Australian Military Bank (AMB), the banking services provider to Australia’s defence forces, has implemented Infosys’ Finacle banking solutions to overhaul its digital banking system.

The AMB digitisation involved the deployment of the entire Finacle solution stack featuring core banking, origination, payments and channels.

Expected to generate significant operational benefits and cost efficiencies, the solution was implemented in a fully SaaS model hosted from Infosys data centres.

Australian Military Bank CEO John Ford said: “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 exemplary commitment to help us not only go live in a very short time but also support ongoing service enhancements.”

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The overall implementation was completed in ten months.

AMB digitisation benefits

Since Infosys Finacle went live, AMB processed around 40,000 mixed transactions, 22,000 card transactions and nearly 7,000 composite payments transactions on an average daily.

The digitisation also streamlined customer on-boarding process with opening an account can be completed in minutes.

Additionally, the new internet banking and mobile banking channels saw a 46% increase in registrations.

Infosys Finacle chief business officer Sanat Rao said: “Australian banks have been quick to realise 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.”