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MongoDB Atlas for Industries brings industry-specific expertise, programs, partnerships, and integrated solutions together to meet customers where they are on their modernization journey
Financial Services is the first industry in the Atlas for Industries program, highlighting MongoDB's innovative, compliant, secure banking solutions
NEW YORK, June 22, 2023 /PRNewswire/ -- MongoDB, Inc. (NASDAQ: MDB) today at its developer conference, MongoDB.local NYC, announced MongoDB Atlas for Industries, a new program to help organizations accelerate cloud adoption and modernization by leveraging industry-specific expertise, programs, partnerships, and integrated solutions. With MongoDB Atlas for Industries, customers have access to expert-led architectural design reviews, technology partnerships that deliver enhanced solutions for industry-specific challenges, and industry-specific knowledge accelerators to provide highly relevant technology training paths for development teams. MongoDB Atlas for Industries is launching its first set of vertical solutions for financial services, an industry that is changing rapidly with shifts in automation and technology advancements. With MongoDB Atlas, financial institutions can improve customer experiences by modernizing legacy functionality on existing in-house banking systems and building composable architectures—architectures that make it easy to integrate industry-leading software tools—to get ideas to market faster with the performance and scale they need. MongoDB Atlas for Industries programs for manufacturing and automotive, insurance, healthcare, retail and other industries will follow over the course of the year. To get started, visit mongodb.com/industries.
Tens of thousands of customers rely on MongoDB to power their applications every day, but each industry has its own unique set of challenges and needs. Many industries are also at a crossroads between being restricted by the capabilities of their legacy environments and the opportunity that is being presented by next-generation applications, data analytics, and generative AI. However, additional pressures like cost optimization can make it seem like transformation efforts are being stifled. Despite all of this, many organizations still feel a sense of urgency to modernize workloads for their most mission-critical applications and innovate quickly to remain competitive and meet customer demands. When providers can offer experts who understand the nuances and have deep experience working in a specific industry along with their technology solutions, it delivers the extra support organizations need to get started.
MongoDB Atlas for Industries provides:
MongoDB Atlas for Financial ServicesWith changes in customer demands, regulatory compliance, and new players challenging incumbents, the financial services industry, which has traditionally been conservative in its adoption of new technology, is under increasing pressure to modernize applications and innovate consumer experiences. MongoDB Atlas is ideally built to help with this modernization, as well as enable organizations to build next-generation applications that take advantage of new technologies like generative AI. MongoDB Atlas also provides the resilience, scale, and highest levels of data privacy and regulatory compliance that MongoDB financial customers require.
As part of the MongoDB Atlas for Financial Services launch, MongoDB has achieved Amazon Web Services (AWS) Financial Services Competency. To obtain this competency, MongoDB was tested against strict security, operational, and reliability requirements, validating that MongoDB and AWS can help financial institutions get ideas to market faster, while reducing cost and enhancing business agility. This builds on MongoDB's long standing relationship with AWS, including MongoDB Atlas' availability in the AWS Marketplace. Additionally, MongoDB has become a critical foundation of the Temenos Banking Cloud, with a recent benchmark proving that together, Temenos and MongoDB can support the needs of even the largest global banks with exceptionally high performance while providing transparent data access through the JSON document model.
"Increasingly organizations in different industries are moving away from one-size-fits-all technology solutions to improve their competitive advantage and better serve customers. At MongoDB, we've built a team of experts with deep industry knowledge, many of whom used to be customers, so we are not only building better products with the right third party integrations, but our team can help customers get up and running faster," said Boris Bialek, Managing Director of Industry Solutions at MongoDB. "Nineteen out of the top 20 banks in North America already use MongoDB in their infrastructure to solve some of their most critical problems. Launching Atlas for Industries is our commitment to continuing this level of dedication across financial services and other key industries."
"MongoDB has been a trusted AWS Partner for eight years, giving customers running MongoDB Atlas on AWS a more powerful experience for building modern applications," Mona Chadha, Director, Infrastructure Partnerships, ISVs at AWS. "Achieving the AWS Financial Services Competency reaffirms MongoDB's commitment to AWS and financial services customers, while demonstrating their breadth and depth of financial services expertise for use cases like fraud detection and real-time payments. With MongoDB Atlas on AWS, financial institutions can optimize to reduce costs in the short term while simultaneously transforming their infrastructure for long term growth to embrace emerging technologies such as machine learning and AI."
