Situation
The COVID-19 pandemic, heightened competition from Big Tech and Fintech companies, and evolving customer behaviors have significantly accelerated the digital transformation of Vietnam’s banking sector. Recognizing this shift, the State Bank of Vietnam issued Decision 810 in 2021, setting ambitious targets to digitize 50% of small and consumer loans by 2025 and 70% by 2030. This directive underscored the pressing need for banks to embrace digitalization. It was at this pivotal juncture that Mambu, a German tech unicorn, entered the Vietnamese market, introducing its innovative Composable Banking architecture.
Traditional banks often grapple with rigid, monolithic systems that are slow to adapt, often likened to an intractable Rubik’s Cube. In stark contrast, Mambu’s Composable Banking offers a flexible and agile approach, akin to building with versatile Lego bricks. By providing ready-made cloud solutions and leveraging modern technologies such as AI, cloud computing, microservices, and open APIs, Mambu enables banks to significantly reduce product launch times to mere weeks and empowers them to deliver highly personalized customer experiences.
Challenges
The concept of Composable Banking was new and complex for the Vietnamese market. Banks expressed concerns regarding implementation costs, limited IT personnel and expertise, and cybersecurity vulnerabilities. Furthermore, a lack of comprehensive understanding of digital transformation among banking executives hindered Mambu’s initial market penetration.
Pioneer’s Approach
To address these hurdles, the campaign strategically positioned Mambu as a disruptive force, employing relatable analogies and impactful content to clearly articulate the advantages of Composable Banking to commercial bank leaders. The campaign highlighted key benefits, including:
- Speed and Flexibility: Rapid scalability and personalization enabled by cutting-edge technology.
- Cost Efficiency: Reduced IT workforce requirements (by 35%), accelerated ROI, and streamlined operational processes.
- Enhanced Security: Advanced SaaS-based cloud protection.
Results
The campaign successfully established Mambu as a thought leader in Vietnam’s digital banking transformation, garnering significant media coverage. This increased visibility contributed to building partnerships with prominent clients such as Timo, TNEX, and Cake, solidifying Mambu’s position as a trusted partner in Vietnam’s rapidly evolving banking sector.
