SBS Bank partners with Australian FinTech to provide end-to-end digital banking platform

Sydney - 7 June 2017

SBS Bank has partnered with Sandstone Technology to deploy a new digital banking platform to facilitate an anywhere, anytime banking experience for the banks Members.SBS Bank has partnered with Sandstone Technology to deploy a new digital banking platform to facilitate an anywhere, anytime banking experience for the bank’s Members.

The recent project is the first step in what promises to be a long and exciting relationship between the rapidly growing New Zealand Member bank and the FinTech, which was co-founded by New Zealander Bob Hall.

The banking platform, developed in collaboration with Sandstone partner Liferay, will soon be extended to create an online sales channel supporting the origination and fulfilment of Member applications for accounts and investments. Approved deposit product applicants will have immediate access to their online banking facilities.

Shaun Drylie, SBS Bank’s CEO says the partnership with Sandstone is strategically important as the bank embarks on a journey to address the Member experience across its digital channels.

“Sandstone’s digital banking credentials and focus on the end-to-end Member experience across its solutions, is closely aligned with what we were looking to achieve,” he says.

“We’ve now got a solution which allows Members to complete their banking where and when it suits them, all while still receiving the same great SBS service across all of our channels.”

Mr Drylie added “key to the Sandstone implementation, has been the establishment of an enterprise middleware layer. This takes SBS closer to being able to provide ‘Banking as a Service’, or a banking eco-system where we can seamlessly plug-in to a range of smart third party and/or self-powered digital services for our Members to consume.”

Julian Blackley, Sandstone’s CEO commented that the engagement with SBS Bank is a great example of how a partnership approach can lead to a highly successful outcome.

“Our respective teams worked extremely well together from the outset with a joint focus on delivering value to the bank’s Members in a relatively short time to market. Co-located teams, collaboration and joint ownership were instrumental in the success of the first phase of the broader program of work,” said Mr Blackley.

“We are genuinely excited about what lies ahead – this is just the beginning of a longer-term relationship with the growing SBS Group,” he said.

Established in 1869, SBS Bank is believed to be the first building society in the world to have achieved bank registration while retaining its mutual structure. Mutual ownership means SBS Bank is uniquely positioned to provide benefits to its members. SBS Bank has 16 branches across the North and South Islands, with mobile mortgage managers in Auckland and a full online banking service.

Sandstone Technology is a leading and rapidly growing Fintech company. Sandstone develops and deploys world class customer on-boarding, product origination solutions, as well as digital banking solutions such as internet banking, mobile banking and personal financial management products to more than 30 financial institutions globally. With a team of close to 300 people across the UK, Asia and Australia, our team of highly skilled developers, business professionals and customer experience experts are constantly evolving our platforms, ensuring that they are market leading. Since the company was established in 1996, Sandstone quickly earned a reputation for innovation, quality and successful deliveries which continues today as we expand into new markets.

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