Mambu Partner Network releases highly anticipated predictions for 2023
Mambuits global network of partners shares its insights and predictions about the forces likely to shape the industry this year.
Software-as-a-service (SaaS) cloud banking platform Mambu publishes its latest report for 2023, which addresses a number of predictions made by its partner network.
In light of the economic downturn, the report focuses more specifically on the seven most influential trends expected to grip the industry this year.
Partners included AWS, Background, Deloitte and Google Cloud have contributed to these predictions.
They examine the changes the industry must expect and explore how financial players should respond, to ensure they are not left behind.
According to its introduction, the report highlights “the growth of embedded finance, new forms of digital payments and the movement of competitors to become collaborators”.
Its insights also address the so-called “platformisation” of banking, sustainability and ethical finance alongside the growing role of big tech.
“The financial landscape has been extremely turbulent for some time,” he explains Fernando ZandonaMambu’s head of technology and product.
In addition to this ongoing turbulence, the industry has continued to evolve at a rapid rate.
Zandona acknowledges economic uncertainty, fintech efficiency and the role of banks and large technology companies as contributing factors.
“But no matter what,” he continues, “end customers will decide which players win and continue in the market. Those customers will favor those who move quickly and innovate.”
As a result, Zandona says that embracing technology will be “one of the best approaches that financial services will need to survive and thrive.”
Predictions and highlights
While the full scope of the report can be found on the platform’s website, here we’ll address the most prominent predictions, which include:
Big technology entering banking will force banks to drive digital transformation. Customers now have higher expectations for their digital experiences, so traditional banks must collaborate with technology providers to offer more competitive banking services.
- Environmental, social and governance (ESG) and ethical impact financing
This shift will not only drive traditional banks towards more inclusive composable financial products and services, but also deliver with sustainability in mind for the benefit of their customers.
Instead of integrating their products into external platforms, banks should focus on creating their own interfaces and making them more engaging, more relevant and more interesting to increase brand loyalty.
Find Mambu’s full report here.
