Winner of 2020 Celent Model Bank Award for Cooperative Bank Transformation
Abstract
Australian Military Bank (AMB) is a niche institution dedicated to serving Australian Defence personnel and their families with products and services tailored to their needs, based on a keen understanding of life in the armed forces.
Along with the traditional competition from big banks, the increasing impact of digital disruption challenged AMB. A new breed of customers demanding fresh requirements and the rise of new competition, including fintechs and neobanks, exposed the limitations of its legacy technology. The bank wanted to become nimbler and more responsive to fast-evolving customer needs by providing better banking services across various channels with customer-focused products. This called for a thorough digital technology transformation, which had to be done quickly, with no downtime and no disruption of services to customers, and at a competitive cost.
