The Buy vs Build Dilemma: How Plumery Created a Third Way for Banking Technology

Every bank’s digital transformation journey eventually hits the same roadblock: the buy versus build decision. After spending five years as CTPO of Mambu, Ben Goldin had seen this scenario play out countless times, usually with the same disappointing results.

In a recent episode of Category Visionaries, Ben shared how this observation led to Plumery’s innovative approach to banking technology. His insights offer valuable lessons for founders looking to solve entrenched industry dilemmas.

The Problem with Traditional Approaches

Through his experience at Mambu, serving over 300 customers across 60 countries, Ben noticed a troubling pattern: “I witnessed how many organizations are still building the same thing again and again. And the second thing, how many of them are actually failing to build it from the first try and still do not manage to create a proper experience for their end customers.”

This observation highlighted the fundamental flaw in the traditional buy vs. build dichotomy. Banks were either:

• Buying complete solutions that limited their ability to differentiate
• Building everything from scratch and struggling with execution

Creating a Third Way

Rather than accepting this false choice, Plumery pioneered what Ben calls a “buy for feature parity and build for competitive edge” approach. “We recognize the importance for banks to differentiate themselves and innovate where it matters the most,” Ben explains. “But we also acknowledge that there are things that banks would better take out of the box.”

This hybrid model fundamentally changes how banks approach digital transformation:

1. Core Features: Banks can quickly implement standard banking features using pre-built components
2. Competitive Edge: They maintain the flexibility to innovate where differentiation matters most
3. Resource Optimization: Development resources can focus on strategic initiatives rather than rebuilding common features

The Technical Innovation: Headless Architecture

To enable this hybrid approach, Plumery introduced a concept well-proven in other industries but new to banking. “We are the first headless digital engagement platform out there,” Ben notes. This architectural choice is crucial to making the hybrid model work, allowing banks to:

• Use standardized backend components
• Create custom front-end experiences
• Maintain flexibility for future innovation

Market Validation

The effectiveness of this approach is reflected in how quickly banks have embraced it. “Right now our ideal customer is mid to small size financial institution anywhere in the world trying to modernize their digital experience. Or a neo bank or digital world trying to build a new proposition from scratch and need an acceleration,” Ben shares.

This market response validates that the industry was ready for an alternative to the traditional buy vs. build dichotomy.

Lessons for Founders

Plumery’s success in creating a third way offers several key insights for founders tackling similar industry dilemmas:

1. Question Traditional Trade-offs Instead of accepting established industry dichotomies, look for ways to combine the best aspects of different approaches.
2. Learn from Adjacent Industries Solutions to industry problems might already exist in other sectors. Plumery’s use of headless architecture, common in e-commerce, demonstrates the value of cross-industry innovation.
3. Focus on Real Problems As Ben advises: “Don’t be too serious. Keep it simple and relaxed.” Focus on solving real problems rather than getting caught up in theoretical debates.

The Future of Banking Technology

Looking ahead, Ben’s vision extends beyond just solving the buy vs. build dilemma: “My vision was always to change the way how people experience banking and do that for a meaningful number of people globally.” This broader mission shows how solving a specific industry problem can be a stepping stone to larger transformation.

For founders looking to innovate in traditional industries, Plumery’s story demonstrates that the most valuable innovations often come not from creating entirely new technologies, but from finding creative ways to combine existing approaches. Sometimes, the best solution isn’t choosing between established options, but creating a new path altogether.