic issues and chart their course. To thrive in this increasingly dynamic market, every bank will need to develop (or acquire) the technology, talent and ways of working that will enable it to develop distinctive and relevant innovations quickly and at low cost.
To learn more about Mambu, check out the company profile in the Payers database.