Scottish challenger Alba Bank to migrate to Mambu’s core banking platform
Glasgow-based challenger Alba Bank will be migrating to Mambu’s cloud-based core banking platform to enhance its SME lending services, and retail and business deposits.
Alba Bank to migrate to Mambu’s core
In 2019, it was reported that the Scottish challenger would launch with Temenos as its core banking platform, having selected Temenos Infinity and Temenos T24 Transact, as well as advanced analytics and payments modules to power its business lines for digital lending and savings.
Alba Bank says that by switching to Mambu, it will be able to “embrace a composable approach, enhancing its agility and speed to market” as it looks to develop new products that serve the “unmet challenges” faced by SMEs.
“Now more than ever, the availability of finance is key to the success of all SMEs. Pain points for this segment need to be properly acknowledged by banks, as success rates for loan applications are 20% lower than for large enterprises,” comments Nick Lawler, market director for Northern Europe at Mambu.
Lawler adds that by pivoting to Mambu, Alba Bank remains in “good stead” as it looks to support direct lending to SMEs and spur economic growth in the region.
Sandeep Kadam, chief technology officer at Alba Bank, believes Mambu’s “cloud-based approach” will allow the bank to build its products at speed while catering to evolving market demands.
