Wio Bank has announced its successful go live on Mambu. Mambu’s platform enables Wio Bank to achieve a faster time to market as it helps establish the UAE as a hub for the growing digital economy.
Wio Bank provides access to banking and business support services in a fast, convenient and fully digital manner. Its offering is tailor-made for start-ups, freelancers and small-to-medium enterprises (SMEs) – groups that still largely rely on brick-and-mortar branches to open accounts and carry out business transactions.
Wio Bank aims to spearhead Digital Transformation in the financial sector with high-quality, next-generation products that are secure, transparent and convenient. Leveraging Mambu’s API-driven, cloud platform, Wio Bank has been able to build and launch financial products quickly and at scale as it empowers business customers and individuals with its modern digital banking solutions. Features include streamlined account opening, eased managing and tracking of expenses and simplified invoicing and payment services, so SMEs can get up and running quickly with simple banking tools to better manage their business.
“Wio Bank exists to shift traditional banking operating models to enable digital businesses. On Mambu, we can design and deliver modern financial products and services to our customers to make their lives easier,” said Serge Terentyev, Chief Technology Officer at Wio Bank. “Together we can take an active role in embedding modern financial services in the region and empowering customers to access banking services effortlessly, while allowing them to do more in their business and personal lives.”
The vast majority (90%) of UAE consumers state that the availability of online and digital banking services is important to them in a bank or financial institution. This is one of the largest percentages recorded globally, according to Mambu research. Out of all respondents surveyed, UAE consumers are also the most likely to pay a premium for financial services that offer greater flexibility (74%) and that save them time (68%).
“Wio Bank is paving the way for a new era of world-class banking experiences in the UAE,” added Miljan Stamenkovic, General Manager MENA at Mambu. “The company is firmly focused on improving user experiences and catering to an audience that’s digitally savvy. We help Wio deliver innovative end-to-end customer-focused solutions with a faster time-to-market and ease. We look forward to supporting Wio in making money management easy and supporting businesses as well as individuals with seamless digital banking journeys.”
In a second phase, Mambu will support Wio Bank with Wio Business, its first digital banking application, and a suite of solutions in Embedded Finance and Banking-as-a-Service (BaaS).Click below to share this article