Wednesday, 26 September 2018 01:33

Australian Military Bank goes digital with Infosys Finacle solution

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Mutual financial company Australian Military Bank has gone live with the Infosys Finacle banking solution to drive its digital transformation program.

The comprehensive, Australia-ready digital banking solution stack, has been implemented in a fully SaaS model, hosted out of Infosys data centres in Australia.

Infosys says the deployment of Finacle has enabled AMB — which provides banking services to the Australian Defence Force — with significant operational benefits and cost efficiencies, along with enhanced security and scalability, and AMB is now able to provide both its staff and members, “a world class banking experience, equal or better than leading global banks”.

The Finacle solution — a digital banking suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys — replaced AMB’s legacy systems to enable the bank to keep pace with new technology developments and allow a speedy response to market demands and enables open application programming interfaces that overcome limitations for the bank’s ability to work effectively with ecosystem partners.

Infosys says the entire implementation of the Finacle solution stack, including core banking, origination, payments and channels, was completed in just 10 months, providing “feature rich, truly digital retail banking functionalities for AMB”.

And since going live, Infosys says the bank has been processing on average of 40,000 mixed transactions per day, along with 22,000 card transactions and close to 7000 composite payments transactions on average per day – and helping the bank make the origination process simpler and drive the creation of a pipeline of over $61 million worth of loans during just the first month post go live.

“At AMB, we aspire to be a great niche bank by transforming into a modern, nimble, new age digital bank,” said chief executive John Ford.

“We chose Infosys Finacle so we could easily adapt to the dynamic and complex banking landscape, while serving our members’ financial needs in a secure manner. The openness of Infosys Finacle means we can readily meet emergent regulatory and customer demands. The Infosys team displayed exemplary commitment to help us not only go live in a very short time but also support ongoing service enhancements. It has been a true partnership to get to this point and positions us well for the future.”

Sanat Rao, chief business officer, Infosys Finacle, said, “Australian banks have been quick to realise that banking tomorrow will look fundamentally different from today.

“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.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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