EdgeVerve Case Studies Digital Transformation of Australian Military Bank: A Case Study

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	Digital Transformation of Australian Military Bank: A Case Study EdgeVerve

Digital Transformation of Australian Military Bank: A Case Study

EdgeVerve

Technology Category	Infrastructure as a Service (IaaS) - Private Cloud Robots - Wheeled Robots
Applicable Industries	Finance & Insurance National Security & Defense
Applicable Functions	Sales & Marketing
Use Cases	Real-Time Location System (RTLS) Track & Trace of Assets
Services	System Integration
Challenge	Australian Military Bank (AMB), a leading digital community bank in Australia, was facing stiff competition from large banks, fintechs, and neo banks. The bank was struggling to cater to the new breed of digital-first customers and wanted to become more agile and responsive to rapidly evolving customer needs. The bank aimed to provide superior banking services across various channels with customer-focused products. However, the existing technology stack was not robust enough to support this digital transformation. The bank also wanted to be ready for Open Banking and New Payment Platform (NPP) from day one. Read More
About Customer	Australian Military Bank (AMB) is one of the most contemporary digital community banks in Australia. It is committed to serving the financial needs of the Australian Defence community. The bank aims to provide superior banking services across various channels with customer-focused products. AMB is dedicated to evolving and equipping itself to cater to the new breed of digital-first customers. The bank is also committed to becoming more agile and responsive to rapidly evolving customer needs. Read More
Solution	To overcome these challenges, AMB decided to upgrade its entire technology stack on a SaaS model. The bank implemented the Finacle stack, which included core, origination, payments, and channels that delivered feature-rich digital functionality on a private cloud via SaaS. This new technology stack provided AMB with enhanced security, scalability, and cost efficiencies. The Finacle’s Open APIs enabled easy integration and cooperation with the bank’s partners. The digital transformation also allowed AMB to shift its focus to mobile banking, enabling members to open an account in 2 minutes with access to an integrated Personal Finance Management tool and real-time alerts. AMB also introduced DemiLite, a tablet-based banking solution, which allowed bankers to directly engage with military personnel at their bases or gatherings. Read More Log in to view content
Contents

Technology Category

Infrastructure as a Service (IaaS) - Private Cloud

Robots - Wheeled Robots

Applicable Industries

Finance & Insurance

National Security & Defense

Applicable Functions

Sales & Marketing

Use Cases

Real-Time Location System (RTLS)

Track & Trace of Assets

Services

System Integration

Challenge

Australian Military Bank (AMB), a leading digital community bank in Australia, was facing stiff competition from large banks, fintechs, and neo banks. The bank was struggling to cater to the new breed of digital-first customers and wanted to become more agile and responsive to rapidly evolving customer needs. The bank aimed to provide superior banking services across various channels with customer-focused products. However, the existing technology stack was not robust enough to support this digital transformation. The bank also wanted to be ready for Open Banking and New Payment Platform (NPP) from day one.

About Customer

Australian Military Bank (AMB) is one of the most contemporary digital community banks in Australia. It is committed to serving the financial needs of the Australian Defence community. The bank aims to provide superior banking services across various channels with customer-focused products. AMB is dedicated to evolving and equipping itself to cater to the new breed of digital-first customers. The bank is also committed to becoming more agile and responsive to rapidly evolving customer needs.

Solution

To overcome these challenges, AMB decided to upgrade its entire technology stack on a SaaS model. The bank implemented the Finacle stack, which included core, origination, payments, and channels that delivered feature-rich digital functionality on a private cloud via SaaS. This new technology stack provided AMB with enhanced security, scalability, and cost efficiencies. The Finacle’s Open APIs enabled easy integration and cooperation with the bank’s partners. The digital transformation also allowed AMB to shift its focus to mobile banking, enabling members to open an account in 2 minutes with access to an integrated Personal Finance Management tool and real-time alerts. AMB also introduced DemiLite, a tablet-based banking solution, which allowed bankers to directly engage with military personnel at their bases or gatherings.

Impact #1	The digital transformation has significantly improved AMB's operational efficiency and customer engagement. The bank has been able to rationalize its branches and discontinue its phone banking service, shifting its focus to mobile banking. The new origination system has simplified the origination process, driving continuous growth. The bank now has an out-of-the-box capability for easy reporting to regulatory bodies like APRA and can quickly adopt new regulatory changes. The Finacle solution with its open APIs has enabled the bank to work effectively with multiple ecosystem partners. The bank has also been able to launch multiple new products with very little lead time, keeping its members better informed with almost 1.4 million real-time alerts issued since go-live.

Impact #1

The digital transformation has significantly improved AMB's operational efficiency and customer engagement. The bank has been able to rationalize its branches and discontinue its phone banking service, shifting its focus to mobile banking. The new origination system has simplified the origination process, driving continuous growth. The bank now has an out-of-the-box capability for easy reporting to regulatory bodies like APRA and can quickly adopt new regulatory changes. The Finacle solution with its open APIs has enabled the bank to work effectively with multiple ecosystem partners. The bank has also been able to launch multiple new products with very little lead time, keeping its members better informed with almost 1.4 million real-time alerts issued since go-live.

Benefit #1	250% increase in mobile banking transactions since going digital-first
Benefit #2	Operating costs have been decreasing by 3% to 4%
Benefit #3	New loans originated per quarter has almost doubled

Benefit #1

250% increase in mobile banking transactions since going digital-first

Benefit #2

Operating costs have been decreasing by 3% to 4%

Benefit #3

New loans originated per quarter has almost doubled

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Overview

Digital Transformation of Australian Military Bank: A Case Study

Operational Impact

Quantitative Benefit