Adelaide Bank future proofs for grow
Australia’s seventh largest retail bank has chosen Technology One’s financial management solution to future proof it for growth.
Adelaide Bank, which has over $20 billion in assets under management, needed a solution that could overcome the limitations of its existing system, and help position the company for the next stage of its growth.
In the last financial year, the bank recorded a 23% growth in net profit after tax, and has stated its commitment to achieving ongoing growth over the next three years.
CIO John van Ruth said Technology One stood ahead of its competitors in all facets of the competitive tender process.
“It was clear that as a vendor, Technology One had greater control over its destiny than its competitors” said Mr van Ruth.
“The organisation’s application functionality was far more comprehensive than the other short listed vendors, and it had a demonstrated track record in sound project methodologies,” he said.
“An important factor was Technology One’s technology direction, which fitted closely with Adelaide Bank’s architectural direction.
“They have an impressive record of investing in research and development, indicating their ongoing commitment to their solutions.
“Technology One’s Connected Intelligence technology platform will also enable to us to implement a role-based solution that gives our users the ability to tailor their workspace to their requirements, making it easier for them to handle their day-to-day job.”
Technology One Executive Chairman Adrian Di Marco said that the company’s ability to deliver a people centric enterprise solution to its clients was a significant advantage in the market.
“We are delivering new generation technology that fundamentally changes they way our clients use software solutions to do their job,” said Mr Di Marco.
“Our competitor’s solutions have been designed using 10 year old technology. Whilst they may have had a facelift, the underlying concepts are based on a complicated, functionality based approach,” he continued.
“Our Connected Intelligence series represents a significant shift from functionality centric to people centric software. There are no system boundaries, with each user having simple and easy access to whatever they need to do their job.
“We are also delivering integrated workflow and business intelligence ‘out of the box’, improving productivity, and allowing our clients to connect with their major stakeholders.”
“The technology platform that we will deliver to Adelaide Bank is the same technology our competitors are only now foreshadowing in their marketing collateral.”
Mr van Ruth said the bank was looking forward to a solution that delivered greater flexibility and efficiency to manage the financial aspects of the business.
“We expect Technology One’s solution to give us the flexibility to create and run our own financial reports, and the ability to electronically distribute these reports with drill down functionality to the management team,” said Mr van Ruth.
“The solution will also provide us with simpler interface to our core systems, particularly our banking management solution, RFS.”
Mr Di Marco said the partnership with Adelaide Bank was an important win for the organisation as it continued to grow its client base in the financial services sector.
“Technology One’s solutions are a good fit for banking and other financial institutions, as we guarantee the success of our implementations, and fully integrate to these organisation’s core banking applications.
“In the financial services sector, organisations need a simple and easy to use solution so that they can gain a clear picture of their business. Technology One delivers this solution.”