Cloud banking technology helps innovative SME lenders disrupt


Prospa turned to Mambu to provide the firepower needed to sustain strong loan demand and reach new markets.

Trust in technology allows the team to focus on delivering financial solutions to professional clients quickly, says Malak.

“Small business owners who are short on time turn to Prospa for quick access to funds to cover cash flow shortfalls, such as employee salaries, buying stock or paying suppliers to move the business forward. ‘company. Others need capital to invest in growth,” says Malak.

“Technology has been key in ensuring that application processes are smooth and without delays to ensure quick results for small business owners. It has also allowed us to focus on the specific needs of more small businesses, while reducing operational costs and environmental impacts,” says Malak.

The lending industry is slower to adopt the cloud

The banking and payments landscape has undergone dramatic changes in recent years due to the rapid proliferation of new technologies.

By comparison, the lending industry has been slower to respond, with many operators sticking to a more traditional, hands-on approach, despite changing customer expectations.

Although some SME lenders are embracing cloud technology in a bid to future-proof their businesses, including Prospa and Lumi, some of the big names in Australia’s business lending market could be left behind if they don’t embrace the change, warns Paul Apolony, the Australia and New Zealand Managing Director, of cloud banking platform, Mambu.

He blames a broad lack of understanding of the benefits that cloud technology offers lenders for the inability to innovate. “Lenders need to start their own digital transformations or they risk being left behind,” says Apolony.

“Cloud technology is already in the market and used by lenders around the world, but there has been some reluctance among Australian lenders to make the switch, despite the many benefits,” he says.

Faster, simpler, more convenient

Mambu enables SME lenders to serve a more diverse range of business customers, offer more flexible lending options, and create products with fewer paperwork and administrative requirements.

It also translates to a much faster approval process for borrowers and costs less for both lender and borrower, Apolony says.

“Lenders are realizing that we’re entering a tougher lending market that they need to streamline the application process so borrowers can get money into their account quickly,” he says.

Automating the process reduces risk and means borrowers can access funds faster. By embracing the cloud, SME lenders can serve a more diverse range of business customers, as the technology allows them to offer more flexible lending options faster and at lower cost, he says.

“Whether they’re running a micro or mid-sized business, using the cloud can help lenders remove much of their manual processing, which can be slow and prone to human error,” says Apollony.

“Simply put, it’s faster, simpler, more accurate and cheaper. Cloud technology also allows lenders to scale without the usual infrastructure overhead, meaning there’s less risk for lenders looking to grow their business,” says Apolony.

Mambu is the world’s only true SaaS cloud banking platform. Launched in 2011, Mambu accelerates the design and construction of almost any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end-user demands. Mambu has 900 employees supporting 230 customers in over 65 countries. In Australia, Mambu’s customers include CBA, Prospa, Bluestone, Lumi, Nimble, Shaype and Tyro.


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