Sandstone Technology helps SBS Bank acquire new customers in the digital age

July 16, 2019 | Press Release

Sandstone Technology, a software company, providing loan origination, settlement management, internet banking, mobile banking, and online financial management has announced it has delivered a fully digital cloud-based experience for new and existing SBS Bank customers using Sandstone’s Digital Acquisition Solutions.

SBS Bank engaged Sandstone Technology to help deliver an improved digital on-boarding experience for its customers. The successful delivery of the platform has enabled SBS Bank to launch a new digital term deposit service, which provides customers with the ability to register for internet banking at the same time, from any device without needing to visit a branch. The Sandstone Cloud Services platform leverages the benefits provided by Amazon Web Services (AWS) to deliver secure, compliant, and reliable cloud solutions for Sandstone customers at rapid pace.

Andrew Rushton, SBS Bank Digital Channel Manager commented, “Customers bank and engage with us in increasingly varied ways and technology plays a major role in both how they communicate and how they consume their financial services. Sandstone Technology has provided a seamless user experience for SBS customers. Sandstone Technology provided a solution that enabled us to extend our current reach by creating digital onboarding capability underpinned by AWS proven cloud-based technology platform – bringing new customers into the bank remotely while meeting all our required regulatory and compliance onboarding obligations.”

Julian Blackley, Sandstone Technology CEO commented, “We are very proud to continue our partnership with SBS Bank to extend its online sales channel supporting the origination and fulfilment of member applications for accounts and investments. The early business benefits are very pleasing, and we look forward to further successful releases in the coming months.”

Andrew Rushton added, “The project has provided the foundations and infrastructure for future digital projects, re-using the existing functionality that has been developed. This will provide several additional benefits to the bank including member growth, greater insights to customers’ financial needs, personalisation of service and increased revenue.”

SBS Bank will be launching their transactional account on-boarding experience, enabling customers to open bank accounts online using Sandstone’s Digital Banking solutions this month.

For all media enquiries:

Sandstone Technology

Jennifer Harris – Communications Manager

E: Jennifer.harris@sandstone.com.au

P: +61 2 9911 7165

SBS Bank

Mark Hotton – Communications Manager

E: mark.hotton@sbsbank.co.nz

P: +64 2125 69154

 

About Sandstone Technology

For over 20 years, Sandstone Technology has been at the forefront of innovation in the banking sector. Having evolved alongside the industry, our technology solutions are now used and trusted by financial institutions across Australia, New Zealand, Asia and the United Kingdom.

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 15 branches across the North and South Islands, mobile mortgage managers and a full online banking service. Total assets of the SBS Group are $4.8 billion.

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