BRO_Mambu_Feb2021

Mambu

Creating Infrastructure for the Fintech Era

DIGITAL REPORT 2021

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Creating Infrastructure for the Fintech Era 03

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MAMBU

Eugene Danilkis, CEO and co-founder, describes how Mambu’s pure SaaS banking platform is accommodating the evolving needs of modern banking

A

t first consideration, banking may seem like an unlikely focus point for the transformative potential of lean and agile

digital technology. Images of cumbersome vaults, 04

grand buildings and long-standing heritage colour the industry’s popular perception. However, whereas once rigid endurance was the measure of a bank’s success, now, particularly in the COVID19-affected world, the core distinguisher of quality in a leading organisation centres on change and the ability to adapt to it. Launched in 2011, Mambu was created in order to facilitate this operational shift for banking clients using a combination of future-ready tech and a visionary cultural philosophy.

“I always had a passion for combining my interest in technology with something a little bit more broad,” explains Eugene Danilkis, CEO and cofounder. “I wanted to figure out the way people interact with technology and how that information could be employed to design a great user

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MAMBU

“ Real value lies in a mindset of always learning and always changing, and that goes for individuals as well as the business” — Eugene Danilkis, CEO and co-founder, Mambu 06 E X E C U T I V E P R O FILE :

Eugene Danilkis Title: CEO and co-founder

Company: Mambu

Industry: Financial Services Location: Germany Eugene Danilkis is the co-founder & CEO of Mambu. With a background in technology design, degrees in Human-Computer Interaction and Computer Science, Eugene is the driving force behind Mambu’s vision.

Eugene started his career as a programmer developing mission-critical software for the International Space Station. At Mambu, he now leads an international team that is helping banks and lenders, both greenfield and traditional, to shape the next generation of financial services around the world. Eugene combines his background in technology and design with an entrepreneurial approach, using technology to find simple solutions to some of the banking sector’s complex challenges.

07 experience, injecting technology in the

financial products and digital experi-

right parts of the journey.” A computer

ences would have a massive impact.”

science major and genuinely passion-

What resulted was Mambu: the

ate about how technology interacts

world’s leading cloud native banking

with people, Danilkis gained experi-

platform, designed to lay the tech

ence first as a programmer and then

infrastructure required for organi-

as a team lead. It was while working

sations operating in the modern era.

in an interdisciplinary programme at

Enabling clients to own and focus

Carnegie Mellon University combining

on the customer experience aspect

tech design, business and psychol-

of their business instead of the techni-

ogy that he determined the value

cal, the company offers a unique

a Software-as-a-Service (SaaS) plat-

opportunity for banks to upgrade

form could have in the finance sector.

rapidly. “You can configure the plat-

“We realised that giving organisations

form without having to get developers

anywhere in the world a platform

to customise the application, as you

upon which they can build and create

would with a lot of legacy systems,” www.ma m b u . com

MAMBU

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“ Effectively, our clients don’t need to invest massive amounts into the projects upfront; they pay for the service as they go, with the option to pay varied amounts for different elements” — Eugene Danilkis, CEO and co-founder, Mambu

A decade of changing banking CLICK TO WATCH

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4:38

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MAMBU

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“ I wanted to figure out the way people interact with technology and how that information could be employed to design a great user experience” — Eugene Danilkis, CEO and co-founder, Mambu

Mambu in 2020 - CEO and Co-Founder, Eugene Danilkis CLICK TO WATCH

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3:53

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says Danilkis. “That has a tremendous

the projects upfront; they pay for the

benefit on the business side; it means

service as they go, with the option to pay

if you want to, let’s say, change how

varied amounts for different elements.”

your financial products behave, or how

Because Mambu is able to offer

you capture customer data, you don’t

banks the opportunity to add their own

need to go into the nitty gritty of the

customer-facing value, it substantially

code.” Because Mambu maintains and

accelerates product time-to-market

manages the platform, the ease of

and enables greater resource allocation

delivery is akin to a subscription ser-

agility. However, despite these benefits,

vice, one where continuous streams

Danilkis relates that the initial chal-

of updates are layered in such a way

lenge of the company was overcoming

that doesn’t disrupt the end-user’s

scepticism levelled at cloud, itself

business. “Effectively, our clients don’t

a new technology at the time. “Working

need to invest massive amounts into

with banks and banking regulators, we www.ma m b u . com

MAMBU

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explained that there was actually

technology ecosystem. That experi-

a reduced risk by running the platform

ence enables us to determine the

in a public cloud environment versus

best way to use tools, the best way

a local data centre,” he says. “That

to integrate systems, and the best way

process was quite transformative

to manage change.” Change is a con-

for Mambu as a company, because

cept so integral to Mambu that it has

it really opened up the market where,

become one of the company’s core

initially, no-one was active in the cloud.”

