Implements SaaS Model Digital Banking Suite in Ten Months
Bengaluru and Sydney – September 25, 2018: 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.
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.
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.”
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