Australia’s banking heavyweight, Commonwealth Bank of Australia (CBA), has selected Mambu’s core banking platform to underpin its new digital mortgage brand, Unloan.
Having launched Unloan in May this year, CBA positions it as “a revolutionary force in the Australian mortgage industry” – it is 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 is a new kind of home loan built for a digital world,” it says.
Mambu says its cloud-based, composable tech “aligns perfectly with CBA’s goal to understand and anticipate its customers’ evolving needs, utilizing next-gen technology like data analytics, artificial intelligence (AI) and cloud to personalised, agile and flexible finance solutions to consumers.”
Brendan Harrap, the bank’s chief architect, says that “partnering with Mambu is an investment in future-proofing CBA”.