National Australia Bank (NAB) has implemented a new banking software platform designed to improve customer service delivery.
The platform, developed by Oracle, includes core banking deposits, loan functions and online service applications. According to the vendor, it can sync with existing applications and IT functions used by banks.
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An NAB spokesperson told CIO Australia that the banking platform forms a “pivotal part” of the bank’s transformation agenda—a multi-year program designed to overhaul the bank's software, infrastructure and networks.
“The platform integrates all three software layers of the bank into one system, and moves the bank away from bespoke legacy systems,” he said.
According to the spokesperson, the shift to an internationally-standardised platform will bring many benefits to customers, such as streamlined customer service and relationship management.
“One of the most significant long-term benefits to customers will be the ease at which the platform can upgrade and shift to meet new innovation for decades to come,” the spokesperson said.
According to the spokesperson, NAB is the first tier one bank in the world to adopt Oracle’s banking platform.
Oracle Australia could not confirm if other Australian financial services customers, such as Suncorp, have expressed their interest in the platform.
However, Suncorp Bank chief executive David Foster said in a statement that the bank was investigating the replacement of its legacy CSC Hogan system with an Oracle platform.
“We want a platform which is designed to provide a more consistent customer experience across banking channels, reduce product development cycles and enhance operational risk management and business efficiency,” he said.
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