Published Date: September 25, 2018
Implements SaaS Model Digital Banking Suite in Ten Months
Bengaluru and Sydney – September 25, 2018: Australian Military Bank (AMB), one of Australia’s longest serving mutual financial institutions, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), announced the go live of the Finacle banking solutions suite to drive AMB’s ambitious digital transformation program. The comprehensive, Australia ready digital banking solution stack, has been implemented in a fully SaaS model, hosted out of Infosys datacenters in the country. Finacle has enabled AMB with significant operational benefits and cost efficiencies, along with enhanced security and scalability. 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 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.
John Ford, Chief Executive Officer, Australian Military Bank, said, “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.”
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 cloud.”
Australian Military Bank has been helping Australian Defence personnel and their families make the most of their money since 1959. As Australia’s longest serving Defence financial institution, they are aligned with the unique aspects of life in the armed forces.
Australian Military Bank are dedicated to helping the men and women who protect and serve their community and are focused on providing members better quality services, lower fees and competitive interest rates.
Australian Military Bank is a member owned organization which means they always put their members first.
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights–driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.
Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others.
To know more, visit www.finacle.com.
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