Infosys Finacle on Cloud Powers Digital Transformation of Australian Military Bank
Deepthi | Myequity news | Date : 25-09-2018 10:55:00 IST
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, announced the go live of the Finacle banking solutions suite to drive AMB’s ambitious digital transformation program.
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.”
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. 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. Cutting-edge localization capabilities in the solution, including 16 integration touch points, have empowered AMB to establish seamless end-to-end integration with major allied services providers and key partners such as credit bureau, ATM providers and payments solution providers. The Finacle solution also provides the bank out of the box capability for required regulatory reporting.
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. “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. About Infosys Public Services, Inc.:
Infosys Public Sector is a leader in next-generation digital services and consulting. With benchmark processes, access to cross-industry insights and innovative solutions, Infosys Public Services is partnering with public sector organizations to navigate their digital transformation, helping them renew existing systems into modern, agile, intelligent platforms, develop new capabilities and deliver better outcomes to all stakeholders at a lower cost with less risk.