Ground Floor, 1919 Malvern Road,
Malvern East,
VIC 3145 Australia.
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The history of Cairns Bank is tied to the city and surrounding region it proudly represents.
Cairns Bank was established in 1899 by a committee of local businesspeople chaired by Cairns’ then-mayor, Lyne Brown. Back then, Cairns was a fledgling town of 4,000 people. Today, it is a thriving regional city, home to over 153,000 residents. Owned wholly by its 3000+ members, Cairns Bank has proudly upheld the customer and community-focused ethos of a customer-owned bank.
But no bank, no matter how small, is immune to the rise of digital banking. To remain competitive in a rapidly changing financial landscape, Cairns Bank needed to upgrade its banking system to support modern banking and set a platform for future growth.
They achieved this with an upgrade to Ultracs 5.1 and MyViewPoint 3.
As long-time clients of Ultradata, Cairns Bank brought on board Ultradata alumnus Geoff Ryan as their CIO to spearhead their digital transformation.
When Geoff joined, he was tasked with implementing a digital banking infrastructure strategy aimed at enhancing Cairns Bank's digital offerings. At that time, only 50% of Cairns Bank members were using their internet banking solution. This slow adoption of digital banking among Cairns Bank members stood in stark contrast to the national figure, where 99.1% of interactions between customers and their banks occurred through digital channels. The reason for this discrepancy was clear.
Cairns Bank had been reliant on a suite of legacy systems, including Ultracs 4.3 and My ViewPoint 3. While these systems were fit for purpose at the time of their implementation, they had become unsuitable for modern banking needs. In particular, the bank's outdated internet banking solution made it difficult for members to access services via mobile devices. With smartphones now the most popular means of accessing banking services, this was a significant issue for Cairns Bank.
As support for Ultracs 4.3 and My ViewPoint NextGen reached the end of life, Geoff and Ultradata identified an opportunity to modernise Cairns Bank's operations to meet rapidly changing customer expectations.
"We are a small bank and still value the interactions we have in our branch and over the phone. But today's members demand banking through contemporary digital channels. As such, they expect the ability to access banking services 24/7, efficiently".
Security was a significant concern. As Australian financial institutions continue to face rising fraud risks, Cairns Bank couldn’t stay on a platform that had reached its end-of-life. Enhancing data security standards was essential for upgrading the bank's infrastructure.
"In upgrading our digital banking infrastructure, we'll not only provide our existing members with the digital-first experience they expect but also expand our membership base."
With only a small internal team, Geoff relies heavily on external partners, including Ultradata, to deliver IT projects.
Cairns Bank's strategic decision to upgrade to Ultracs 5.1 and My ViewPoint 3, the latest versions of Ultradata's Core and Internet Banking Solutions, is a significant step towards establishing a future-proof digital banking infrastructure. This forward-looking approach will enable the bank to offer a more comprehensive range of banking products, aligning with the evolving needs of digital-first consumers and reinforcing its position in the competitive banking industry.
Key to the upgrade was making life easier for both members and staff.
Going to the latest version of Ultracs means Cairns Bank has the capability to access the latest digital banking products, such as New Payments Platform (NPP) payments and Open Banking. The upgrade also sets a platform for growth, with the bank set to implement several vital digital projects on the new system in the coming months.
Self-service password reset and mandatory SMS One-Time Password (OTP) are vital additions that give members more control over their accounts and bolster the bank's security posture.
Cairns Bank will also leverage its new system to launch an Online Lending and Bonus Saver offering. These products are key pillars in the bank's growth plans as it chases digital-only members from a broader geographic region.
Meena Bora is the Ultradata Project Manager for Cairns Bank. She ensured that the modernisation of core and internet banking met the bank's business requirements.
"From a strategic point of view, Cairns Bank needed a modern solution that carried the least risk from a security perspective. Ultracs 5.1 is the latest version of Ultracs, so it comes with robust support from Ultradata."
Ultracs 5.1, a user-friendly platform, is set to revolutionise the customer service at Cairns Bank. The team will be able to effortlessly access member information, process transactions, and record transaction history, ensuring a seamless and efficient banking experience for all stakeholders.
To further enhance the operator experience, Cairns Bank can now personalise an operator's view of Ultracs according to the duties of each team member's role. These "one-percenters" make a world of difference to operational efficiency and lead to increased customer satisfaction.
With new standards in operator experience, the transition was seamless, with Geoff and the Cairns Bank team welcoming the upgrade to Ultracs 5.1.
"Ultracs 5.1 was a marked improvement that enhanced our operators' experience. And there was little or no learning curve for our team.
When Ultracs 5.1 went live, operators could simply log on and continue as they were. The various functional improvements were all part of an intuitive interface, so our team could utilise these new features to their full extent immediately."
Crucially, Ultracs 5.1 puts Cairns Bank on a level playing field with its competitors in the mutual banking space, some of whom are over a hundred times larger.
With My ViewPoint 3, Cairns Bank can now offer their members the best in digital banking UX that provisions a seamless way to access Internet banking from members mobile devices. It has made the UX comprehensive.
"As a small Bank, we can't offer personalised customer service outside of business hours. My ViewPoint 3 empowers members to look after themselves 24/7."
After a unified transition to the new system, Cairns Bank has seen a substantial improvement in its operations, boosting efficiency across the bank. In particular, Geoff has noticed increases in performance and stability.
With Ultradata as Cairns Bank's trusted technology partner, Geoff has an extended team at his disposal, giving him confidence and a peace of mind.
"Overall, the project was an excellent result for Cairns Bank, and we achieved it within a very compressed timeframe. That was due to the hard work of the Ultradata project team.
The Ultradata support team has been excellent, both pre and post-go-live. For ongoing maintenance, we rely heavily on Ultradata's skills and technical abilities."
With the Australian financial industry landscape compressing and evolving rapidly, Cairns Bank has laid the groundwork for a prosperous future.
"The growth opportunities we have gained from this upgrade are critical to ensuring Cairns Bank's long-term sustainability and success."
In the new era of banking, size doesn't matter. With the latest digital banking infrastructure, Cairns Bank can punch above and beyond its weight to offer best-in-class banking solutions to members nationwide.