QBANK and MOQdigital take uncommon approach to banking platform improvement; improves member experience, meets APRA compliance and achieves significant cost savings
Brisbane, Australia (12 May 2020) — QBANK, Queensland’s member owned bank for Police, Emergency Services and Government Employees is keeping up with the big four of Australian banking, putting members first with its recent banking platform upgrade strategy. In the fiercely competitive finance sector QBANK has always held the advantage of offering its hardworking members more than just comparable competitive rates; it offers the security that profits are ploughed back into the business to benefit members and their communities together with dedicated funding of socially responsible community partnerships.
It’s recent approach to its banking platform review is testament to this commitment and will allow investment to be diverted into digital innovation and future community initiatives.
“QBANK maintains pace with the way members want to use and save their money, commits to future proofing its technology, and provides support through giving back to the community.” Trevor McNamara, Head of Technology and Transformation said.
“QBANK is also embracing and planning for the increased role digital banking is playing in our lives and the changing nature of how members want to access their money and financial information, all the while safeguarding existing face to face and personalised engagement. To that end, QBANK is always working to future proof its technology offering and ensure compliance with the regulatory environment.” he said.
QBANK’s recent banking platform review, supported by expert independent advice from Business Transformation Specialists MOQdigital was paramount to this future proofing effort.
“All customer owned institutions will attest to the ongoing operational challenges such as data management, banking platforms, navigating successful regulatory compliance all the while providing competitive product offerings and services.” Trevor said.
Don’t rely on what you think you know, invest in independent expert guidance is the advice Trevor has for other customer owned banking operations planning upgrades to banking platforms.
“We reviewed our banking platform through the lens of our staff and customers, using the information gathered from independent workshops and multi-layered engagement activities undertaken by MOQdigital. This helped us to understand the platform’s current functionality and what we needed it to do for us to offer the experience our members expect and ensure ongoing regulatory compliance. The information achieved has been invaluable to the executive team making decisions on the direction of our banking platform solution.” Trevor said.
“Through this effort we looked at compliance with changing regulations and how we’ll fit into the upcoming industry initiatives such as Open Banking and lined this up with how our platform performs.
“We will make considerable long-term savings with the results, and this can be put back into our business or the social programs that we sponsor.
“Ultimately the options were to either migrate to another system or rescope our existing contract to ensure fit for purpose and exemplary performance. Rather than opt for a shiny new system and undertaking a costly migration exercise, we were guided to instead work with our current platform vendor to achieve the outcomes we need, saving us significant technology investment outlays, and time.”
“With MOQdigital taking up the role of talking in depth to the people that use it, our staff and customer facing teams, it helped us to gain invaluable insights that informed our decisions,” Trevor said.
“QBANK was right to question everything it was doing, and we helped them get the insights they needed, offering a fresh pair or eyes and ears combined with the strength of 25+ years in the Mutual Banking industry,” said Bruce Irwin, Principal Consultant and Mutual Banks specialist for MOQdigital.
“Our job on behalf of QBANK was to scan the latest offerings in the market, including re-evaluating the existing platform’s functionality through the lens of the staff who use it and help guide QBANK to select the best platform for member experience and operational efficiency.” Bruce said.
With MOQdigital working on the solutions, QBANK could focus on its primary objective – delivering support to its members who serve Queensland so bravely.
The clear benefits QBANK achieved were decreasing the time and money outlays on expensive upgrades or migrations and ensuring the banking platform would be future proofed, something the board members who had been prepped to expect significant investment outlays were very enthusiastic about.