National Australia Bank (NAB) has announced that 4 million customers will be migrated to its NextGen core banking platform over the next three years.
The banking platform is part of a 10-year business transformation initiative to modernise the bank's IT systems.
NAB's enterprise services & transformation group executive, Lisa Gray, told media on a conference call that from early 2015, customers will be able to open an NAB-branded personal account on the NextGen platform.
“In parallel, we have been rationalising our product range. We will then progressively look at how we put business products onto the NextGen platform,” she said.
“The third thing we are looking at is customer migration. The plan is to migrate 4 million customers to the new platform over the next two to three years.”
UBank USaver Ultra was the first transaction account launched on the NextGen platform in 2013. It can be applied for and verified without human interaction.
An internal systems engine called 'Know Your Customer' checks passport, driver licenses and other types of identification via an automatic database.
UBank is a subsidiary of NAB. According to the bank, existing USaver customers can apply for the account within one minute.
Gray added that many of the learnings from UBank will be used across its NAB range of products and services.
“Early next year  we will release another set of direct banking capabilities on the NextGen platform,” she said.
However, NAB did not have any further details on the capabilities.
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