Situation
The COVID-19 pandemic, increased competition from Big Tech and Fintech, and shifts in customer behavior accelerated banking’s digital transformation in Vietnam. In 2021, the State Bank of Vietnam issued Decision 810, aiming to digitize 50% of small and consumer loans by 2025 and 70% by 2030. This push highlighted the urgency for banks to embrace digitalization. At this critical moment, German tech unicorn Mambu entered Vietnam, introducing its innovative Composable Banking architecture.
Traditional banks struggled with rigid, slow-to-adapt monolithic systems, often compared to an unyielding Rubik’s Cube. By contrast, Mambu’s Composable Banking, akin to flexible Lego bricks, offered banks agility and speed. With ready-made cloud solutions and modern technologies (AI, Cloud, Microservices, Open APIs), Mambu reduced product launch times to weeks and empowered customer personalization.
Challenges
The concept of Composable Banking was new and complex for the Vietnamese market. Banks faced concerns about costs, limited IT personnel, and cybersecurity. Many banking leaders lacked a clear understanding of digital transformation, further complicating Mambu’s market entry.
Pioneer’s Approach
Establishing Mambu as a disruptor and using relatable analogies and impactful content, the campaign effectively communicated the benefits of Composable Banking to leaders of commercial banks:
- Speed and Flexibility – Rapid scalability and personalization using cutting-edge technology.
- Cost Efficiency – Reduced IT workforce (by 35%), faster ROI, and streamlined processes.
- Security – Advanced SaaS-based cloud protection.
Results
Mambu secured significant media coverage, becoming a thought leader in Vietnam’s digital banking transformation. It partnered with notable clients, including Timo, TNEX, and Cake, solidifying its position as a trusted pioneer in Vietnam’s rapidly evolving banking sector.
