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Working closely with TechnologyOne to implement Financials has enabled Alex.Bank to improve reporting, meet regulatory requirements, and better support its customers.
Case study highlights
- Improved regulatory reporting
- Supported banking licencing requirements
- Streamlined approval processes
The Challenge
Alex.Bank is a 100% digital bank in Australia, providing both lending and deposit products in the market. Its mission is to build the future of banking. The organisation has approximately 40 team members working across Brisbane, Sydney, and Melbourne.
Founded six years ago, Alex.Bank understood the shift in digital experience, and being such a young bank, were able to find an advantage over their more established competitors.
While older, larger banks often have legacy IT systems and manual processes in place, Alex.Bank is 100% cloud-enabled, meaning its processes can be completed faster, creating a better experience for customers.
“We had the luxury of creating a new bank from scratch or from a blank piece of paper, as we like to call it,” said Larry Stewart, Head of Finance at Alex.Bank.
“Being cloud-enabled, we don’t keep our customers lagging in processes and paperwork, we give them the answers they need as soon as possible. For example, when we are working with customers on a personal loan, they will know quickly if they are approved or not. We have seen some customers, after being approved, receive their funds in a matter of hours.”
While Alex.Bank’s customer portal and core banking system are working for its customers, the organisation could not continue to grow without a system for regulatory reporting.
With a small finance team of three people, Alex.Bank needed a financial management solution that could streamline financial reporting, regulatory reporting and budgeting to support the new bank’s requirements for a banking licence.
“Most organisations will have a separate finance tech team that will build out reporting processes but we don't have that luxury, so having a solution that is easy to maintain and build in-house is important,” Mr Stewart said.
The Solution
Alex.Bank released a request for information to five different organisations to find a Software as a Service (SaaS) solution that would meet its needs.
After careful consideration, the team decided to adopt TechnologyOne’s Financials, as well as Supply Chain Management, Corporate Performance Management and Enterprise Budgeting solutions.
"The defining thing for our selection process in the end was that the business was in Queensland, it was just down the road,” Mr Stewart said.
TechnologyOne and Alex.Bank worked closely together to ensure the solutions met the needs of the bank and that they knew what it was going to look like upon going live.
“We formed a strong partnership with the TechnologyOne project team. Where most software companies use agencies, which sometimes means you don’t get what you’re sold, TechnologyOne was involved in every step of the process, and ensured we had sign off on every step.”
“Surprisingly for a tech project it was delivered under budget and on time,” Mr Stewart said.
The biggest challenge during the pre-planning stage was banking, but the close working relationship of each project team meant they found a solution quickly.
“What you get out of it is what you put into it. The TechnologyOne team used our feedback to build a script that could convert our bank statements for us, that we could then load up for reporting,” said Mr Stewart.
The solution also supported the regulatory reporting necessary for Alex.Bank’s banking licence, including enabled controls, gates and barriers for viewing certain transactions, and providing a simple approval matrix and serviceability of the product.
Most organisations will have a separate finance tech team that will build out reporting processes, but we don't have that luxury here, so having a solution that was easy to maintain and build in-house was important.
The Outcome
When Alex.Bank went live with TechnologyOne’s Financials solution, they saw benefits immediately.
“The benefits were instantaneous. We were clear from the start about what we wanted delivered and we got that as part of our testing process,” Mr Stewart said.
With a big focus on streamlining reporting, the team were impressed by the solution’s reporting module.
“ExcelOne was easy to use and define, giving our team members the ability to build what they needed in the process and manage that in-house.”
“Rather than spending time deciding what needs changing or updating, the team can produce important data-driven outcomes,” Mr Stewart said.
It’s not just the internal team that has benefitted. Streamlining reporting has allowed the team to remain small and offer competitive advantages to their customer-base.
“A successful customer experience is our top priority. We’re about delivering improved digital and modern banking experience,” Mr Stewart said.
“Having a digital platform that is running lean and nimble means we can do more with less which ultimately benefits our customers.”
About Alex.Bank
Founded in 2018, Alex.Bank is completely digital, with no physical branches. The bank provides both lending and deposit products in market.
Having served more than 5,000 customers with personal loans, deposit accounts and savings accounts, they have delivered approximately $100 million in settlements and $100 million deposits to date.
Alex.Bank is committed to delivering an improved digital and modern banking experience for their customers.
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