New Zealand’s largest bank ANZ New Zealand has turned to US financial technology firm FIS to upgrade its ‘decades old’ core banking technology into a cloud-based platform.
ANZ New Zealand will be the first bank outside the US to utilise FIS’ Modern Banking Platform deployed on Microsoft Azure, once the move has been given the nod by the Australian Prudential Regulation Authority (APRA).
The FIS’ Modern Banking Platform, which arrived on the Microsoft Azure cloud platform in April, enables frictionless digital banking services through a cloud-native architecture. It is designed with API-first functionality that puts financial institutions ‘in control of their customer experiences’.
“Banks need modern systems to meet growing expectations for personalised products and services, and strengthen the customer experience,” said Andrew Beatty, head of enterprise banking at FIS. “Cloud-based systems have quickly moved from a competitive advantage to the baseline of what makes a successful bank.
“Cloud-based core banking will enable banks to increase their speed to market and become more agile. We believe ANZ New Zealand is just the beginning of a huge industry trend to drive digital transformation through the cloud.”
Mike Bullock, chief information officer at ANZ New Zealand, said: “Upgrading our core banking technology into a cloud-based platform means we can continue to deliver reliable, efficient and secure services for our customers.
“Our current core banking system is very robust and up-to-date but, like most platforms used by banks around the world, it is based on technology developed decades ago. This work sits within our current five year investment plan and will allow us to be more innovative in how we deliver banking services.”
ANZ New Zealand’s current Systematics core banking technology is also supplied by FIS.