A recent announcement by the cloud-based banking platform Mambu has confirmed that the British challenger bank Tandem is now live on its SaaS banking platform. Ten months after signing the agreement, the finalised implementation was succeeded by a four-month beta in late 2020, before a full rollout in early February 2021.
With close collaboration between the two fintechs, all customer accounts – divided between savings, loans, and mortgages – were migrated overnight, fulfilling the bank’s successful transition onto the new platform. The switch will allow Tandem to benefit from full control across all of its product services, whilst significantly improving its understanding of customer behaviour and how such an interaction can be made more efficient.
Migrating their legacy system to their own proprietary software that integrates best-of-breed cloud providers such as Mambu, not only provides Tandem access to the best banking technology in the market but helps them deliver on the green finance proposition to help people ‘save while saving the planet’.
“We’ve been progressing towards a greener banking ethos for a while now,” said Noam Zeigerson, Chief Data and Technology Officer at Tandem. “And with our recent acquisition of Allium Lending Group, we’ve been able to accelerate on this mission. We needed a technology partner that was both a culture fit for Tandem and had also technical hacks. Finding a partner that is an expert in a complex task, such as managing banking ledgers, enabled as well as making it all available in a programmatic way via APIs was a key for our success. It allowed us to focus on creating value for our customers, building our software technology in the way we love and move our business forward.”
Tandem chose to move to Mambu to provide the digital-only bank’s demographic with a more curated customer experience, whilst also creating more agile operations in regards to the launch of new products; all together helping the bank to stay true to its green goals as all work undertaken with Mambu was completed virtually; without travel or environmental impact.
“Having both teams closely aligned reduced the risk associated with implementation and migration processes, giving Tandem the confidence that if any issues should arise, they would be met by a well-briefed Mambu team, able to react quickly,” said Eelco-Jan Boonstra, Managing Director of Mambu EMEA. “When Tandem decided to move away from more traditional software providers, they knew it was the way to remain sustainable and achieve their green goals – and we’re exceptionally pleased to not only prove them right, but surprise them by how quickly we achieved it.”
After a successful 2020 with 100% YoY growth and the recent €110 million round of funding, Mambu continues to provide customers with a platform on which to build agile, customer-centric financial businesses.