Digital banking solutions have evolved from a trend to a crucial strategy in the financial services sector. It is especially true for institutions aiming to stay relevant and competitive in a dynamic banking industry. A prime example is the innovative Marginalen Bank based in Sweden. Recently, Marginalen Bank made a successful shift from its legacy core banking system. They transitioned to a state-of-the-art cloud-based system with the help of Mambu and Avenga.
Mambu, a renowned global SaaS banking platform, and Avenga, a professional IT solutions provider, collaborated. They aimed to revolutionise Marginalen Bank’s banking operations. Impressively, they completed the transition of the bank’s consumer and business deposit and lending portfolios to Mambu’s platform in 13 months. This strategic move boosted Marginalen Bank’s operational efficiency and cost-effectiveness. It also enhanced scalability without compromising on security or compliance.
Mambu and Avenga’s Role in the Transformation
The banking sector is gradually shifting towards cloud-based platforms. This shift is mainly driven by the demand for flexible, efficient, and scalable banking systems. However, this process comes with challenges including the need for specialised skills and potential service disruptions. Mambu and Avenga addressed these issues effectively during their collaboration with Marginalen Bank.
Mambu provided its cloud-native, API-first core banking platform. This solution is renowned for its agility, flexibility, and swift deployment. More importantly, its scalability makes it ideal for banks like Marginalen. They are keen to explore new growth opportunities without the limitations of legacy systems.
Conversely, Avenga brought its expertise in digital transformation and system integration. It ensured a seamless transition of Marginalen Bank’s operations to the new platform. Avenga’s role was critical in enabling a quick, efficient, and disruption-free migration.
With the help of Mambu and Avenga, Marginalen Bank successfully navigated a complex transformation. Their journey showcases the power of embracing innovative digital banking systems. It also highlights the value of engaging seasoned professionals in this journey. As the banking sector continues to evolve, it is expected that more financial institutions will follow this path. This will further revolutionise the banking landscape.
