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Banking software upgrades play a pivotal role in remaining at the forefront of the digital landscape and is the necessary tool to meet regulatory compliance. We are thrilled to announce that Illawarra Credit Union has successfully upgraded their core banking infrastructure from Ultracs 5.0 to Ultracs 5.1. This core banking upgrade reflects Illawarra Credit Union's ongoing dedication to stay ahead with the latest in technology, and sets the groundwork for future enhancements in their banking operations.
Illawarra Credit Union, located in Wollongong, 1 to 1.5 hours from Sydney, holds $967 million in assets. As a forward-thinking institution, they've transitioned into an online digital bank, strategically closing physical branches to emphasise their commitment to digital accessibility. Illawarra actively participates in Ultradata's Operational Insight Group, they have been an early adopter of various new products, including Lending Decision Engine, Open Banking Initiatives, and frequent scheme updates. Their proactive role and innovative approach make them a key partner, providing valuable feedback and insights for Ultradata's product development, and helping shape the future of banking technology.
Illawarra Credit Union’s strategic objective[i] for their technology investment has been to take the next step in raising the bar in their digital transformation, streamline their financial services, and surpass the security and regulatory standards set by The Payment Card Industry Data Security Standard (PCIDSS) and Australian Prudential Regulation Authority (APRA) 231.
Our customer-centric approach led to the launch of new products and services that address the evolving needs of our customers, including enhancements to our mobile banking app. We are proud to report consistently high customer satisfaction and Net Promoter Scores (NPS), indicating the trust our customer place in us.
- Anthony Perkiss, CEO, Illawarra Credit Union.
Illawarra Credit Union’s strategic investment has had a focus on retention and acquisition of customers. They plan to increase retention rates by enhancing customer satisfaction and engagement through streamlined and automated processes. Going digital has been imperative for Illawarra Credit Union as it has allowed the organisation to tap into potential markets beyond their region, and develop a strong online presence that will help to attract new customers.
Illawarra Credit Union are continually evolving their digital banking infrastructure as they transform into a digital-only bank. Staying ahead of technological advancements is crucial for the organisation in order to meet customer’ expectations and achieve their mission.
Ultracs 5.1 features and optional modules cater to the changing needs of the digital customer base, ensuring seamless, efficient, and secure financial services. This upgrade allows Illawarra Credit Union to align with modern banking trends and not only enables the credit union to offer innovative solutions but also empowers them to adapt quickly to emerging customer needs.
The upgrade was completed in a 6-month time frame, which for a project of this significance, is on the faster side of core banking upgrades.
Illawarra previously onboarded Loan Origination and were the early adopters for Decision Engine module for Loan Origination. These two products combined are designed to streamline loan applications and approvals through advanced functionalities, including automated decision-making capabilities, improved data analysis, and seamless integration with existing systems.
Decision Engine can optionally integrate with the market intelligence of Equifax to further extend the power of the solution. Equifax is a leading provider of credit information and analysis including consumers’ credit history, identification information and more. This means decisions on loan assessments can be made in minutes, rather than days.
Automation of the lending process will not only improve the speed of approvals through optimised work flows but also enhances customer experiences as they result in faster responses and smoother interactions, while maintaining compliance.
The core banking upgrade to Ultracs 5.1 has created a solid foundation for their digital infrastructure to be prepared to swiftly adopt new software and capabilities in the future, as they are released. Illawarra is committed to staying at the forefront of digital lending space.
Security remains a paramount concern in the banking sector. The upgrade to Ultracs 5.1 bolsters Illawarra's security protocols, and introduces more specific enhancements that safeguard sensitive data and mitigate potential breaches.
To maintain trust in Australia’s financial services industry, it’s essential that compliance risk management remains a priority for senior management and boards. A well-documented approach to compliance risk management supports an APRA-regulated entity’s operations. It allows the entity to spend more time creating value for, and having meaningful interactions with, customers, instead of dealing with the consequences that can arise due to non-compliance with laws and other obligations, including reputational damage.
Compliance with regulatory standards like PCI DSS and APRA 231 are critical for banks and financial institutions. These regulations ensure robust security and governance, safeguarding sensitive financial data and promoting operational transparency. The upgrade to Ultracs 5.1 provides Illawarra with the tools necessary to be compliant with the stringent standards.
The Cost of a data breach in Australia has grown 32% in 5 years – IBM annual Cost of data Breach Report.
Ultracs 5.1 has built-in data encryption that directly contributes to meeting PCI DSS requirements by ensuring secure payment transactions and protecting cardholder data. These improved data controls align with APRA 231, they can be used for risk management and regulatory compliance.
Ultracs 5.1 not only strengthens Illawarra Credit Union’s security protocols but also signifies the credit unions commitment to maintaining high compliance standards, instilling trust and reliability in their operations within the financial services and banking industry.
Illawarra Credit Union have purchased the Client Daily Limits module which allows an operator, on behalf of the customer, to configure and impose limits on the total value of transactions that the individual or business account can perform in a day. In the future, the organisation wishes to adopt the Client Daily Transaction Limits software that will enable their customers to manage their own daily transaction limits using My Viewpoint 3 and Ultracs App 2.
By adopting Ultracs 5.1, Illawarra Credit Union achieves greater operational efficiency, enhanced security measures, and improved customer experiences leaving behind many manual processes.
The upgrade from Ultracs 5.0 to 5.1 signifies a significant step in the digital banking transformation journey for the organisation, empowering them in several key areas and underscores their commitment to innovation, particularly in digital banking, streamlined lending processes, and stringent compliance with industry regulations like PCI DSS and APRA 231.
This investment cements the organisations position at the forefront of banking technology, showcasing a dedication to pioneering advancements while ensuring compliance and excellent customer service.