Mambu is a core banking platform that we use in most of the banks. We implement this core banking solution for clients who want it to be their core banking platform.
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Composable integration has simplified modular banking projects but customer focus still needs work
What is our primary use case?
What is most valuable?
Mambu's best features are its composable structure, where it can be integrated easily through a plug-in and plug-out way.
Mambu's composable structure has helped in our projects since whenever the client wants to add on a few modules, they can do so.
Whenever the client wants a few modules to be added, they can simply plug in that particular API, whether it is related to LOS or loan module, deposit, or those kinds. They can simply plug in that API and get it popped in the module on the screen.
What needs improvement?
Mambu can be improved by becoming more customer-centric, as well as focusing on certain points compared to other competitors.
For how long have I used the solution?
I have been using Mambu for the past one and a half years.
What do I think about the stability of the solution?
Mambu is stable.
What do I think about the scalability of the solution?
Mambu's scalability is better compared to others; as it is easy to integrate and if it is user-centric, then it can be definitely scalable.
How are customer service and support?
Customer support for Mambu is pretty good.
How would you rate customer service and support?
Negative
Which solution did I use previously and why did I switch?
I am not sure about what solution the client was using earlier, so basically, it is a completely new implementation, not a migration or anything else.
How was the initial setup?
Mambu's pricing setup was a bit lean and linear; compared to other core banking solutions, it is too low.
What about the implementation team?
We do Mambu implementation as well as PMO works for them.
What was our ROI?
A few clients are happy with how they are operating now with Mambu, so it has had a positive impact on them. The customers' feedback is that they are able to get the ROI invested in Mambu.
Initially, the ROI will be less, but later on, in the long run, the ROI will be more, and it also saves time in integration and configuration.
What's my experience with pricing, setup cost, and licensing?
If your budget is low and you want a product that offers easy configuration and integration, then you can definitely go for Mambu.
Which other solutions did I evaluate?
We do evaluate other options like the other top core banking solutions in the market, but cost-wise, we felt that Mambu is good, and we have proceeded with it.
What other advice do I have?
Overall, my experience is good. I would rate Mambu a six to seven. I chose that number because compared to other core banking solutions in the market, Mambu lags a bit behind, but it is just the beginning for Mambu, and it has not been fully established in the market yet. In a span of 10 years, I can see Mambu at a top level, competitive to other core banking offerings. Mambu is pretty good. My overall review rating for Mambu is six out of ten.
Has supported rapid deployment of digital banking while revealing a need for more innovation features
What is our primary use case?
I have used Mambu for the Greenfield implementation of a digital bank called Uno Bank, where I am working as a system integrator for that program. Mambu is one of the core banking systems that we are using. We have implemented the cloud-native core banking Mambu shared services, which was integrated with the front end, Backbase, and other integrations with the payments and card systems.
We have launched in a sequential manner, initially configuring it for the deposit module where CASA and fixed deposit products as well as group savings have been involved. Lately, we have also used Mambu for mortgages, and I found that Mambu is a very quick configurable product which helps us to perform quick configuration and achieve rapid time to market for new products.
What is most valuable?
Mambu offers very valid configurable features where we can configure different kinds of products that we can launch to market, including current accounts, savings accounts, family banking products, as well as split and pay features, which are very useful and easily available.
The split and pay feature is very unique, especially in the Philippines market where multiple people can go to a café or restaurant, order different things, and need their payments divided among individuals. This was very easy to configure in Mambu, where you can give them the option to select and split the bills as well as the option to pay the bills directly, which integrates with the core banking Mambu.
Regarding features, Mambu is easy to use and quickly adaptable by the team, so you do not spend too much time progressing through implementation the way you would with Thought Machine or others where you have to do programming. Mambu is a very configurable core banking product where you have to do the configuration and some out-of-the-box products are easily available which can be used to quickly make the go-to-market features available for the bank.
As a system integrator, Mambu has impacted our business significantly and generated substantial revenue because we were able to make it a core banking solution which is the heart of any bank. We were able to launch the digital bank within the span of nine months, which was a great achievement, and now that bank is catering to the entire APAC market. It has also provided a referral point for us where we can take it forward for US banks and other banking scenarios.
What needs improvement?
Mambu can be improved if it can keep up with current market trends and introduce innovative products, such as Buy Now, Pay Later features, which are not available out of the box at this moment.
