Indian software major Infosys said on 25 Sept that the Australian Military Bank (AMB) went live digitally on the Finacle cloud platform of its subsidiary EdgeVerve Systems.
“Our Finacle cloud software has enabled AMB offer world class banking experience on digital platform, implemented on the software as a service (SaaS) model in 10 months,” the Bangalore-based IT firm said in a statement.
As Australia’s longest defence financial institution, the Sydney-based AMB has been serving its military personnel and their families nearly six decades since 1959.
“Our financial software product (Finacle) has enabled the bank gain operational benefits and cost efficiencies besides enhanced security and scalability,” said the statement.
The digital banking solution stack is hosted out of the company’s data centres in the country.
Finacle has replaced the bank’s legacy systems to keep pace with technology developments and allow a speedy response to market demands.
“The digital software also enables open application programming interfaces (APIs) that overcome limitations for the bank’s ability to work with ecosystem partners,” the statement noted.
The bank has been processing about 40,000 mixed transactions daily, including 22,000 with card and nearly 7,000 composite payments on the digital platform.
The system has helped the bank make the origination process simpler and lend A$61 million worth of loans during the first month of using the new software.
The bank is able to onboard new members and open accounts, enabling transactions within minutes.
It has opened 3,000 new accounts since going digital and had a 46 per cent increase in the use of its internet banking and a whopping 116 per cent hike in the use of its mobile application.
“The bank’s customers can make budgets, set targets and track spends with its personal finance management tool,” reiterated the statement.
Localisation has empowered the bank to integrate its operations with allied service providers and partners like credit bureau, ATM facilitators and payment solution vendors.
“Australian banks have been quick to realize that banking tomorrow will look fundamentally different from today,” Sanat Rao, Chief Business Officer, Infosys Finacle said. “As one of the early adopters in the Australian Mutuals segment to make a truly digital transformation, AMB is clearly pioneering a path and we are proud to be the bank’s partner of choice in their change journey. This successful implementation underlines Finacle’s readiness to enable Australian Mutuals with a proven, fast and low-risk truly digital transformation, easily on cloud.”
AMB Chief Executive John Ford said the bank chose Infosys Finacle to serve its members’ financial needs in a secure manner as a new age digital bank.
“The openness of Finacle means we can meet regulatory and customer demands. The Infosys team’s commitment to help us go live in a short time and support our service enhancements are commendable,” added Ford.