SBS Bank partners with Sandstone to deploy a new digital banking platform

The new platform will facilitate an anywhere, anytime experience for the bank’s Members

June 7, 2017 | News

SBS Bank has partnered with Sandstone Technology to deploy a new digital banking platform to facilitate an anywhere, anytime banking experience for the bank’s Members.

The recent project is the first step in what promises to be a long and exciting relationship between the rapidly growing New Zealand Member bank and the FinTech, which was co-founded by New Zealander Bob Hall.

The banking platform, developed in collaboration with Sandstone partner Liferay, will soon be extended to create an online sales channel supporting the origination and fulfilment of Member applications for accounts and investments. Approved deposit product applications will have immediate access to their online banking facilities.

Shaun Drylie, SBS Bank’s CEO says that the partnership with Sandstone is strategically important as the bank embarks on a jouney to address the Member experience across its digital channels.

“Sandstone’s digital banking credentials and focus on the end-to-end Member experience across its solutions, is closely aligned with what we were looking to achieve,” he says.

“We’ve now got a solution which allows Members to complete their banking where and when it suits them, all while still receiving the same great SBS service across all of our channels.”

Mr Drylie added “key to the Sandstone implementation, has been the establishment of an enterprise middleware layer. This takes SBS closer to being able to provide ‘Banking as a Service’, or a banking eco-system where we can seamlessly plug-in to a range of smart third party and/ or self-powered digital services for our Members to consume.

Julian Blackley, Sandstone’s CEO commented that the engagement with SBS Bank is a great example of how a partnership approach can lead to a highly successful outcome.

“Our respective teams worked extremely well together from the outset with a joint focus on delivering value to the bank’s Members in a relatively short time to market. Co-located teams, collaboration and joint ownership were instrumental in the success of the first phase of the broader program of work,” said Mr Blackley.

We are genuinely excited about what lies ahead – this is just the beginning of a longer term relationship with the growing SBS group,” he said.

Videos and additional details on SBS Bank’s new online banking solution and mobile banking app can be viewed at https://www.sbsbank.co.nz/transact/manage-money/online-banking and https://www.sbsbank.co.nz/mobilebankingapp¬†respectively.