Australian Military Bank Powers Digitization With Infosys Finacle

Infosys announced that it has deployed its Finacle banking solution on Cloud for the Australian Military Bank (AMB).

AMB is the Australia longest-serving defense financial institution and is also a member-owned organization.

The comprehensive digital banking solution stack has been implemented in full software as a service (SaaS) model. The application has also been certified as being PCI-DSS compliant, says the announcement.

Executive Opinion

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 an exemplary commitment to helping 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 the cloud."

Infosys Finacle on Cloud and AMB

The announcement further noted that the deployment of Finacle enabled the AMB with the significant operational benefits and cost efficiencies, along with the enhanced scalability and security.

The Finacle solution includes core banking, origination, payments and channels. The implementation activity was completed in 10 months.

The bank has been processing with an average of 40000 mixed transactions per day, along with the 22000 card transactions and close to around 7000 composite payments transactions on an average per day. The solution also helped the bank to open around 3000 new accounts.
Infosys McCamish has recently revealed the McCamish NGIN, which is a new cloud-native digital platform for the life insurance market.

In August, Infosys had deployed the Finacle digital banking solution at the Shivalik Mercantile Co-operative Bank with the help of latest cloud technologies.