Future market demands modernised product
Datacom’s local and demonstrable experience in legacy system migration and modernisation for major organisations in New Zealand, as well as its proven track record of building and deploying complex financial systems to the banking and finance sector, ensured it was chosen to deliver the next evolution of the Bonus Bonds proposition.
Solution snapshot
Customer
ANZ Bank, Bonus Bonds
Industry
Financial Services
Business need
ANZ Bank’s Bonus Bonds needed to transform its product to grow its customer base while reducing the costs of enhancing the legacy application. This could only be achieved by modernising the application using recent tools and databases, taking it on-line, and increasing its reach.
Solution
Datacom overhauled a complex legacy application and migrated it into a more modern, scalable, and adaptable technology at a highly competitive price while aligning with the ANZ Bank’s wider architectural requirements.
Benefits
• Bonus Bonds back office processing is now operating on a simplified, user friendly interface, with a fully migrated and newly designed database that better meet the needs of the business model
• Improved ease of use for Bonus Bonds customers
• Full automation with complete audit trail of the key proposition of Bonus Bonds - the Monthly Prize Draw
Case study
Next generation requires innovation
Bonus Bonds is New Zealand’s largest retail unit trust ($2.8B), which is managed by the ANZ Bank, with over one million customers. The strong Kiwi brand offers a unique product as the bonds can be redeemed at any time for the value at which they were purchased.
Bonus Bonds wanted to develop its systems capabilities to:
• expand its customer reach, via a new online channel called MyBonusBonds;
• modernise its core operating platform and infrastructure;
• reduce support costs and improve maintainability of the application;
• ensure continuity of functionality with the old application; and
• modernise the data structure of the database.
Experience delivers top solution
Datacom worked to a challenging schedule to completely overhaul a complex legacy application at a highly competitive price, without resorting to code conversion or other shortcuts with maintenance issues.
During the project, Datacom was able to work with the bank’s internal teams to ensure Datacom’s approach aligned very closely with ANZ’s wider architectural requirements; this ensured Bonus Bonds purchased a solution that would not fall out of step with its enterprise architecture.
Datacom approached the project to be technology agnostic, putting in the components that best met Bonus Bonds needs instead of pushing one product or technology stack due to restrictive product relationships. This demonstrated value and a good understanding of ANZ’s business
The transformation of the Bonus Bonds systems has helped to ensure that Bonus Bonds will remain a favourite with New Zealand investors for years to come.
Key points
• Datacom was able to successfully and securely migrate data from one million customer records accurately, ensuring there was zero exposure to Bonus Bonds for loss of data.
• Datacom was able to use its experience in legacy migration with customers such as Reserve Bank and setting up online channels such as My Lotto to deliver a successful outcome for this initiative.
• Datacom delivered a solution that was more time and cost effective and demonstrated its expertise with the banking and financial services sector with this large modernization project.
This Case Study for ANZ Bank is provided by Datacom.