Mambu has a good API available that can easily connect to third-party integrations. However, if they can integrate themselves and come up with front-end solutions, such as Backbase or i-exceed, along with AWS, Azure, and other cloud partners, it will help us to be more adaptive and scalable, covering a broader market.
Mambu needs to focus more on customer orientation. If they can provide self-guided learning materials for people to learn how to configure and use Mambu, it will be a great help.
For how long have I used the solution?
I have used Mambu for almost three years.
How are customer service and support?
I have interacted with Mambu's support team and have a good relationship with their customer success managers who are really helpful.
How would you rate customer service and support?
Neutral
Which solution did I use previously and why did I switch?
Earlier, we were using traditional core banking systems such as Oracle Financials, Temenos T24, and Finacle in TCS banks. These legacy core banking systems required a lot of time for small changes and tweaking, involving lengthy change request cycles, which were time-consuming and costly. This is why we switched to Mambu.
What was our ROI?
Mambu enables faster time to market for new products. We were able to launch the new CASA product within nine months, and we were able to acquire more than thirty percent of the customer acquisition through Mambu. This new feature has given an adoption rate of almost thirty-five percent. In terms of maintenance and costs, since it is a cloud-native solution on shared cloud services, it has reduced our operational costs by approximately fifty to sixty percent.
The return on investment is quite high because, with Mambu's help, we were able to launch the cloud-native core banking digital bank very quickly in the Philippines market. The entire digital bank setup, along with integrations with the payment gateways and front-end core banking, took only nine months to launch our CASA product. This definitely provides a good return on investment, allowing us to save a lot of money compared to other market competitors, such as Thought Machine or Temenos.
What's my experience with pricing, setup cost, and licensing?
Mambu is good for startups and neobanks. The pricing, setup costs, and licensing are reasonable. It is neither too high nor too low, so it is sustainable, and I believe they can continue with this model.
Which other solutions did I evaluate?
We evaluated Thought Machine, 10x, and Mambu. Among the three, we found that Mambu is cost-effective, easy to configure, and offered a very good time to market, which is why we chose Mambu over the others.
If you are looking to quickly launch a new core banking solution or replace existing core banking systems without focusing much on innovation, you should definitely consider using Mambu, as it is often the cheaper option with a quicker time to market and less operational cost.
What other advice do I have?
If you want a quick and easy solution, Mambu is one of the best options. After working with traditional core banking and alternatives, such as Thought Machine and 10x, I find that Mambu is a safe bet.
If they can provide training material and user guides that help me create a center of excellence inside my organization, it would be helpful. Having support for hands-on sessions or videos explaining how to configure and use different kinds of products will be really valuable for me and my organization. I would rate this review a seven out of ten.
Which deployment model are you using for this solution?
Hybrid Cloud
If public cloud, private cloud, or hybrid cloud, which cloud provider do you use?
Amazon Web Services (AWS)
Useful for managing financial products but improvement is needed in UI and APIs
What is our primary use case?
We use the solution as a Platform as a service. Mambu's main use case is for financial activities, particularly non-management purposes. You can manage financial products on it, create fixed deposits with evaluations, and manage these on mobile.
What is most valuable?
From a software engineering perspective, the product's best feature is its APIs. These APIs allow developers to access user funds, reschedule loans based on different activities, and adjust various transactions. Mambu is quite dynamic and robust, facilitating the improvement and expansion of our platform.
What needs improvement?
The solution's response times are different and don't work consistently. I believe there is room for improvement in the API development part, specifically in understanding the platform's specific needs and structure. It also needs improvement in user-friendliness.
For how long have I used the solution?
I have been using the product for a year.
What do I think about the stability of the solution?
The tool doesn't often break down. However, there are sometimes issues with the dashboards, and actions take forever to load.
What do I think about the scalability of the solution?
My company has around 10 users. The solution is scalable.
How are customer service and support?
Some months back, we contacted technical support for the solution. We were trying to install applications on mobile for admin staff using Mambu. Specifically, we needed the application to support serial development, so we containerized our applications using Docker and Kubernetes. The application wasn't processing fully on mobile, and there was an issue with SSL not attaching correctly, causing bypass problems.
How was the initial setup?
The tool's deployment is not difficult. It's more about understanding the setup.
What other advice do I have?
To use Mambu, you would need to add a few conditions. However, they will not disrupt your financial services. I rate the overall product a seven out of ten.
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