Ryan Brosnahan, chief transformation officer, Bendigo Bank
Bendigo and Adelaide Bank will have consolidated its systems onto one core system by the end of next year, management told an Investor Day in Sydney yesterday.
Bendigo Bank is “the only credible challenger to the major banks” CEO Marnie Baker told the briefing.
“There is no-one else that has the strength, differentiation and capability that Bendigo has,” Baker said.
However, with $141 billion in assets, Macquarie Bank has close to double the assets of Bendigo Bank of $76 billion, APRA’s monthly banking statistics for March 2024 show.
“For the last five years we have been laying the foundations for the next phase of our development” Baker said.
“In an increasingly homogenous industry, we stand out as being different with unique qualities that resonate deeply with our customers.
“We are now in a position to bring all that together - our strength, our capability and our differentiation - in a way that supports our objectives for sustainable growth.”
Baker said the bank’s new lending platform “will deliver a ‘one way, same way’ process for residential lending across the bank, while deepening our relationships with our broker sourced customers.
“The platform is delivering equal to industry best turnaround times.”
A new origination platform for business and agribusiness banking “will be operational by the end of this calendar year” Baker said.
Bendigo plans to amp up its credit risk appetite in business and agribusiness, after conceding market share for some years.
In 2020, Bendigo was running eight different core banking systems, Ryan Brosnahan, the bank’s chief transformation officer explained.
The bank has transitioned customers under its Delphi and Alliance brands onto Bendigo’s core platform.
“We are currently down to three core banking systems, and are working on our final two migrations, Rural Bank and Adelaide Bank” Brosnahan said.
Bendigo has halved the number of IT applications since 2020, with the number of customer contact systems consolidated from five to one.
By the end of the financial year around 50 per cent of technology applications will be cloud based.