Large customer-owned financial institution CUA announced on Tuesday it had completed a $60 million core banking system upgrade to integrate its customer banking products, and online and mobile access services.
Under the project, which began in 2010, CUA migrated a more than 20-year-old core banking platform across to Tata Consulting Services’ (TCS) BaNCS system. CUA is also using the BaNCS platform to drive its new online banking service, which replaces its Web Banker system.
CUA claimed the two-year upgrade will enable it to provide better priced, more flexible and innovative products in the future.
Sue Coulter, GM of business transformation at CUA, said the system provides a “single integrated approach across all consumer banking products including transaction banking, lending, mortgages and deposits, as well as mobile and online access.”
“This level of real-time integration places CUA in a leading position within the retail banking industry in Australia,” Coulter claimed. “This hasn’t just been a large technology project, it has been a driver of significant business transformation.
“The replacement of a core banking system is an incredibly complex project and for an organisation of our size to manage such a smooth systems transition in tandem with the launch of a new online banking service is a great achievement.”
CUA CEO Chris Whitehead, said initial improvements from the core banking system were largely internally-focused, including improved internal efficiencies, more user friendly and intuitive interfaces and streamlined processes.
“However, customers are already experiencing better service due to the single holistic view our frontline staff now have of their profile, product and service requirements and we expect to be able to introduce further customer and product improvements later this financial year,” he said.