Australian Military Bank (AMB), which is a defence financial institution and Infosys Finacle, a wholly-owned subsidiary of Infosys announced the go live of the Finacle banking solutions suite. The company said that this digital banking solution stack has been implemented in a fully SaaS model, hosted out of Infosys datacenters in Australia. According to Infosys, Finacle has enabled AMB with significant operational benefits and cost efficiencies, along with enhanced security and scalability.
The Finacle solution stack replaced AMB’s legacy systems to enable the bank to keep pace with new technology developments and allow a speedy response to market demands. Additionally, the Finacle solution enables open application programming interfaces (APIs) that overcome limitations for the bank’s ability to work effectively with ecosystem partners, said IT consulting firm.
The company informed that the entire implementation of the Finacle solution stack, including core banking, origination, payments and channels, was completed in 10 months. Since go live, the bank has been processing on average of 40,000 mixed transactions per day, along with 22,000 card transactions and close to 7,000 composite payments transactions on average per day. The new origination system has helped the bank make the origination process simpler and drive the creation of a pipeline of over AUD61 million worth of loans during just the first-month post go live.
AMB is now able to onboard new members and open accounts, complete with transactions enabled, within minutes. The bank has signed up close to 3,000 new accounts across different account types since go live. The new Internet Banking & Mobile Banking channels have seen a 46% increase in registrations and more notably a 116% increase in the Mobile App registration. For the first time, AMB users have access to an integrated Personal Finance Management tool which enables among other things budget creation, goal settings and ability to track spends, said Infosys.
The solution is hosted out of Infosys datacenters in Australia that conform to ISO-27001 standards for information security. The application has also been certified as being PCI-DSS compliant, said IT firm.
“At AMB, we aspire to be a great niche bank by transforming into a modern, nimble, new age digital bank. 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,” said John Ford, Chief Executive Officer, Australian Military Bank.
Sanat Rao, Chief Business Officer, Infosys Finacle, said, “Australian banks have been quick to realize 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 the cloud.”