The Australian Military Bank (AMB), one of Australian mutual financial institution, 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 digital transformation programme.
The IT major said that the digital banking stack has been made Australia ready and 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, the company said.
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.
The entire implementation of the Finacle solution stack for the bank, including core banking, origination, payments and channels, was completed in 10 months.
Since going '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 AUD 61 million worth of loans during just the first month, Infosys said. The bank has signed up close to 3,000 new accounts across different account types since going 'live', it added.
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.
“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,” Sanat Rao, Chief Business Officer, Infosys Finacle, said.