Raiffeisen Digital Bank, a provider of consumer lending products in Poland delivered exclusively online, has launched a new mobile app using the Mambu low-code banking-as-a-service (BaaS) platform.
Polish citizens are able to set up an account and request a loan via the app up to the value of PLN 100,000 (€22,000) with a repayment period of up to 60 months.
Under the brand Raiffeisen Digital Bank, Austria- and Central and Eastern Europe-focused Raiffeisen Centrobank AG offers fully digital consumer loans in Poland with aim of being easy and fast, with no visits to branches required.
Mambu’s implementation and advisory teams worked closely with Raiffeisen Centrobank remotely to develop the app due to Covid-19 restrictions, but were able to launch in six months.
The fintech says that by using its BaaS platform, which enables users to rapidly deploy banking and lending services, Raiffeisen Centrobank was able to develop a highly automated seamless architecture, allowing for shorter development cycles, accelerated innovation and fast time to market.
Commenting on the launch of the app, Jakub Malach, head of lending at Raiffeisen Digital Bank, says: “The uptake of digital banking and lending products in Poland and across the entire region is increasing rapidly and we wanted to be part of this dynamic market. We knew that only an advanced cloud-native technology would give us the competitive edge and the ability to reach new markets rapidly.”
Elliott Limb, chief customer officer at Mambu, adds: “Covid-19 has shifted customer behaviour towards digital banking, making Raiffeisen Centrobank’s new product relevant and timely. But the pandemic has also made customers more demanding. Banks need the flexibility to change and adapt their products and services quickly, and most incumbents don’t have that capability.”
“With Mambu, Raiffeisen Centrobank is well-positioned to capitalise on this growing opportunity. We know that Raiffeisen Digital Bank can take banking and lending in the region to the next level.”