Hobart-based banking and wealth management group MyState Limited on Tuesday announced that it had consolidated its banking platforms into a single, contemporary core banking system serving both its MyState and The Rock businesses.
The lender embarked on a program of technology transformation in 2015 to improve performance and risk management across its banking operations with work on the core banking system starting in med 2016. The cost has not been disclosed.
According to a spokesperson, the consolidated banking system helps simplify the group’s banking systems, allowing faster multi-brand banking from a single platform and unified back-office operations.
This represents a significant step facilitating MyState’s increasing focus on customer relationships and providing simpler products, processes and services. This has been highlighted further by the launch of new internet and mobile banking services for The Rock’s customers in central Queensland.
"We are building a highly scalable modern and contemporary banking business. Consolidation of our core banking system is an important milestone that demonstrates we are delivering on our strategy to become a leading regional bank," said MyState's managing director and chief executive officer, Melos Sulicich.
“Having a single core banking system significantly reduces the business risks of operating two different core systems, and provides a strong and simpler foundation for further innovation as we progress towards becoming a more customer-focused banking group.
“This platform supports our continued technology improvement through initiatives such as online origination, a more modern contact centre solution, and growth in customer relationship management. These changes help our growing customer base which is increasingly national. It is now possible for any Australian to open a new deposit account online, and within minutes to become a customer of MyState.”