Hume Bank is rolling out a new solution to centralise financial data held by the organisation.
It is currently using a General Ledger module that is approximately 30 years old.
Hume Bank general manager of finance and administration Wayne Nagle said the development of banking systems has traditionally had a focus on improving customer experience.
“There has been no focus on General Ledger and back office. We started looking for a solution to marry up with our Ultradata system to automatically get feeds out of our banking system into another accounting system,” he said.
The bank is rolling out TechnologyOne’s OneBanking financial software. It allows banks to streamline their budgets and centralise financial data.
“We are spending a lot of time getting our data and additional information together that will make our life easier. That is all going into spreadsheets and that will get pulled into the OneBanking solution,” said Nagle.
“We expect to make quite significant savings.”
Hume Bank began the implementation in August and hopes to go live in December this year.
“TechnologyOne’s existing relationship and reputation among other credit unions and mutual banks was one of the most important factors in our decision to purchase OneBanking. We spoke to mutuals who were already using the vendor’s software and followed their recommendation,” said Nagle.
Another organisation rolling out the offering is the Qantas Credit Union.
Qantas Credit Union CEO Scott King said in a statement that OneBanking will allow the credit union to consolidate a number of financial applications into a single system.Read more: Qantas Credit Union to replace core platform
“We were previously using the General Ledger module within our core banking platform, as well as several small software applications for accounts payable and receivables and fixed assets management. With our core banking system being replaced, we have used this opportunity to consolidate our financial applications into the one system,” he said.
King said it chose TechnologyOne over other providers due to its Australian Prudential Regulation Authority (APRA) reporting capabilities.
“Technology and banking services are continually changing, so this important investment will ensure we can level the playing field with the major banks and remain relevant to all our members’ banking and technology needs.”
“This partnership will mean that we can increase efficiency by streamlining of processes and internal controls through workflow and approvals, reduce reliance on paper as we move toward a paperless office and provide better automation for reporting, including APRA returns.”
Follow Hamish Barwick on Twitter: @HamishBarwick