Richard Morgan & Richard Davies.
Allica Bank goes live on Mambu to boost UK’s SMEs
The cloud banking platform enabled Allica to offer loans within months.
Fintech challenger bank Allica has now gone live on the cloud banking platform Mambu.
The platform is supporting Allica in bringing “bespoke lending products” that are specifically designed with small and medium-sized businesses in mind, according to the company.
Catering for established SMEs in the UK, and having purchased Allied Irish Bank’s GB SME customers last November, Allica is using the platform to help offer loans quickly.
It is also reintroducing “tech-savvy relationship managers” to improve customer experience.
“Left unaddressed,SME demand for digital-age lending represents a huge missed opportunity for banks and lenders,” Mambu general manager for the UK and Ireland Richard Morgans said.
“Financial institutions need to do more to tackle challenging application processes for loans, and Allica Bank is playing a key role in doing exactly that.”
With Mambu’s technology stack, Allica was able to offer loans to its acquired customers in a matter of months.
“Our implementation involved greenfield and migration elements and a very complex loan portfolio, yet it took only three months to complete.”