Marginalen Bank, a digital financial institution in Sweden, has transitioned to a cloud-based core banking system with the assistance of Mambu and Avenga.
This transformation, completed in 13 months, marks a significant step for Marginalen Bank as it moves away from its legacy systems to adopt Mambu’s core cloud banking platform.
Established in 2010 after acquiring Citibank’s Swedish consumer operations, Marginalen Bank aims to provide accessible financial products to its customers. The bank offers a variety of financial services tailored to both individuals and businesses, aspiring to evolve alongside technological advancements and market demands.
The shift to Mambu’s API-driven platform, supported by Microsoft Azure Cloud, has enhanced Marginalen Bank’s operational efficiency by improving agility, scalability, and cost-effectiveness. This modern cloud-native setup enables the bank to swiftly launch innovative financial products while remaining compliant with Nordic financial regulations.
Marginalen Bank chief information officer Bo Andersson said: “Our goal has always been to simplify our customers’ everyday financial lives, and to do so, we need a strong, scalable infrastructure.
“Mambu’s composable banking approach perfectly complements Marginalen’s technology strategy. We’ve been able to seamlessly migrate to the modern core and future-proof our technology.
“The collaboration with Mambu and our long-term technology partner Avenga has been seamless, allowing us to migrate to the cloud and modernise our consumer and business deposit offering and we’re excited about the opportunities it brings as we grow in the market.”
Avenga played a role in this project by overseeing the decommissioning of Marginalen’s previous core banking system and ensuring the integration of a unified cloud-first architecture. This included comprehensive data migration and seamless integration across the bank’s systems, including data warehousing, core banking solutions, microservices, and partnerships with local third-party providers.
Marginalen Bank joins other Scandinavian financial entities like Nordiska in Stockholm and Denmark’s Kompasbank in leveraging Mambu’s SaaS cloud banking solutions.
Mambu chief revenue officer Mark Geneste said: “In today’s financial ecosystem, the core banking platform is the foundation on which all innovation is built and Nordic banks are actively seeking to upgrade. However many question whether there are viable alternatives available in the region.”
In April, Leeds Building Society initiated a pilot digital savings product via Mambu in as part of its broader strategy to modernise its core technology infrastructure.
