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Introduction

OakNorth Bank, a UK start-up bank targeting entrepreneurs and SME growth businesses, made public last year that it was using cloud-based banking service provider Mambu as its core platform.

Highlights

  • OakNorth's selection of Mambu was driven partly by the attraction of the cloud model, but particularly by the desire for an agile and flexible partner that could move at its same rapid, start-up pace.

Features and Benefits

  • How are UK regulators looking at cloud-based core banking in the UK?
  • What does the OakNorth win mean for Mambu's go-to-market strategy?

Key questions answered

  • What were the key decision-making factors that influenced OakNorth's selection of Mambu?
  • What does the deal mean for Mambu's ability to target the traditional banking sector?

Table of contents

Ovum view

  • Summary
  • Mambu's agility and partnership approach were significant decision drivers for OakNorth
  • The win is significant in Mambu's move from its microfinance heritage into the banking sector in mature markets
  • Cloud-based core platforms should be attractive for greenfield operations, but regulatory hurdles need to be overcome

Appendix

  • Further reading
  • Author

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