ME Transforms Itself Into Australia’s Best Digital Bank
At ME, because of the investment we’ve made in the technology and the partnership we have with Pega, we are able to provide our customers straight-through processing options, digitally, for all of our deposit products.
The Business Issue
Since 1994, ME has provided an alternative to traditional banking while focusing on delivering a superior customer experience. ME’s business vision is clear: To make all banking products simple and accessible for their customers. To deliver on this promise, ME needed to revolutionize the way banking is done. To execute on their strategy they implemented a five year transformation project focused on eliminating costly operations and systems, and digitizing their entire banking operation.
To drive ME’s digital banking strategy, they used Pega to provide eight new banking applications that enable straight through processing and decision automation to offer a superior customer experience. With Pega, ME reduced hundreds of micro applications into a single application. For deposit inquiries and services, they reduced a five day cycle-time down to 5 minutes. ME reduced approval decisions from three days to 30 minutes, and using Pega’s Build for Change® technology they achieved millions of dollars in cost savings by rolling out new banking products.
- Hundreds of micro-applications reduced into 1 application
- Five day cycle-time reduced to 5 minutes, for deposit products
- Three day cycle-time reduced to 30 minutes, for home loans
- Saved millions of dollars in cost when rolling out new products
- Financial Services