TechnologyOne continues to perform in the banking sector, signing Qantas CU, Hume Bank

Australia’s largest enterprise software company TechnologyOne (ASX:TNE) continues to strengthen its presence and demonstrate its expertise in the banking sector, signing several new customers in the first half of this year.

Several renowned banking brands, including Qantas Credit Union, Hume Bank and Teachers Mutual Bank, have chosen TechnologyOne’s preconfigured OneBanking solution.

Hume Bank’s General Manager Finance & Administration Wayne Nagle said the bank purchased OneBanking following positive feedback from other mutual banks.

“TechnologyOne’s existing relationship and reputation among other credit unions and mutual banks was one of the most important factors in our decision to purchase OneBanking. We spoke to mutuals who were already using TechnologyOne’s software and followed their recommendation,” he said.

Providing sophisticated financials software that seamlessly integrates with any core banking platform, OneBanking allows financial services professionals to streamline their budgets, and centralise financial data.

“Our OneBanking solution has been developed in collaboration with leading banks, mutuals and credit unions in Australia, so we can provide the built-in business processes out of the box,” TechnologyOne’s Executive Chairman Adrian Di Marco said. “This close collaboration with the banking sector in the design of our products makes our offer unique in the market.”

Wayne Nagle adds: “We expect to create enormous efficiencies and save significant time through the use of OneBanking, by using a solution that was built specifically for our unique requirements.”

Meanwhile Qantas Credit Union’s CEO Scott King said OneBanking will enable the credit union to consolidate a number of financial applications into a single system.

“We were previously using the General Ledger module within our Core Banking Platform, as well as several small software applications for accounts payable and receivables and Fixed Assets management. With our core banking system being replaced, we have used this opportunity to consolidate our financial applications into the one system,” he said.

“We chose TechnologyOne over other providers due to the sophisticated APRA reporting capabilities and proven experience with a number of other credit unions.

“Technology and banking services are continually changing, so this important investment will ensure we can level the playing field with the major banks and remain relevant to all our Members’ banking and technology needs.

“This partnership will mean that we can increase efficiency by streamlining of processes and internal controls through workflow and approvals, reduce reliance on paper as we move toward a paperless office and provide better automation for reporting, including APRA Returns.

“Most importantly, this project will make banking easier, smarter and provide empowerment to both our Members and employees,” Mr King said.

Thanks to its proven experience in the financial services sector, TechnologyOne continues to win deals over local and global competitors.

"TechnologyOne understands the dynamic reporting and financial management demands of today's banking sector. With the increasing digitisation of our economy, Australian and international banks are changing the way they provide and operate their services to consumers and businesses. Our responsive and flexible software enables credit unions and banks to focus on their core business, which is banking, and not on back office administration,” Mr Di Marco added.

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About TechnologyOne

TechnologyOne (ASX:TNE) is Australia’s largest enterprise software company and one of Australia’s top 200 ASX-listed companies, with offices across six countries. We create solutions that transform business and make life simple for our customers. We do this by providing powerful, deeply integrated enterprise software that is incredibly easy to use. Over 1,000 leading corporations, government departments and statutory authorities are powered by our software.

We participate in only seven key markets: government, local government, financial services, education, health and community services, utilities and managed services. For these markets we develop, market, sell, implement, support and run our preconfigured solutions, which reduce time, cost and risk for our customers.

For 27 years, we have been providing our customers enterprise software that evolves and adapts to new and emerging technologies, allowing them to focus on their business and not technology. Today, our software is available on the TechnologyOne Cloud and across smart mobile devices.

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