December 2023 Insight Update

Thank you for an Amazing 2023!

Every year, the Ultradata team collaborates across all locations to achieve some genuinely outstanding outcomes, and 2023 is no exception.

2023 has been a year of significant milestone achievements.

Each team member should be proud of the passion, integrity, and dedication that has shone through this year to benefit all team members and our fantastic client community. It is this focus that is critical to the well-being of everyone in the Ultradata family and to the long-term success of Ultradata and Ultracs Corp.

We celebrated 20 years since the Corvis acquisition.

Early December marked 20 years since we signed the contracts to acquire Corvis.

For those who were not around, Corvis was a software provider owned by Cuscal. It had a core banking system – CorvisFCS - that had evolved from earlier versions of Ultradata products and serviced most of the Australian Credit Union market as it was at the time.

As part of the transition, the majority of Corvis staff joined Ultradata – and many of them are still part of the Ultradata family.

From there, an incredible journey evolved, one that has cemented Ultradata as the leader in the Australian financial services space and given us an incredibly strong foundation upon which to invest in Ultracs and undertake our business strategies.

The evolution involved migrating 77 individual Credit Unions converted over a 5-year period and performed 6 mergers from CorvisFCS to Ultracs while still delivering regulatory requirements, new products, mergers, and the like for both systems.

It remains an extraordinary achievement.

The knowledge and experience gained in delivering such a massive project will be invaluable as the Ultracs Corp strategy takes off.

Ultracs Corp had success in the US

2023 included one of the most important milestones in our history so far, with the signing of our first two US clients.

The two credit unions will replace their existing core processing systems, along with a range of third-party applications. One of the key strengths of Ultracs in the US is the breadth of the Ultracs Ecosystem and the extent of integration, which allows clients to substantially simplify their environment, harness the power of the single source of truth, and reduce the number of vendor relationships they need to manage.

We look forward to seeing the members of our new clients reap the exponential benefits of our software, which leads the way in digital banking transformation and supporting tools in the US credit union market.

Some of the key highlights of the year for Ultracs Corp:

• MYCU signed their agreement with Ultracs Corp in May
• Sunbelt Federal Credit Union signed their agreement in July
• We have been actively building the Ultracs Corp brand via a range of marketing communications and in-person attendance at various events
• Our very substantial investment in developing new products to suit the needs of the US market and to integrate the many third-party services required have our teams extremely busy

46 years strong, Ultradata just kept getting stronger

After a 4-year absence, 2023 saw the return of Ultradata’s Client Conference, where - set within the beautiful surroundings of the Sanctuary Cove InterContinental Hotel Resort - we had the opportunity to showcase and launch several new software solutions aimed at keeping our clients a few steps ahead of competitors in anticipation of changing consumer trends and demands. This was preceded by a well-attended Ultracs Ecosystem Product Launch early in the year.

The importance of spending time face-to-face with our clients was strongly apparent at both events, which were very much appreciated by the clients who attended.

Countless hours were spent developing Ultracs 5.4, the most significant core banking system release since Ultracs 5.1 which was launched in late 2019. We developed and announced the forthcoming launch of several new products, including Digital Loan, Ultracs Monitor, Ultracs CRM 2, Ultracs AI Call Centre, and Ultracs Corporate App. We released My Viewpoint 3 Release 4, and we are at the EA sign-off stage for Ultracs App 2 Release 5.

These developments are all strategically vital in the continual evolution of the Ultracs Ecosystem, and everyone involved throughout the Product Management Lifecycle should appreciate their contribution to the overall outcome.

Notably, with the release of Ultracs 5.4 and its tremendous amount of new functionality, the Product Quality Team has significantly increased activity and has worked together to help us deliver a very important release of Ultracs that will be available in Australia and the USA.

Our ability to deliver for our clients has been firmly demonstrated this year, with Consulting Services completing a fantastic volume of projects.

Some highlights included the continued rollout of extensive mandatory software updates for Open Banking, APRA, and NPP across our Australian client base, the launch of BankVic as our first Indue-sponsored NPP PayTo client, the first-time go-live of major Ultracs and My Viewpoint upgrades simultaneously installing Ultracs 5.1 and My Viewpoint 3 for Hume Bank, and 6 major Ultracs 5.1 core banking system upgrades. In addition, we launched new Ultracs App 2 banking apps for 7 clients, uplifted the digital banking platform for 11 clients with My Viewpoint 3 upgrades, and built 2 new client websites on Ultracs CMS.

Highlighting the strength of Ultracs in the real world, we upgraded Northern Inland Credit Union to Ultracs 5.1 in record time.

While this is notable, the upgrade follows the Credit Union's earlier, now abandoned, plan to convert to a competitor banking system.

We continued to build the Ultradata brand with a range of marketing activities. These included numerous client testimonials of which we should all be proud, and the production of a substantial number of quality product profiles and brochures, which are well appreciated by our clients.

We announced the general availability of the Ultracs Cloud Banking System Service at the Client Conference, and the extent of clients hosting products on our Ultracs Cloud Website service kept the Ultracs Cloud team very busy. This strategy remains key to our future.

Another important strategy also achieved a key first milestone with the go-live of our support services on Jira Service Management.

Encapsulating our processes and controls on the state-of-the-art systems is key to both our ability to capitalise on future growth and to manage our risk successfully in an increasingly complex environment.

We continue to enhance our information security controls and trust that every team member understands how vital it is to remain vigilant.

The regulatory environment continues to become more challenging, reflecting the ever-increasing risks to every organisation, and we have made substantial investments to ensure we are preparing for the challenges ahead.

We thank all of those in the teams who keep the fundamental processes going, often involved in multiple very detailed but confidential strategic negotiations, important purchases and implementations of internal systems, looking after our people and our clients, managing the finances, and all the other things that we need done day to day.

In particular, with new releases, we generally see a spike in the number of calls, and this means the Support Team steps up and manages the additional workload in a way that our clients very much appreciate.

Client Engagement has had several new people join the Ultradata family, and while it has been a challenging year of consolidation, they have been very dedicated to providing the best possible service to our clients.

Finance and Admin have been under-resourced for a large part of the year, and even though this has been the case, they have pulled together to support us all.

The leadership team is truly grateful and proud of these (and many others not mentioned) achievements that continue to support our vision and will see us commence 2024 in a very positive form.

We cannot end the year without remembering the two Ultradata family members who passed away. RIP Harry Wengier and Barry Graetz.

We wish you a well-deserved break with your families and loved ones. May you all enjoy a very happy, safe, and healthy festive season and a wonderful welcome to the New Year!

Best wishes,

Tracey and Peter