cultural tenets. Aware that modern

Helping financial institutions realise

finance is evolving on a continual basis,

that ecosystems of resources could

Danilkis emphasises that flexibility

fundamentally be stronger than a siloed

needs to permeate every aspect. He

approach, Danilkis is proud that Mambu

continues, “Real value lies in a mindset

was among the first to start challeng-

of always learning and always chang-

ing the industry’s perception of what

ing, and that goes for individuals as

cloud could do.

well as the business. Our leadership

This focus on relationships extends

team doesn’t go into conversations

from the macroscopic to the more

assuming that we’re right; just because

specific. Mambu prides itself on

you’re a leader at Mambu, that doesn’t

a highly customer-centric approach;

mean you’re automatically more right

involving business analysts, solutions

than anyone else.”

engineers and product managers at

Danilkis states that the company’s

an early stage, it is able to quickly and

philosophy of flexibility coupled with

accurately determine the needs of

its advanced tech capacities meant

its clients and their customers. “This

that, when the COVID-19 pandemic

includes giving best-practice advice

struck, operations managed to continue

based on the hundreds of projects

relatively unabated. By maintaining

we’ve participated in around the world

an open office for those unable to

at technical level, as well as introduc-

work from home while also supplying

ing them to relevant partners in our

equipment and offering flexibility

THE 1 0 P RI N CI P L E S OF COMPO SAB L E B AN K I NG

Introduced in Mambu’s complete guide, these points capture the essence of the concept succinctly for organisations intent on discovering what composable banking can do for them: 1. Ecosystems beat pre-integrated suites 2. Start with a composable platform

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3. Think ‘cloud-first’ 4. Every component is self-contained 5. Everything must be exposed via open APIs 6. Building new connectors must be simple and straightforward 7. Scaling should be elastic and occur horizontally 8. Continuous delivery is better than over-sized updates 9. The flexibility of the software must be reflected in the commercials 10. Self-service developer experience is essential.

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MAMBU

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to employees who wanted to work

He explains: “It effectively means that,

remotely, Mambu was able to focus

to really thrive in the current era, where

on helping those struggling with the

new technologies are coming onto the

logistics of the pandemic instead.

market and changing the conditions,

“We noticed that some customers

you have to be able to look for technolo-

were struggling and we identified

gies and solutions, either at a technical

several capabilities that they (banks)

level or business level, and combine

could offer their clients to provide

them rapidly to create value for your

a degree of flexibility on their payment

customer.” Focusing on building for the

terms, such as payment holidays or

future and ensuring competitiveness

payment rescheduling. Everything’s

in the long-term instead of simply

becoming much more digital, so

conforming to current trends, compos-

I think that’s accelerating a lot of

able banking eliminates rigid vendor

different initiatives.”

architectures and prioritises dynamic

Indeed, one key digital concept of

ecosystems that can develop opti-

which Mambu is an ardent proponent

mised solutions fast. “It’s essentially

is ‘composable banking’ - something

the philosophy that ecosystems will

Danilkis believes could be the ultimate

beat monolithic systems every time,”

solution for creating truly agile banking.

Danilkis summarises.

Undeterred by COVID-19, Danilkis is confident that 2021 will be an exciting year for banking and particularly for Mambu. With new product launches and exciting initiatives on the horizon, he anticipates that the company will be

“ Fintech is the era that we’re living in” — Eugene Danilkis, CEO and co-founder, Mambu

able to expand deeper into the markets

tech companies become critical busi-

it currently serves and prepare for launc-

ness partners for how financial services

hing exciting new services. However,

companies are designed and built.” In

it is the change happening within the

this vision of the future, tech companies

industry itself that excites Danilkis the

will be part of a rapidly evolving, self-

most: a new, digitally-augmented vision

improving ecosystem that creates

of finance is emerging, one which places

a platform for building better banking for

Mambu at the epicentre of modern bank-

everyone. With its pioneering approach

ing. Not regarding fintech merely as an

well-suited to the post-COVID-19 new

industry, he declares that it could actually

dynamic, Mambu is sure to occupy

be considered more of an era, “Fintech

a prominent place in that vision.

is the age we’re living in,” he concludes.

“I think this decade will be a time when www.ma m b u . com

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P0WERED BY

E: HELLO@MAMBU.COM

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