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FinTech Software Fuels Simplification, Analytics For Banks

As online platforms allow financial institutions (FI) to potentially streamline their operations, Judo Bank has tapped FinTech nCino for its commercial banking software. In addition, OneAZ Credit Union has tapped Lumin Digital for its cloud-based solution.

Also seen in this week’s roundup of the newest in bank-FinTech innovations is FlowBank harnessing Temenos to launch its digital bank, while Software-as-a-Service (SaaS) banking platform Mambu is teaming with digital lending platform Ranqx.

PYMNTS rounds up the latest initiatives below.

Judo Bank Taps FinTech nCino for Software

Judo Bank will install the nCino Bank Operating System to simplify its loan operations and continue to bolster its customer value proposition.

The challenger bank will install the nCino’s Commercial Banking Solution, which digitizes processes and offers in-the-moment reporting, parts of the credit analysis workflow and digital document management functions.

Cloud banking provider nCino works with over 1,200 FIs throughout the world, whose assets span between $30 million and over $2 trillion. Judo Bank, for its part, is a challenger bank focused on small- to medium-sized business (SMB) lending.

“We are excited to be working with Judo Bank to help them create a more efficient banking experience that is tailored to their clients’ individual needs,” Mark Bernhardi, general manager of APAC at nCino, said in an announcement.

OneAZ Credit Union Selects Lumin Digital for Platform

OneAZ Credit Union has inked a multi-year deal for Lumin Digital’s cloud-based platform to be the credit union’s (CU’s) digital banking infrastructure.

Lumin Digital, a PSCU organization, will offer client and retail banking to more than 145,000 OneAZ members at the time that the CU goes live on the platform in June of next year.

Sean Azhadi, senior vice president and chief information officer at OneAZ, said the CU’s aim is to "incorporate analytics data for its members by using a highly progressive and advanced platform.”

OneAZ Credit Union, which was started in 1951, has more than 20 locations with its services.

FlowBank Chooses Temenos to Help Roll Out Digital Bank

Temenos will be harnessed to fuel the new FlowBank digital bank offering in Switzerland.

The infrastructure will let FlowBank expediently roll out a new service for investing meant for private and institutional investors.

FlowBank achieved its banking license over the summer and has intended to roll out operations by the close of 2020.

The company will provide a "simple, reliable" investment experience by harnessing an optimized trading platform supported by Temenos Transact.

"Temenos advanced cloud technology will enable us to launch fast and offer outstanding and reliable trading and banking experiences to our customers,” FlowBank Founder and CEO Charles-Henri Sabet said.

Mambu Teams With Ranqx to Bolster Online Lending

Germany’s Mambu is teaming with New Zealand online lending platform Ranqx, which will harness the digital platform of Mambu to offer debt origination, online lending experiences, tracking and decisioning for SMBs.

Mambu Chief Technology Officer Ben Goldin indicated that the digital lending platform of Ranqx takes away much of the non-automated processing that many times makes things difficult for companies.

“This is the kind of innovative tech that Mambu loves to partner with, and we look forward to working together to help our mutual customers,” Goldin said.

Beyond the partnership, Mambu has worked to fuel British cloud bank OakNorth in addition to other organizations.

Dave Lewis, CEO of Ranqx, said the relationship could “offer [SMB] banks and lenders a significantly more efficient and cost-effective service.”

“By partnering with Mambu and aligning our specialist loan origination and decisioning engine with Mambu, we are able to offer [SMB] banks and lenders an unrivaled loan application and credit decisioning process,” he said.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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