Updating it systems plan credit union
In one example, the credit union has already developed what it calls a Single Customer View.On one screen, this highlights everything a staff member needs to know about a customer, including total product holdings, accounts open, personal details and all recent interactions and alerts."This has resulted in a quicker and more personal experience for our customers from their first point of interaction," she says.
One change CUA hopes to make across the board (including its digital channels, branches and mortgage brokers) is a shift to risk-based pricing. Risk-based pricing means different things to different companies.
Alongside the core replacement, the company also decided to replace its online banking system and roll out mobile banking.
It chose TCS for the entire project, based on site references and the fact that the vendor had successfully deployed its technology in other Australian financial institutions.
An Australian credit union has taken the plunge on a technology overhaul that could serve as a model for U. banks that have been reluctant to replace core systems.
Credit Union Australia, the country's largest credit union, recently spent million about 18 months' profits and two and a half years replacing its core banking system with Tata Consultancy Services' Bancs platform.
Uber-competitor Commonwealth Bank of Australia, the largest bank in Australia, has already started down this path, as have several U. Commonwealth is applying customer data analysis to place a value on the entire customer relationship and price products accordingly.