You may have already heard or read about it, but what are banking ecosystems? In essence they’re a combination of several providers — managed by an orchestrator — who tailor or configure their services around customer needs.
The banking services we experience as customers, like opening a bank account or getting financing seem fairly straightforward. It’s when we step into the realm of the software applications and IT solutions used by banks, that we talk about ecosystems.
So why are ecosystems important?
Today, customers expect more personalised, digital interactions. Financial companies are therefore expected to build time-sensitive, flexible and cost-efficient ecosystems to make management of finances more relevant and part of customers’ day-to-day lives. When professional services network company PwC and Mambu decided to collaborate and build PwC's digital banking accelerator Tysl, we were proud to use this opportunity to strengthen our partnership and contribute with our technology, which takes personalisation to heart. For PwC we made it easy to leverage new technologies and deliver more reliable, intuitive and accessible services for customers.
Three years in the making, Tysl is a modular platform that Mambu helped configure from an ecosystem of cloud-native technology components. The initiative fostered innovation for scalable digital tools used by enterprises. Mambu was one of 10 leading fintechs brought together to demonstrate how future banking technology will rely on collaboration and innovation.
Our aim has always been to solve technological problems and make banking more accessible for more people. Which is why developing banking accelerators with strategic partners such as McKinsey, Capgemini and Deloitte is so important. The reality of banking is that when these names invest in innovative products, banks will listen and think of evolving their legacy environments.
From ecosystems to embedded finance
With a term like ‘banking ecosystem’, you would be excused for believing that banks are the primary beneficiaries of this type of innovation. But they’re not. At least not exclusively. The banking landscape is changing rapidly with ‘embedded finance’ taking centre stage currently. Retailers, telcos, automotive and multimedia companies represent the last frontier of financial services and its biggest opportunity for growth and inclusion. These organisations already have relationships with customers, established communication channels and, perhaps more importantly, vast amounts of user data. What they don’t have yet is a platform from which they can offer financial services: enter Mambu and next gen ecosystems like PwC’s Tysl.
With the use of banking ecosystems set to become the norm, Mambu is committed to collaborating and innovating with organizations to take finance further into the digital era.