Software major Infosys said on Tuesday that the Australian Military Bank (AMB) went live digitally on the Finacle cloud platform of its subsidiary EdgeVerve Systems.
"Our Finacle cloud software has enabled AMB offer world class banking experience on digital platform, implemented on the software as a service (SaaS) model in 10 months," said the city-based IT firm in a statement in Bengaluru.
As Australia's longest defence financial institution, the Sydney-based AMB has been serving its military personnel and their families nearly six decades since 1959.
"Our financial software product (Finacle) has enabled the bank gain operational benefits and cost efficiencies besides enhanced security and scalability," said the statement.
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.
Localization has empowered the bank to integrate its operations with allied service providers and partners like credit bureau, ATM facilitators and payment solution vendors.
"As one of the early adopters for digital transformation, the bank has embarked on a new path. As a partner in its change journey, we are ready to enable its (Australian Mutual) digital transformation on cloud," said Finacle Chief Business Officer Sanat Rao on the occasion.
AMB Chief Executive John Ford said the bank chose Infosys Finacle to serve its members' financial needs in a secure manner as a new age digital bank.
"The openness of Finacle means we can meet regulatory and customer demands. The Infosys team's commitment to help us go live in a short time and support our service enhancements are commendable," added Ford.