news National Australia Bank (NAB) is to roll out a new personal banking platform in a move it calls “the biggest technology overhaul in the bank’s history”.
NAB says the national deployment of its Personal Banking Origination Platform will commence this month, following a “successful” pilot scheme in bank contact centres and branches in the Northern Territory and South Australia.
Steve Collier, Executive General Manager Core Banking, said: “The delivery of the new platform is simplifying processes for our bankers and has significantly reduced the processing time of personal loans and credit card applications for our customers.”
Collier explained that the new platform has reduced credit card application times to just seven minutes, and for bankers the number of clicks required to complete a loan application has dropped from 250 to 50, which “significantly reduces errors and improves turnaround times”.
“As well as quicker turnaround times, we’re delivering a more transparent customer experience that keeps our customers updated throughout the progress of their loan or application via Internet banking and SMS,” he said.
Since the pilot commenced in August of last year, more than 9,000 transaction accounts, 4,000 credit cards and personal loans, and 700 home loans have been successfully opened, according to the bank’s figures.
For the technical side of the upgrade, NAB has partnered with global technology company Oracle.
Collier commented that both firms have a “solid record of delivering major milestones” which include NABView (a data portal that unifies customer information), a new credit risk engine, and now the new Personal Banking Origination Platform.
“The partnership we have with Oracle is a model relationship of how a large organisation such as NAB can work with technology partners to achieve major milestones and improve the customer experience,” Collier said.
He further framed the new personal banking system as an example of how NAB is “future proofing” its business to ensure the bank has the right infrastructure in place to deliver a “faster and simpler” customer experience.
NAB first announced its plans to modernise its core IT systems back in August 2008, surprising many in the industry with its choice of Oracle for the project.
While Oracle is a well-known name in enterprise IT circles, its presence in banking and financial services was as yet relatively undeveloped.
Yet not only did NAB start implementing Oracle’s technology in its operations, it also took a role in defining it, and both firms have since been co-developing the new banking platform, with Oracle’s i-flex technology at its core.
It remains to be seen if NAB’s unusual approach will pay off.
The national rollout of the new platform is expected to be complete by the end of 2016.
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