Commonwealth Bank of Australia develops new digital mortgage service

With digital banks and fintech companies slowly taking over the banking and financial industry, incumbent banks have also begun adopting newer technologies to improve their products and services to remain competitive in the industry.

For banks, the use of technology to offer new digital solutions to customers is not an easy process. Apart from ensuring that all regulatory requirements are met, they also need to provide a service that is both secure and reliable.

As such, banks are investing in developing their own solutions or working with cloud banking service providers to offer new products and services. In the Asia Pacific, more incumbent banks are becoming more digitized in their product offerings. For example, Singapore’s DBS Bank has been voted the world’s best digital bank in the past despite being an incumbent bank as they have been able to adapt and cater to the demands of the modern customer.

In Australia, the 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.

Set to be a revolutionary force in the Australian mortgage industry, Unloan is 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.

According to Brendan Harrap, Chief Architect at CBA, the bank is looking forward to working closely with Mambu as it continues to digitally transform its suite of CBA Group brands.

“Partnering with Mambu is an investment in future-proofing the Commonwealth Bank of Australia. Mambu’s SaaS cloud banking platform will enable us to bring in best-in-class solutions from other high-performing fintech and vendors, build financial solutions that meet the demands and expectations of our customers, and retain our position as Australia’s leading bank,” commented Harrap.

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, utilizing next-gen technology like data analytics, AI, and cloud to deliver personalized, agile, and flexible finance solutions to consumers.

For Myles Bertrand, Mambu’s Managing Director for APAC, the Commonwealth Bank of Australia is an organization 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 organizations 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,” added Bertrand.

Paul Apolony, General Manager Australia and New Zealand at Mambu also pointed out that there has been a profound shift in the way people think about their finances over the last two years. 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.

Apolony added that consumers now want personalized customer service and products that are tailored to their circumstances. And he highlights that this is what Mambu can enable, at a fraction of the cost and much more quickly than traditional banking technology.

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