Over the next three years, Bendigo and Adelaide Bank will combine various core banking systems and migrate 50% of their applications to the cloud. During a market conference on Friday, Australia’s fifth-largest bank outlined its digital transformation goals for the fiscal year 2024.
According to the proposal, the bank plans to decrease the number of basic banking systems utilized by brands such as Delphi, Alliance, and Rural Bank from eight to one by 2024. Approximately 95 percent of the group’s customers have already been converted to a single retail finance core banking system. However, no breakdown was provided.
Over time, the banks will reduce its brand footprint to three, with Delphi Bank and Alliance Bank already transferring to other Bendigo products and systems.
During the Friday briefing, chief technology officer Ryan Brosnahan stated that the banks “just launched an API driven automation capability.” He said that as a result, “the time it takes to classify income and spending information that goes into the credit evaluation process has been cut from 77 minutes to 7 minutes each application.”
According to Brosnahan, the bank has “made a fantastic start to constructing the future over the previous two years by considerably progressing our plan of simplification, modernisation, and digital transformation.” During the Friday briefing, chief technology officer Ryan Brosnahan stated that the banks “just launched an API driven automation capability.” He said that as a result, “the time it takes to classify income and spending information that goes into the credit evaluation process has been cut from 77 minutes to 7 minutes each application.”
The bank has also introduced BENExpress, a digital home loan that uses the mortgage lender platform tic:toc. Neobank Up will also use tic:toc technology elements to launch its home loan offering next year. In addition, Bendigo and Adelaide Banks have created a “frictionless authentication capability” for smartphone banking, which will be available to consumers in the first half of 2022.
By 2024, the bank expects to have 90 percent of active e-banking users, up from 53.9 percent in 2019.
