Sydney, AUSTRALIA – 24 June 2021
SBS Bank continues to accelerate their Digital Transformation journey in collaboration with Sandstone Technology, to deliver an improved digital, direct to consumer end-to-end lending solution for their members.
With the member experience at the very heart of their digital transformation strategy, a key driver for SBS Bank was to have a home loan origination channel available to their members 24/7 to complement their award winning service to members.
Recognising an opportunity to provide members with a complete frictionless, seamless, omni-channel end-to-end home lending solution, SBS Bank acknowledged the benefits to both the member and the bank in achieving better lending capability to support the bank’s growth.
As such, in 2020 the bank conducted a wide search across the market for the functional solutions to meet their business goals and objectives, and after an extensive review process, recently announced the selection of Sandstone Technology to be their transformation partner of choice. Sandstone Technology, who already have an existing relationship with the bank through the provision of their digital banking and product origination solutions, have vast experience in delivering home loan origination solutions to some of Australia and New Zealand’s leading financial institutions.
Poli Konstantinidis, Sandstone Technology’s Executive General Manager for Origination AI&ML, said,
“At Sandstone we are very grateful for the opportunity to extend our relationship with SBS, as part of their Digital Transformation Journey. Across banking and financial services, we continue to see organisations looking for partners to help them drive responsible growth, an enhanced customer experience and improve operational efficiencies. It is for these reasons why we are extremely proud to be partnering with SBS on this significant and exciting transformational journey.”
Improving the internal back end process and meeting regulatory compliance were additional key business drivers in selecting a solution that could automate workflows, reduce rework and improve processing time from submission, through to settlement.
SBS Bank’s Chief Digital & IT Officer, Richard Hutton, states,
”As a member-owned bank we are extremely focused on providing channels of choice for our members and, for many, this means having the flexibility to manage their banking at a time and place that suits them. Our relationship with Sandstone has meant that our members have been able to benefit from the latest technologies offered by Sandstone through a SBS tailored version of their “out of the box” solution.”
The final solution will extend SBS’s investment in Sandstone’s retail banking suite and will be underpinned by Sandstone’s LendFast loan origination solution to provide consumer facing front end applications as well as enhancing back end systems using the latest AI & ML capabilities to achieve loan approvals quickly.
The direct to consumer end-to-end lending solution will be launched in throughout 2022. And will integrate with their digital banking and core systems to provide an exceptional member and staff experience.
Media Contact: Emily Bailey | e: firstname.lastname@example.org | t: 02 7227 1428
About SBS Bank
Established in 1869, SBS Bank is a building society that has achieved bank registration while retaining its mutual structure. Mutual ownership means SBS Bank is 100% owned by its Members (customers) and is uniquely positioned to provide benefits to its Members. SBS Bank has 14 branches across the North and South Islands and a full online banking service. Total assets of the SBS Group are $4.8 billion. Visit www.sbsbank.co.nz