Qantas Credit Union has teamed up with banking software provider Infosys Finacle in a three-year deal that will see the airline's credit union overhaul its existing IT infrastructure.
Under the partnership, the credit union will be developing peer-to-peer payments and digital wallet products, as well as a new tablet and smartphone app, and will also undergo an upgrade of its online banking platform.
"Our partnership with Infosys Finacle will deliver both short-term benefits and staggered releases, transforming our core system, online, mobile, and tablet banking over the next three years," Qantas Credit Union CEO Scott King said.
"It will help us deliver experiences that make banking easy, more personal and opportunities that empower our members to bank with us the way they want to."
Finacle is a banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. EdgeVerve will provide Finacle "as-a-service" to the credit union through its cloud-hosted business platforms.
According to Qantas Credit Union, as part of the deal it will also utilise additional digital marketing and customer experience management tools from Edge.
"The partnership will see increased efficiencies, streamlining of processes, advanced automation, better insights and reporting; thereby, delivering a competitive-edge," King said.
The credit union said financial technology is high on the agenda in Australia's banking sector, which it said is "dominated by the 'big four' commercial banks".
Last year, CBA completed its core banking infrastructure transformation it began in 2008, which was originally scheduled to take the bank four years to complete.
Earlier this month, Westpac bumped its annual investment spend to AU$1.3 billion as part of ongoing plans to use technology to grow its business.
"By investing in digital, we can use technology to redesign the customer experience, making things simpler, easier, and better for our customers and our people," Westpac CEO Brian Hartzer said at the time.
Earlier this year, Westpac also introduced Touch ID to allow customers to use their fingerprints to securely sign on to its online banking platform Westpac Live, on their iPhones, iPads, and Samsung Galaxy 5 and Note 4 devices; and in November last year, the bank also saw 2.7 million users on Westpac Live.
Last month, ANZ Banking Group signed a five-year AU$450 million agreement with IBM with the aim to improve its branch, digital, and mobile capabilities to support its regional expansion. Under the agreement, ANZ will have access to IBM's software portfolio, cloud development capabilities, and core systems infrastructure.
Last week, National Australia Bank launched a personalised financial advice offering through its online banking platform.