CommBank partners with Mambu to develop Unloan, the CBA group’s new digital home loan
Commonwealth Bank of Australia 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 (pictured), 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.
