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December 13, 2021

Macquarie launches new service as part of retail banking push

Australia-based Macquarie Bank has launched a new service that will allow customers to apply for a transaction and savings account in under a minute.

With the new service, which is powered by its digital banking and cloud-native platform, Macquarie Bank is trying to bolster its presence in the retail banking space.

It enables full identity verification quickly and offers access to Macquarie’s mobile and online banking applications.

Additionally, a debit card will be loaded onto a customer’s Apple or Google wallet allowing customers to start using the card immediately.

Macquarie Bank head of deposits and payments Olivia McArdle said: “Many banks still require customers to visit a branch or wait days for the physical card to arrive in the mail. We have reimagined the account opening experience to be almost instantaneous while still delivering all of the same comprehensive security and identity checks.”

The lender has also unveiled one-click offset accounts to allow home loan customers to open and link up to 10 offset accounts to their home loans.

Macquarie Bank chief digital officer Luis Uguina said: “We’ve set out to provide the kinds of experiences you might expect from a fintech, but with the security of a bank.”

To enhance customers’ security, the bank has built its security app Macquarie Authenticator. It allows customers to approve or deny transactions and account changes.

Macquarie’s announcement comes after it moved its core banking platform to the “public could”, which gives it easier access to the computing power of technology giants like Amazon Web Services and Google.

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