Australia Military Bank and Infosys Finacle were awarded the Best Cloud Based Initiative, Application or Programme at The Financial Technology Innovation Awards Programme 2019. Australian Military Bank overhauled its technology infrastructure by implementing Finacle’s Digital Suite of solutions on the Cloud. The awards ceremony was held in conjunction with The Future of Finance Summit at the Shangri-La, Bangkok.
The bank implemented new core banking, loan origination, payments and channels as a cloud based model
Undertaking a comprehensive transformation Australia Military Bank implemented digital banking solution including new core banking, loan origination, payments and channels system in a cloud based ‘software as a service’(SaaS) model, hosted by Infosys. A biometric authentication system for mobile banking and second factor authentication for payments through digital channels was implemented for improved security. Lending products and credit card applications from digital channel were integrated with the loan origination system for faster application and processing. The bank achieved seamless integration with allied service providers and partners through integration touch points and application programming interfaces. The system also provided the bank with the required capability for regulatory reporting. The project was implemented within short 10 months.
It enabled the bank to achieve 46% increase in registrations on digital channels, 115% growth in Mobile App
The new internet banking and mobile banking systems resulted in registrations by 46% for digital channels and 116% for mobile app. Customer on-boarding and account opening is now being achieved within few minutes through direct banking with straight through processing capability. The new system also provided users with an integrated personal finance management tool enabling them to track budgets, spending and financial goals.
The bank achieved 99.8% system availability
The cloud based system witnessed over 99.8% system reliability and availability and straight through processing of savings, transactions and deposit with 99% of inbound direct payments in near real time. The system facilitated improved efficiencies by allowing the bank to pay per use for infrastructure requirements and achieve a faster response to market demands.