BENGALURU, India and
SYDNEY, September 25, 2018 /PRNewswire/ --
Implements
SaaS Model Digital Banking Suite in
Ten Months
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.
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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.
Highlights:
- 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.
- Since go 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 post
go live.
- 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.
- For the first time, AMB users have access to an integrated
Personal Finance Management tool which enables among other things
budget creation, goal settings and ability to track spends.
- 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.
Quotes:
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."
About Australian Military Bank
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.
About Infosys Finacle
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 http://www.finacle.com
Safe Harbor
Certain statements in this release concerning our future growth
prospects are forward-looking statements regarding our future
business expectations intended to qualify for the 'safe harbor'
under the Private Securities Litigation Reform Act of 1995, which
involve a number of risks and uncertainties that could cause actual
results to differ materially from those in such forward-looking
statements. The risks and uncertainties relating to these
statements include, but are not limited to, risks and uncertainties
regarding fluctuations in earnings, fluctuations in foreign
exchange rates, our ability to manage growth, intense competition
in IT services including those factors which may affect our cost
advantage, wage increases in India, our ability to attract and retain
highly skilled professionals, client concentration, restrictions on
immigration, industry segment concentration, our ability to manage
our international operations, reduced demand for technology in our
key focus areas, disruptions in telecommunication networks or
system failures, our ability to successfully complete and integrate
potential acquisitions, liability for damages on our service
contracts, the success of the companies in which Infosys has made
strategic investments, withdrawal or expiration of governmental
fiscal incentives, political instability and regional conflicts,
legal restrictions on raising capital or acquiring companies
outside India, and unauthorized
use of our intellectual property and general economic conditions
affecting our industry. Additional risks that could affect our
future operating results are more fully described in our United
States Securities and Exchange Commission filings including our
Annual Report on Form 20-F for the fiscal year ended March 31, 2018. These filings are available at
http://www.sec.gov. Infosys may, from time to time, make additional
written and oral forward-looking statements, including statements
contained in the company's filings with the Securities and Exchange
Commission and our reports to shareholders. In addition, please
note that the date of this press release is mentioned at the
beginning of the release, and any forward-looking statements
contained herein are based on assumptions that we believe to be
reasonable as of this date. The company does not undertake to
update any forward-looking statements that may be made from time to
time by or on behalf of the company unless it is required by
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