Bank in Australia

A leading Bank in Australia with Retail and Wholesale Banking needed enhanced features of T24 and Integration of T24 software with Pega system and another 3rd party system.

Headquarters:

Melbourne, Australia

Branches:

0

1.Business Objectives

  • Accelerate:
    • The launch of new loan products
    • Onboarding of new business partners(Superfund industries)
    • Account opening process
  • Simply the IT Architecture thereby de-risk the bank
  • Transform to a fully Digital Bank

2.Key challenges

  • Multiple and complex system architecture
  • Multiple Vendor Management
  • Australian Compliance – manual processing

3.Business Solution

  • We lead a solution delivery team which consisted of multiple vendor engagement which was outside our scope at no extra cost
  • Development of Australian Regulatory Loan requirements and new features (redraw, rate lock, adv interest benefits)
  • Implementation of Differential pricing and Bonus Interest payment leading to new Loan products

4.Value Created

  • Simplified the onboarding and origination process and reduced the account opening time from 2 days to 4 minutes
  • Superfund management – Onboarding time reduced from 3 days to 4 hours
  • Branchless banking resulted in Cost reduction
  • Due to the implementation of differential pricing in the new core system:
    • 36% jump in the home loan settlements
    • 20% jump in deposit balances, and
    • 15% jump in customer numbers

Project parameter

Delivery Methodology
  • Waterfall
  • Agile
Type of solution
  • Development of loan products
  • integration with front-end system and ESB
Client and Delivery Location
  • Melbourne, Australia
  • Mysore, India
Pricing Model
  • Fixed price
Project Deliverables
  • New core system implementation, Integration with Digital channels
Timeline
  • 20 Months
Monitoring Methodology
  • Monthly Steering Committe meetings
  • Weekly project Status Meeting
  • Cost variance & Defect Density Report
Monitoring Methodology
  • Overrun by 4 Months