CommBank partners with Mambu to develop Unloan, the CBA group’s new digital home loan
Australia’s leading bank, Commonwealth Bank of Australia (CBA), has selected market-leading SaaS cloud banking platform Mambu as the technology foundation of its next-gen digital mortgage brand, Unloan.
“We’ve selected Mambu to underpin our new home loan brand, Unloan, and look forward to working closely with Mambu as we continue to digitally transform our suite of CBA Group brands,” explained Brendan Harrap, Chief Architect at CBA. “Partnering with Mambu is an investment in future-proofing CBA. Mambu’s SaaS cloud banking platform will enable us to bring in best-in-class solutions from other high-performing fintechs and vendors, build financial solutions that meet the demands and expectations of our customers, and retain our position as Australia’s leading bank.”
Mambu is a true SaaS cloud banking platform and has a uniquely composable approach that enables the assembly of independent components, systems, and connectors to meet business needs and end-user demands. This approach aligns perfectly with CBA’s goal to understand and anticipate its customers’ evolving needs, utilising next-gen technology like data analytics, AI and cloud to deliver personalised, agile and flexible finance solutions to consumers.
“We are thrilled to be working with CBA,” said Myles Bertrand, Mambu’s Managing Director, APAC, “an organisation that has already demonstrated a deep understanding and respect for the power of technology and taken a lead role in Australia’s digital banking revolution, as evidenced by its proactive investment in digital technologies. Working with organisations that want to make banking better for everyone is at the heart of what we do at Mambu, and this new partnership with CBA fits that bill perfectly.”
“There has been a profound shift in the way people think about their finances over the last two years,” added Paul Apolony, General Manager Australia and New Zealand at Mambu, “with significant acceleration in the adoption of digital technologies and greater expectations from consumers. People aren’t content to just get what they’re given anymore; they want personalised customer service and products that are tailored to their circumstances. That’s what Mambu can enable, at a fraction of the cost and much more quickly than traditional banking technology. We are so excited to be working with CBA as it takes this next leap into the digital future.”
Unloan is set to be a revolutionary force in the Australian mortgage industry, with the new offering able to provide loan refinancing applications in as little as 10 minutes and a discount that increases every year for up to 30 years. Unloan was launched to the Australian market in May 2022.
Mambu is the world’s only true SaaS cloud banking platform. Launched in 2011, Mambu fast-tracks the design and build of nearly 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. The Mambu team of 900 is spread across the globe and supports over 230 customers in 65 countries, including Western Union, N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam, Orange Bank and Commonwealth Bank of Australia. With 400 deployments to date and 100% year-on-year growth, Mambu’s API-first, cloud-native platform is currently used by more than 65 million end customers around the world.
About Commonwealth Bank of Australia
The Commonwealth Bank of Australia (ASX:CBA) is one of Australia’s leading providers of personal banking, business and institutional banking and share broking services. With more than 15 million customers and a history spanning more than a century, the Group’s purpose is to improve the financial wellbeing of its customers and communities. The Commonwealth Bank is Australia’s leader in digital banking and maintains the largest branch network across the country. Headquartered in Sydney, Australia, the Bank operates brands including Bankwest in Australia and ASB in New Zealand. For more information on Commonwealth Bank, visit www.commbank.com.au.
Unloan is a new kind of home loan built for a digital world. We believe home loans should be easy to get and easier to live with. That’s why we built a home loan with a low variable rate, an increasing discount^, and an easy online application. For more information visit www.unloan.com.au