In 2017, the Dutch banking giant identified three key market trends:
- Arrival of innovative fintechs and bigtechs,
- Bank’s need to change legacy systems and processes,
- Market opportunity to service the underserved market in the Netherlands.
After assesing these gaps and opportunities, ABN AMRO began looking for ways to position itself for the future, and within 10 months launched New10.
The aim was to offer a strikingly modern mobile user experience including a 15-minute credit decision, and fast onboarding— all online. New10 sought a solution that shared the lean and agile attributes of their business.
Bringing a fully digital approach to life meant an entrepreneurial approach and a fully cloud-native environment. As lean and agile as the business itself.
New10 took an entirely cloud-native approach, choosing Mambu as the core, composable banking engine and deploying on Amazon Web Services. The composable architecture let them choose the best, most innovative technologies available.
All components were easily integrated into a complete service via APIs, hosted in the cloud and built in complete isolation from the parent company systems. New10's MVP was ready in record time - just four months, and employing only a handful of people.
During this time, New10 actively collaborated with Mambu's CTO and COO, exploring how utilising Mambu can further strengthen their business model going forward. As a result of this partnership, New10 combines the best of two worlds: the characteristics of a flexible fintech with ABN AMRO’s deep financial knowledge and resources.