Bank of Sydney implements fintech to lending process

The non-main bank has launched a digital lending platform through a global software products company to improve approval processes and communication.

Bank of Sydney has used the digital lending platform FinnOne Neo from Indian-based software company Nucleus Software to provide its customers with faster approval processes and communication through the implementation of the platform’s real-time dashboard for tracking and reporting.

According to the bank, it aims to improve both internal and external transparency and accountability of the processes through the implementation of the FinnOne Neo platform.

The platform is now live with the majority of all Bank of Sydney applications processed via FinnOne Neo.

Bank of Sydney’s CEO, Miltos Michaelas, commented: “By adopting a plug & play platform such as FinnOne Neo from Nucleus Software, Bank of Sydney is able to deliver faster and more efficient services in a seamless manner.

“There is a growing need for integration with various data sources for fast and precise application onboarding and decision making in the financial services industry.

“FinnOne Neo provides the ability to integrate with third-party systems to collect, combine and use data for all of Bank of Sydney’s lending requirements.”

CEO of Nucleus Software, Parag Bhise, stated: “Our lending platform is highly configurable, thereby removing the need to create a new expensive and complex system from scratch.

“We expect that the deployment of our FinnOne Neo platform will further enable Bank of Sydney to further enhance the banking experience for its customers.”

Bank Australia partners with software company

The non-major bank selected Cloudcase Software Solutions (Cloudchase) to transform its onboarding and loan origination platform as part of its digitization program in late December 2022.

The bank confirmed that Cloudcase will implement the customer-owned bank’s new platform for onboarding and originating mortgages, personal loans, credit cards and commercial loans.

Martyn Norman, Bank Australia’s chief lending officer, said the digital transformation program was critical to providing its 185,000 customers with “the best and most efficient banking experience”.

“We are delighted to partner with Cloudcase to deliver this important next step in our digital transformation programme,” said Norman.