Bank lets customers open their own bank accounts, in minutes

ME Bank Transformation project - major milestone reached this week

 

ME Bank this week completed a major milestone in its three year technology transformation project and is on track to finish the project within its original timeframes next year.

The bank is implementing a new business process management platform, a new reporting platform, and a new core banking system, a $60 million project that will make it one of the most technologically advanced banks in Australia.

This week’s milestone, sees the successful implementation of its new Pegasystems Business Process Management platform, and the first new process implemented on it which enables customers to open their own transaction accounts online within minutes.

The ‘straight-through’ transaction process verifies customers’ identities online and at the end of the process provides them with an account number, BSB, internet banking login and dispatches a transaction card to arrive within days. ME Bank is one of only a few banks in Australia that offer this service.

ME Bank will move its remaining deposit products onto the Pega platform at the completion of the second stage of Transformation in early 2014 followed by its loan products at the third and final stage later in 2014.

The second and third stages will also see ME Bank’s deposit and loan products moved onto a new T24 core banking system. A new reporting platform, Insight, will also go live in the second stage.

Jamie McPhee, ME Bank CEO, said “one of the benefits of being a young challenger bank is we’re not encumbered by a host of legacy systems that can have a major impact on project scope, time, and cost.”

“To expedite a project of this scale you also need a robust methodology, which means thorough planning, a staged approach so you don’t try to implement too much at once, the right people in the right positions combined with reliable suppliers and the discipline to keep the project and its deliverables within scope.”

“Transformation will be a major enabler for ME Bank, unleashing a wave of product and service innovation and operational efficiencies.”

“We’ll have the ability to bring new products and services to market faster, critical in an increasingly digitised market where customers’ expectations for what banks can and should deliver is expanding and accelerating.”

“We’ll also have an enhanced capacity to handle very high customer numbers without impacting service levels and operating costs, also critical for a young and growing bank that’s hungry to challenge the dominance of the big four.

McPhee said the entire project is centred on improving ‘customer experience’ and capability, and will enable ME Bank to challenge the majors like never before by giving ‘real edge’ to its fairer approach.

“Transformation will add real muscle to a bank that already has a lot of heart, a potent combination in an environment where the majors are tolerated for being secure, efficient and effective.”

 

MATTHEW READ, MEDIA AND COMMUNICATION MANAGER

P 03 9708 3334 M 0432 130 338 Email

ME Bank is the only bank which is 100 per cent owned by Australia’s leading industry super funds. ME Bank provides industry super fund, union and employer association members with a genuinely fairer banking alternative.