Australia Military Bank and Infosys Finacle awarded the Best Cloud Based Initiative, Application or Programme at The Financial Technology Innovation Awards Programme 2019
- The bank implemented new core banking, loan origination payments and channels as a cloud based model
- It enabled the bank to achieve 46% increase in registrations at digital channels, 115% growth in Mobile App
- The bank achieved 99.8% system availability
Bangkok May 30th 2019–Australia Military Bank and Infosys Finacle were awarded the Best Cloud Based Initiative, Application or Programme at The Financial Technology Innovation Awards Programme 2019. The awards ceremony was held in conjunction with The Future of Finance Summit, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at the Shangri-La, Bangkok on May 30th2019.
Standing from left: Richard Hartung, International Resource Director, The Asian Banker;Mohit Nasa, Business Development Manager, Infosys; Neeti Aggarwal, Senior Manager, Research, The Asian Banker; David Gyori, International Resource Director, The Asian Banker
The bank implemented new core banking, loan origination, payments and channels as a cloud based model
Undertaking a comprehensive transformation Australia Military Bank implemented digital banking solution including new core banking, loan origination, payments and channels system in a cloud based ‘software as a service’(SaaS) model, hosted by Infosys. A biometric authentication system for mobile banking and second factor authentication for payments through digital channels was implemented for improved security. Lending products and credit card applications from digital channel were integrated with the loan origination system for faster application and processing. The bank achieved seamless integration with allied service providers and partners through integration touch points and application programming interfaces.The system also provided the bank with the required capability for regulatory reporting. The project was implemented within short 10 months.
It enabled the bank to achieve 46% increase in registrations at digital channels, 115% growth in Mobile App
The new internet banking and mobile banking systems resulted in registrations by 46% for digital channels and 116% for mobile app. Customer on-boarding and account opening is now being achieved within few minutes through direct banking with straight through processing capability. The new system also provided users with an integrated personal finance management tool enabling them to track budgets, spending and financial goals.
The bank achieved 99.8% system availability
The cloud based system witnessed over 99.8% system reliability and availability and straight through processing of savings, transactions and deposit with 99% of inbound direct payments in near real time. The system facilitated improved efficiencies by allowing the bank to pay per use for infrastructure requirements and achieve a faster response to market demands.
The Asian Banker Financial Technology Innovation Awards Programme, refereed by prominent global bankers, IT consultants and academics, provides an undisputed benchmark of technology implementation in an increasingly fierce marketplace. A stringent three-month-long evaluation process determines the awardees from across Asia Pacific, Middle East, and Africa. The awardees are honoured in a gala event that recognises their efforts in using the best technology to run their institutions and bring superior products and services to their customers.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website iswww.theasianbanker.com
You may visit the Financial Technology Innovation Awards gallery at https://www.facebook.com/pg/TheAsianBanker/photos/?tab=album&album_id=10157254926774804&__tn__=-UC-R
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker