The old, monolithic designs of the past no longer cut it when trying to keep up with the competition, let alone if you want to beat the competition. Fintech companies, innovation-driven banks and other financial players contribute to the much-needed technological development of the financial sector. There is a need to be flexible, agile and customer-centric in the design of financial services.
We are constantly striving to give our customers the freedom to build new personalised services, and empowering them to flexibly create their own ecosystems. In this new landscape, the rise of a new breed of digital banking ignites an exciting and valuable revitalisation across the entire financial industry. Tandem Bank is a great example of this.
Tandem was created back in 2016 alongside a community of 11,000 “co-founder” members. Its unique upbringing makes it one of the few to have successfully reinvented banking from the bottom up. Through a broad range of services, Tandem is focused on helping its customers manage their money -- from a user-friendly app to savings, credit cards, mortgages and loans.
Tandem’s personal mission is to give people control of their money, something we at Mambu greatly believe in.
"We are currently building the next version of our technology platform and, as part of this change, wanted to partner with a cloud-native core banking platform that could provide an agile and scalable solution", says Nick Bennett, Chief Operating Officer of Tandem.
As part of its ambitious growth plans, Tandem wanted to introduce new financial services inside the Tandem Product, and quickly. Although we are known for our go-to-market speed, Tandem were skeptical, going so far as to bet if we could deliver in that time frame they would put a statue of me in their reception.
Well, the final timeline wasn’t half a year - it was much less. Three months, to be exact.
While we were confident of winning the bet, the astonishing velocity Tandem has achieved is as much a testament to their digital expertise as it is to Mambu’s technology. They have truly embraced working with our composable architecture approach and the results speak for themselves.
With their newly designed product, Tandem will be able to continue innovating and developing new services, further removing the stress of money management and providing customers more control over their money.
Looking towards the future of banking – in Tandem with Mambu
Tandem is continuing to develop cutting edge services and features in a matter of days, leveraging Mambu and other best of breed technology and scaling in a way that enables them to meet growing and changing business needs - be it consumer demand or expanding their scale and reach.
By building a new innovative product powered by Mambu, and incorporating open banking and artificial intelligence, Tandem is helping customers understand how to save better, budget for upcoming payments and reduce money-stress, all while avoiding sneaky fees, rate hikes and forgotten subscriptions.
All of this will be fully digital via an API-driven architecture and composable, cloud-native solution, allowing Tandem to innovate and build services their customers want. By providing fast, flexible financial services, we are helping fintechs like Tandem to focus on innovative customer experiences and benefits for their customers.
Also, we’ll be calling in our bet and arranging delivery of the statue shortly. Stay tuned...