Industry super fund bank ME has completed a $90 million, five-year project to rebuild its technology systems.
ME CEO Jamie McPhee said it has built and integrated seven new software systems and moved 320,000 customers on to the systems with “minimal disruptions.”
“When we planned the transformation we had the option to renovate the house or build a new one. While more challenging, we chose the latter,” he said in a statement.
“The result is a brand-new piece of banking architecture that’s been built to be updated – future-proofing the bank.”
The bank now has one centralised record for each customer. This means that when a customer calls, bank staff can access their details quickly.
The Pega business process automation system has cut the time it takes to open a deposit or transaction account from five days to five minutes while the time to get a conditional approval on a home loan has dropped from three days to three minutes, according to McPhee.
McPhee said that ME is now able to analyse data to help its industry fund owners.
“Thanks to transformation we can detect when customers have had a change in circumstances. This provides data trigger points for cross-selling super if they’re not with an industry fund and for building loyalty if they’re with an industry fund,” he said.
“Because it’s easier to plug new functionality into our systems, we’ll also be able to display super accounts through our Internet and mobile banking platforms in the future. That means members of industry super fund will be more engaged with their super balances and their funds.”
Follow Hamish Barwick on Twitter: @HamishBarwick