National Australia Bank's direct banking subsidiary UBank has migrated 300,000 customers to a new core banking platform developed for the parent bank by Oracle.
UBank customers can now customise their view of the online banking site and take advantage of a range of new features, such as calculators and funds trackers. The system also enables the real time processing of funds between UBank accounts and provides new back-end tools for staff through a tie-up with NAB's new virtual contact centre software.
NAB is a third of the way through a major technology refresh, upgrading and building new networks, data centres, and software. The process entails the decommissioning of 100 legacy applications and the development of a new banking platform using Oracle Financial Services Banking platform as the foundation.
At UBank, the upgrade involved the integrates of three software layers - back-end, core and customer-facing websites - using a software stack consisting of 500 individual Oracle applications.
Gavin Slater, NAB group executive, group business services, says: "The migration of UBank customers to NAB's new platform is an important milestone in our multi-year plan to create more choice for customers to bank wherever, whenever and however they want."
NAB competitor Commonwealth Bank is nearing the finishing straight of a four-year, $1.1 billion core banking modernisation programme based on SAP software. In its results statement earlier this month, the bank said the technology investment was yielding considerably productivity improvements, helping to grow profits in a downwards economy.