Members Equity Bank is
a fully Australian-owned, regulated bank. It was established by
a collection of industry superannuation (pension) funds. The Bank was
built to provide a genuine banking alternative to Australia’s four leading
banks – creating, as its motto suggests, a fairer way to bank. ME Bank
consistently offers lower rates and charges than the big four banks to the
industry fund and union members, and it is aggressively taking market
share as customers seek an alternative to the big four's perceived oligopoly. As smaller bank in Australia with
limited branch coverage the Bank relies on mobile bankers and has recently
released an innovative portable workplace bank that makes banking more
convenient. ME Bank has in excess of 300,000 customers and more than 800
employees.
Getting
to Revenue Faster First:
The first round of implementation is leveraging BPM for
customers to open their own accounts in minutes. ME Bank this week completed a major
milestone in its three year technology transformation project and is on track
to finish the project within its original timeframes next year. The
bank is implementing a new business process management platform, a new
reporting platform, and a
new core banking system, a project that will make it one of the most
technologically advanced banks in Australia. The ‘straight-through’
transaction process verifies customers’ identities online and at the end of the
process provides them with an account number, BSB, internet banking login and
dispatches a transaction card to arrive within days. ME Bank is one of only a
few banks in Australia that offer this service.
The Incremental Transformation Continues:
ME
Bank will move its remaining deposit products onto the new BPM platform at the
completion of the second stage of Transformation in early 2014 followed by its
loan products at the third and final stage later in 2014. The second and third
stages will also see ME Bank’s deposit and loan products moved onto a new T24
core banking system. A new reporting platform, Insight, will also go live in
the second stage.
Jamie
McPhee, ME Bank CEO, said “One of the benefits of being a young challenger bank
is we’re not encumbered by a host of legacy systems that can have a major
impact on project scope, time, and cost. To expedite a project of this scale
you also need a robust methodology, which means thorough planning, a staged
approach so you don’t try to implement too much at once, the right people in
the right positions combined with reliable suppliers and the discipline to keep
the project and its deliverables within scope. Transformation will be a major
enabler for ME Bank, unleashing a wave of product and service innovation and
operational efficiencies. We’ll have the ability to bring new products and
services to market faster, critical in an increasingly digitized market where
customers’ expectations for what banks can and should deliver is expanding and
accelerating. We’ll also have an enhanced capacity to handle very high customer
numbers without impacting service levels and operating costs, also critical for
a young and growing bank that’s hungry to challenge the dominance of the big
four.” McPhee said the entire project is centered on improving ‘customer
experience’ and capability, and will enable ME Bank to challenge the majors
like never before by giving ‘real edge’ to its fairer approach. The transformation
will add real muscle to a bank that already has a lot of heart, a potent
combination in an environment where the majors are tolerated for being secure,
efficient and effective.”
Net; Net:
ME
Bank is taking the smart approach of going for revenue quickly to fund an
incremental transformation that will allow for aggressive growth and a better
customer experience. Adding and retaining customers while increasing revenue is
the battle cry right now for business, so this approach is a sure-fire win.
This transformation is linked to an industrial strength intelligent business
process management platform (iBPMS).
This is
a highly summarized case study based on ME Bank Success Using Pegasystems
technology
For more
reading on incremental transformation, see
For more
reading on intelligent processes, see
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