Aussie bank MyLife MyFinance (MLMF) have announced a significant upgrade in operations by completing a digital transformation period in partnership with Temenos Saas.
MLMF, who were recently acquired by Challenger, will now be able to streamline customer onboarding and assist brokers to speed up interactions with the bank. Temenos, a Geneva-based tech company, specialise in helping banks to undergo digital transformation.
“Our digital transformation programme is a journey,” said Mark Sawyer, General Manager at MyLife MyFinance. “We came from a very stable technology environment that hadn’t been invested in for quite some time and we recognised that we needed to deliver a market relevant banking proposition to our customers.”
“For us, that really meant providing a much simpler customer onboarding experience, but also offering customer self-service via their channel of choice. From our side, digital transformation focussed on customer onboarding and self-service via digital channels.”
One of the big innovations has been the adoption of straight through processing of clients, which can vastly improve turnaround times.
“Straight through processing is predominantly on the account side, where customers can complete their application online upon downloading our app,” said Sawyer. “Once they’re provided their identification which passes through the Equifax ID Matrix Service, then the account is opened in real time within our core banking platform with customer correspondence sent out within five to ten minutes.”
The move, combined with the recent sale to Challenger, marks the movement of MLMF towards the broker channel.
“Our business has been sold to Challenger,” said Sawyer. “That sale process is subject to regulatory approval. Challenger have stated that one of the intentions behind acquiring an ADI is to get access to funding via term deposits, and we’ve identified the broker channel naturally aligns with bringing on volume in the short term as we build out the proposition.”
“What it means for us is that we get access to a much broader market. It means that we can bring on volume much more quickly than if we were going direct. And from a broker perspective, they get access to another ADI that is looking to grow, and another place to put their money.”
“Straight through processing, from a broker channel perspective, means that there’s not the lag time between a broker providing us an application and us needing to key in that information and providing the account details back to the broker to ultimately provide it to their client to fund the deposit.”
“I guess that’s part of a value proposition of having straight through processing. Further to that, our intention is to automate the onboarding process through the broker channel similarly to how we have for direct channels, by which I mean that we take instruction from our broker partner and open the customer profile in real time. There’s no lag time.”
