Mambu, the leading SaaS banking engine, today announced it has been positioned by Garter, Inc in the Challengers quadrant of the 2019 Magic Quadrant for Global Retail Core Banking.
The report states: “Core banking market demand keeps surging, underpinned by digital banking transformation, with an increased focus on commercial off-the-shelf packages, public cloud and open banking initiatives. Bank CIOs should evaluate core banking products in the broader context of the open core banking ecosystem.”
The report also acknowledges new trends in the market: “The definition of a CBS (core banking system) hasn’t changed significantly over the years. However, CBS offerings are evolving from autonomous islands of functionality to collaborative, open-banking-enabled platforms. Moreover, the shift to open banking platforms is integrating all of the stakeholders in a bank’s value chain: financial technologies (fintechs), technology partners, bank employees, customers, regulatory authorities and other banks.”
Mambu was established eight years ago with the aim of providing a modern cloud-native banking platform and has grown significantly to win over 130 clients globally including ABN AMRO’s New 10, leading venture-backed fintechs N26 and OakNorth, and non-banks like Cheers Paytech. Mambu’s flexible API-driven technology provides financial institutions of all sizes with the agility to rapidly design, launch, service and scale their banking and lending portfolio.
“We are delighted to be included in the 2019 Magic Quadrant for Global Retail Core Banking as we believe it acknowledges our growth and the impact of cloud providers in the market,” says Eugene Danilkis, CEO of Mambu.“We see that the market is changing and banks have realised the need to be built to change quickly instead of building a finite vision of the future. This agility and control is what we offer banks, the ability to compose their own architecture.”
“This is the first year Mambu was evaluated in the report and we believe being positioned as a Challenger confirms that our strategy and technology is rapidly gaining traction in the market. It motivates us to continue to innovate, grow and further change the market,” said Danilkis.
Criteria for a vendor’s ability to execute includes evaluating the product or service, overall viability, sales execution/pricing, market responsiveness/record, marketing execution, customer experience, and operations. The evaluation criteria for completeness of vision includes market understanding, sales strategy, offering (product) strategy, vertical/industry strategy, innovation and geographic strategy.
Source: Gartner, Magic Quadrant for Global Retail Core Banking, Vittorio D'Orazio and Don Free, 22 July 2019.
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