Bank of Sydney has chosen the Infosys Finacle Digital Banking Suite to advance its digital transformation, leveraging Amazon Web Services (AWS) cloud technology.
This collaboration with Infosys Finacle, a subsidiary of EdgeVerve Systems, aims to enhance the bank’s customer and staff experiences through automation and digitisation, while also preparing for future growth.
The bank will implement the Finacle solutions in a Software-as-a-Service (SaaS) mode via AWS cloud. This includes the deployment of several key systems: Finacle Core Banking Solution, Finacle Digital Engagement Hub, Finacle Mobile Banking, Finacle Online Banking, and Finacle Digital Onboarding solutions.
The adoption of the next-generation Infosys Finacle Digital Banking Suite will offer several advantages for Bank of Sydney. The solutions will expedite transformation using the Finacle Reference Bank, which is equipped with products and processes designed for the Australian market.
The digital experience will be enhanced by providing advanced omni-channel self-service functions accessible through mobile and online platforms.
Moreover, the bank plans to simplify its IT infrastructure by decommissioning various applications, thereby reducing technical debt and fostering a more flexible IT environment.
Bank of Sydney CEO Melos Sulicich said: “At Bank of Sydney, our strategic goal is to become the leading deposit bank in Australia and to drive significant business growth in the coming years. This requires adapting to rapidly changing customer needs, digital advancements, and regulatory requirements.
“Transforming our technology stack, centered around our core and digital banking platform, is crucial to meeting these objectives. With Infosys Finacle, we have a proven transformation partner and a next-generation banking platform to address the evolving needs of our business, customers, and regulatory ecosystem.”
The suite will also support innovation at scale through configuration-driven product and service development, all while allowing seamless integration with a broader ecosystem via open APIs. The use of AWS cloud services will enable the bank to dynamically scale operations in line with business growth.
Infosys Finacle chief business officer and global head Sajit Vijayakumar said: “This partnership underscores our commitment to providing flexible and affordable modernisation solutions to Australian financial institutions.
“With Infosys Finacle’s advanced cloud-native suite on AWS, Bank of Sydney will benefit from a modern, customer-centric digital banking platform, enabling better engagement, innovation, and operation. We look forward to supporting our customers in Australia and helping them thrive in the digital age.”
In a related development earlier this year, Infosys Finacle announced the successful migration of Cholamandalam Investment and Finance’s operations to the Finacle Treasury solution. This move centralises treasury management on a unified web platform for Chola, one of India’s prominent non-banking financial companies.
