Australia’s Greater Bank has announced its core banking will be moving to the cloud, partnering with digital and core banking software and services provider Data Action. A customer-owned bank and mutual financial institution, Greater Bank will migrate from its legacy systems to Data Action’s cloud-based core banking platform, with the 95 year-old organisation hoping its new infrastructure will enable it to develop new offerings for customers. Greater Bank boasts over 260,000 customers in New South Wales and Queensland, and more than AU$7 billion in assets. The organisation has already successfully transitioned more than 80 customers from its legacy platforms to the Data Action Core Banking solution. See also: How AI may help solve banks’ customer relationship issues (TechRepublic) The mutual bank hopes its core banking upgrade will also help it prepare for open banking. “Open banking presents a golden opportunity for challengers by making it easier for customers to switch banks and take advantage of their better products and lower rates,” Data Action CEO Nicola Burgess said of the partnership, noting her company also hopes the upgrade will help Greater Bank strengthen its position as a leading challenger to the major banks. “We are really pleased to have signed up such a significant player in the mutual space, it’s a major endorsement of our credentials as a leading provider of modern and innovative digital and core banking solutions.” See also: What is Australia’s New Payments Platform? Open banking, legislated under the first tranche Consumer Data Right, has been touted as… [Read full story]
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