CBA partners with Mambu over digital home loan

Commonwealth Bank first announced the launch of its digital home loan division last month, offering customers applications that could be completed in 10 minutes and a discount that increases every year for up to three decades. 

Currently, Unloan is accepting applications for refinancing and has intentions to expand into new home loans in the coming months. 

Speaking at the time, Unloan chief executive Daniel Oertli said the intention of Unloan was to provide a loan that was simple to understand, easy to get and passed “more value back to customers”.

“We have a low variable rate, an ever-increasing discount, and an easy online application,” Mr Oertli said. 

This focus on simplicity appears to be a factor in the decision to partner with Mambu, according to CBA chief architect Brendan Harrap. 

“Partnering with Mambu is an investment in future-proofing CBA,” Mr Harrap said. 

“Mambu’s software-as-a-service (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.”

Founded in 2011, Mambu is a SaaS company that provides a cloud-native banking platform to banks and lenders. According to the fintech, its services provide its customers with a streamlined user experience and a reduced time to market for new products. 

Its current customer base includes Bluestone Home Loans and Western Union. 

In late December, Mambu announced that it had reached a valuation of €4.9 billion ($7.34 billion). 

Speaking of the partnership, Mambu chief revenue officer Werner Knoblich said that the fintech was thrilled to be working with 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”. 

“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,” Mr Knoblich said. 

Mambu’s general manager Australia and New Zealand Paul Apolony added that there has been a 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; 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,” Mr Apolony said. 

“We are so excited to be working with CBA as it takes this next leap into the digital future.”

Last week, Nano confirmed that it would be introducing its digital home loan offering to home buyers, investors and refinancers.

In May, AMP Bank confirmed it would be launching a digital mortgage for retail customers sometime during the third quarter of the year. 

[Related: CBA launches direct-only digital mortgage]