With fintech innovation high on the agenda in Australia’s fiercely competitive banking sector, which is dominated by the ‘big four’ commercial banks, Qantas Credit Union is leveraging the flexibility of Infosys Finacle’s ‘software-as-a-service’ model to provide its members with the latest banking services, without the significant overhead costs often associated with complete legacy technology upgrade.

The strategic partnership with Infosys will enable Qantas Credit Union to exploit the power of digitization to unlock new revenue streams and foster customer loyalty, while enabling the bank to quickly bring new products to market.

Some of the enhancements and project deliverables include:

• Building a new mobile banking and tablet app, and upgrading online banking platform with more tools, features and enhanced banking functionality
• Developing peer-to-peer payments and digital wallet products
• Enhancing back office efficiencies to reduce application time for credit cards, home loans and personal loans

Highlights

• Infosys Finacle will replace Qantas Credit Union’s legacy core platform with an end-to-end banking solution to help them transition from the existing IT infrastructure and further its reputation as a customer-focused organization
• Infosys Finacle was selected for its potential to offer a comprehensive portfolio of modules that includes Core Banking, CRM, e-Banking, Mobile Banking, Loan Origination, Alerts, Agency Banking and Youth Banking solution
• EdgeVerve will provide Finacle ‘as-a-service’ through innovative cloud-hosted business platforms. In addition, Quantas will also leverage Edge suite of products including BrandEdge, InteractEdge and AssistEdge to render services such as digital marketing, customer experience management, and intelligent customer service and issues resolution

Quotes

Scott King, Chief Executive Officer, Qantas Credit Union:
"At Qantas, we are constantly looking at ways to improve our ability to serve our members better and deliver a world-class service. Our partnership with Infosys Finacle is an exciting one for us. Firstly, it will deliver both short-term benefits and staggered releases, transforming our core system, online, mobile and tablet banking over the next three years. Secondly, this partnership will help us deliver experiences that make banking easy, more personal and opportunities that empower our members to bank with us the way they want to. Lastly, the partnership will see increased efficiencies, streamlining of processes, advanced automation, better insights and reporting, thereby, delivering a competitive-edge."

Michael Reh, Executive Vice President and CEO (designate), EdgeVerve:
"Australia’s highly competitive banking market is fuelling a rapid transition to mobile and digital services with an increased focus on customer experience. Qantas Credit Union, a leading member-owned financial institution, will now have the ability to adapt and bring innovative products to market more efficiently with our complete end-to-end platform. Finacle’s software-as-a-service’ model enables our customers to provide the latest banking services more flexibly and cost-efficiently."