Macquarie unveils new digital banking services
Australia-based Macquarie Group has launched a range of new digital banking functions and is looking for feedback from any early users. The services are underpinned by the DataStax Enterprise (DSE) platform.
Features range from search-how-you-speak technology; the ability to tag and track transactions; upload receipts and warranties; set saving and spending goals; and automatically categorise spending through machine learning technology.
Head of personal banking for Macquarie’s banking and financial services group, Ben Perham, says it built the digital environment “from the ground up”.
Perham says: “We set out to provide customers with tools to manage their money that look and feel more like social media sites, search engines and video or music streaming services. We see our competition as the last app a customer used. That’s the bar we’ve set ourselves in terms of customer experience.”
Other services include transaction accounts, savings accounts, credit cards and home loans. Macquarie’s new transaction and savings accounts include no monthly fees; no fees at any ATM in Australia (through a refund of fees charged by other organisations); and no fees on international purchases.
Luis Uguina, chief digital officer at Macquarie, says it is seeking input from early users.
Uguina adds: “We’ll be giving early adopters of our products access to our beta environment, so they can test our innovations in their daily lives, tell us what they think and what they want to see next.”
Macquarie embarked on a five-year AUD 250 million ($188.5 million) core banking software overhaul in 2014.
The bank is rolling out SAP for Banking, comprising SAP’s Deposits Management and Loans Management systems.
Accenture is the delivery partner.
The venture reached its first major milestone in 2015. This was the launch of the bank’s new business line – transaction accounts – on the new platform.
Eventually, all the existing products across the entire loan and deposit portfolio of Macquarie Bank will be moved onto SAP for Banking, as well as nearly one million clients.