MyState in core banking system consolidation
Australia-based MyState Bank has moved onto a single core banking platform, replacing two separate installations. The solution is understood to be TCS Bancs from TCS Financial Solutions.
MyState’s internet and mobile banking services were unavailable throughout the weekend as the bank was carrying out its core banking software upgrade – “part of its technology transformation”.
The new core banking platform supports all main operations of MyState as well as those of its subsidiary, The Rock Building Society. The latter was acquired by MyState in 2011, and in September 2015 regulatory approval was granted to fully transfer all of the business undertakings of The Rock into MyState. The Rock now operates as a division of MyState.
Both entities happened to be using the TCS Bancs core software, in separate deployments. The Rock signed for the system back in 2007, while MyState did so in 2012.
It is understood the bank embarked on the back-office consolidation process in mid-2016, as part of its broader technology revamp that began a year earlier.
MyState’s MD and CEO, Melos Sulicich, says the core banking project completion is “an important milestone that demonstrates we are delivering on our strategy to become a leading regional bank”.
MyState aims to become “a more customer-focused banking group”, Sulicich adds.
“Having a single core banking system significantly reduces the business risks of operating two different core systems, and provides a strong and simpler foundation for further innovation.”
Also, the bank has introduced a new online origination solution and a “more modern contact centre solution” as well as demonstrated growth in customer relationship management, Sulicich says.
These changes help grow the bank’s “increasingly national” customer base. “It is now possible for any Australian to open a new deposit account online, and within minutes to become a customer of MyState,” he states.
The bank is based in Hobart, Tasmania. It has around AU$1 billion ($747 million) assets under management and employs 400 people.