Structured as an autonomous business, Space Bank provides customers with the full range of retail banking services including loans, saving products and payment cards. For the first time, Georgian customers can benefit from a truly end-to-end digital experience.
In 2017, TBC decided to create a neobank that exists only as a mobile app, without branches and physical presence.
There was a need to create a simple, design-oriented, transparent and customer centric daily banking experience.
They set themselves the challenge of changing the Georgian banking sector and the way people access their daily financial services.
The team wanted to deliver a full daily banking mobile service with superior customer experience, placing a special focus on differentiating by design, customer care, price transparency and instant service delivery.
They chose a fintech approach and launched Space Bank on Mambu due to its cloud-native and API-driven nature which supported expansion with fast time to market.
The project took eights months to go from concept to launch with go-live taking place in May 2018.
Space is independent and operates like a fintech from people to processes and culture but is able to leverage the resources and experience of TBC Bank.
The bank’s current offers include loans, savings accounts, payment cards, rewards and payment services like P2P transfers.
TBC Bank supports the country’s first cloud bank powered by Mambu.
TBC says the fintech-inspired initiative was taken from concept to launch in eight months.
Space Digital Bank, a cloud-based neobank based in Georgia, has launched with a core banking system powered by Mambu.
“We are a lean and agile organisation and we sought out partners with similar attributes. As the leading global SaaS banking engine, Mambu was the clear choice. With its flexible composable architecture, we have been able to build and launch from scratch in just eight months and are primed to scale up products and grow further strategically. That is the power of the right technology.”
“TBC, in a way, created its own competitor. We think this challenge brings a new reality not only to TBC but also to the Georgian banking sector. It aims to change the way people access their daily financial services.”