Australian community bank Hume Bank has selected Q2, a US-based provider of banking and lending digital transformation solutions, to transform its customer onboarding.

With Q2, Hume Bank expects to modernise and optimise its customer origination processes for loan and deposit products.

Headquartered in Albury, New South Wales, the customer-owned bank has a total of more than A$1.7bn ($1.16bn) in assets. It claims to offer products and services to more than 55,000 customers.

Q2’s cloud-based loan origination platform is expected to help Hume Bank to future-proof as well as differentiate its customer onboarding journey.

Hume Bank CEO Stephen Capello said: “As a customer-owned bank, we play an important role in ensuring our customers and community get access to the right banking products.

“With over 55,000 customers, we’re always looking for ways to meet and exceed their needs, and we look forward to launching a faster, easier and more innovative onboarding process.”

According to Capello, Q2’s technological stack will help the bank to bring down its wait time for loan decisions and account initiation. The stack will also help Hume Bank to provide a better user experience and add value to the community, said the bank’s CEO.

The digital transformation solutions provider plans to combine and integrate Hume Bank’s digital channels and multiple product offerings under a single, configurable and adaptable lending platform.

Q2 said that the transformation will improve user experience, as well as enable straight-through processing (STP) to automate data transfer and lessen repetitive, menial operations.

Q2 APAC managing director Ali Khan said: “We look forward to furthering Hume Bank’s commitment to digital transformation.

“Today’s consumers have high expectations for banks to quickly adapt to emerging technologies that enable fast, safe digital transactions. By harnessing the power of smart, fully integrated digital solutions, Hume Bank will continue providing high value to all its customers.”

Q2 offers digital banking and lending solutions to banks, alternative finance, credit unions, and fintech companies in the US, Australia, and worldwide.