The digital banking solution stack is hosted out of the company’s data centres in the country. Finacle has replaced the bank’s legacy systems to keep pace with technology developments and allow a speedy response to market demands. “The digital software also enables open application programming interfaces (APIs) that overcome limitations for the bank’s ability to work with ecosystem partners,” the statement noted. The bank has been processing about 40,000 mixed transactions daily, including 22,000 with card and nearly 7,000 composite payments on the digital platform.

The system has helped the bank make the origination process simpler and lend A$61 million worth of loans during the first month of using the new software. The bank is able to onboard new members and open accounts, enabling transactions within minutes. It has opened 3,000 new accounts since going digital and had 46 per cent increase in the use of its internet banking and a whopping 116 per cent hike in the use of its mobile application.

“The bank’s customers can make budget, set targets and track spends with its personal finance management tool,” reiterated the statement.