Bank in Australia
A leading Bank in Australia with Retail and Wholesale Banking needed enhanced features of T24 and Integration of T24 software with Pega system and another 3rd party system.
Sede:
Melbourne, Australia
Branches:
0
1.Business Objectives
- Accelerate:
- The launch of new loan products
- Onboarding of new business partners(Superfund industries)
- Account opening process
- Simply the IT Architecture thereby de-risk the bank
- Transform to a fully Digital Bank
2.Key challenges
- Multiple and complex system architecture
- Multiple Vendor Management
- Australian Compliance – manual processing
3.Business Solution
- We lead a solution delivery team which consisted of multiple vendor engagement which was outside our scope at no extra cost
- Development of Australian Regulatory Loan requirements and new features (redraw, rate lock, adv interest benefits)
- Implementation of Differential pricing and Bonus Interest payment leading to new Loan products
4.Value Created
- Simplified the onboarding and origination process and reduced the account opening time from 2 days to 4 minutes
- Superfund management – Onboarding time reduced from 3 days to 4 hours
- Branchless banking resulted in Cost reduction
- Due to the implementation of differential pricing in the new core system:
- 36% jump in the home loan settlements
- 20% jump in deposit balances, and
- 15% jump in customer numbers
Project parameter
| Delivery Methodology |
|
| Type of solution |
|
| Client and Delivery Location |
|
| Pricing Model |
|
| Project Deliverables |
|
| Timeline |
|
| Monitoring Methodology |
|