Temenos is an open banking platform serving 3,000 banks, from the largest financial institutions to challenger and community banks, in over 150 countries. "With partners like MongoDB, Temenos is becoming everyone's banking platform. A platform that allows banks to elastically scale based on business demand, provide composable banking capabilities on-demand at a low cost, while reducing their environmental impact," said Tony Coleman, Chief Technology Officer at Temenos. "We recently conducted a performance benchmark with MongoDB proving the capability of Temenos' platform to power the world's biggest banks and their BaaS offerings with hundreds of millions of customers, efficiently and sustainably in the cloud."
Wells Fargo is a leading financial services company with approximately $1.9 trillion in assets, serving one in three US households and more than 10% of small businesses in the US. "When we look for new solutions it's not just about what the technology can enable us to do, but it is about finding a partner who can help us get the most out of the technology, with expertise in our industry, to help us work through our specific challenges and deliver solutions for our advisors and clients with agility," said Munish Kumar, Chief Information Officer of Wealth and Investment Management at Wells Fargo.
Michael Liersch, Head of Advice and Planning at Wells Fargo, agrees. "MongoDB's experience in working with financial services organizations and as a leading developer data platform enables Wells Fargo to deliver innovative financial advice, like our new LifeSync platform, which provides a personalized digital approach to aligning our clients' goals with their money."
A global leader in consulting and technology services, Capgemini has been enabling business transformation for more than 50 years and work with eight of the top 15 banks and nine of the top 15 diversified financial companies. "Working together, Capgemini and MongoDB have been enabling business critical modernization and innovation initiatives in leading financial services customers across the world with a focus on increasing performance in a cost effective way," said Nilesh Vaidya, Global Industry Head - Retail Banking and Wealth Management at Capgemini. "Our teams are also closely working together to meet new challenges that are on the horizon. We have developed unique accelerators and are actively designing the next generation of AI and ML enabled solutions to help our customers differentiate."
Bendigo and Adelaide Bank is one of Australia's biggest banks, with more than 7,000 employees helping over 1.9 million customers. "The expertise that MongoDB delivered from working with other large customers in financial services combined with the MongoDB Atlas developer data platform, was vital in helping us transform our organization for the future," said Matt Vermeer, Cloud Platforms Service Owner at Bendigo and Adelaide Bank. "We believe our partnership with MongoDB will help us accelerate this continued transformation of our business, deliver our technology strategy, and ultimately grow our organization to achieve our vision of becoming Australia's bank of choice by feeding into the prosperity of customers and their communities."
MongoDB Developer Data PlatformMongoDBAtlas is the leading multi-cloud developer data platform that accelerates and simplifies building with data. MongoDBAtlas provides an integrated set of data and application services in a unified environment to enable developer teams to quickly build with the performance and scale modern applications require.
About MongoDBHeadquartered in New York, MongoDB's mission is to empower innovators to create, transform, and disrupt industries by unleashing the power of software and data. Built by developers, for developers, our developer data platform is a database with an integrated set of related services that allow development teams to address the growing requirements for today's wide variety of modern applications, all in a unified and consistent user experience. MongoDB has tens of thousands of customers in over 100 countries. The MongoDB database platform has been downloaded hundreds of millions of times since 2007, and there have been millions of builders trained through MongoDB University courses. To learn more, visit mongodb.com.
Forward-Looking Statements
This press release includes certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning MongoDB's launch of MongoDB Atlas for Industries. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "will," "would" or the negative or plural of these words or similar expressions or variations. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and factors that are beyond our control including, without limitation: the impact the COVID-19 pandemic may have on our business and on our customers and our potential customers; the effects of the ongoing military conflict between Russia and Ukraine on our business and future operating results; economic downturns and/or the effects of rising interest rates, inflation and volatility in the global economy and financial markets on our business and future operating results; our potential failure to meet publicly announced guidance or other expectations about our business and future operating results; our limited operating history; our history of losses; failure of our platform to satisfy customer demands; the effects of increased competition; our investments in new products and our ability to introduce new features, services or enhancements; our ability to effectively expand our sales and marketing organization; our ability to continue to build and maintain credibility with the developer community; our ability to add new customers or increase sales to our existing customers; our ability to maintain, protect, enforce and enhance our intellectual property; the growth and expansion of the market for database products and our ability to penetrate that market; our ability to integrate acquired businesses and technologies successfully or achieve the expected benefits of such acquisitions; our ability to maintain the security of our software and adequately address privacy concerns; our ability to manage our growth effectively and successfully recruit and retain additional highly-qualified personnel; and the price volatility of our common stock. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission ("SEC"), including under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2023, filed with the SEC on June 2, 2023 and other filings and reports that we may file from time to time with the SEC. Except as required by law, we undertake no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.
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SOURCE MongoDB, Inc.
