Bank Australia advances Transformation Program 2025 – Finance – Software

Bank Australia is beginning to replace its end-of-life lending system as part of a broader enterprise-wide digitization and transformation program running through 2025.

The customer’s own bank becomes a partner of Cloudcase Software Solutions (CSS) for the new lending platform running on AWS.

Head of Lending Martyn Norman tells itnews that the core of Bank Australia and its lending system are currently provided by Data Action.

“Data Action made the decision that the lending system was going to be phased out soon and they didn’t want to offer an alternative system, so they went to all their customers and advised them that they should move away from the current system to a new system and that they should take the role of an integrator would play [in that effort]’ Norman said.

“We are not moving away from Data Action [for the core]. Only the lending system will be replaced.”

Norman said the current lending platform is “probably the second largest system the bank uses behind its core banking system” and is used by over 200 employees.

It is “crucial for the operation of the bank”.

The new system “will add a lot more automation to lending processes.”

The changes should result in customers experiencing faster approval times and “make it easy for staff to just focus on providing a great service without having to do a lot of administrative work behind the scenes.”

The replacement of the lending system is expected to be completed by 2024.

Norman said the bank is exploring using CSS software for other internal use cases.

The replacement of the lending system falls under a broader transformation program expected to run through 2025.

As part of this, the bank plans to upgrade or upgrade systems, including the introduction of a new Microsoft Dynamics CRM, along with marketing automation, data analytics and reporting capabilities.

“[The transformation strategy] recognizes that the bank is growing really fast and we have a really clear target market and vision and a lot of like-minded, socially conscious consumers joining the bank,” said Norman.

“We know we need to update our backend systems to meet the expectations of these customers.

“So that’s the focus.” Bank Australia advances Transformation Program 2025 – Finance – Software

Callan Tansill

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