The only Tasmanian customer owned bank, Bank of us, celebrates 150 years of banking in 2020. Ultradata is honoured to have been able to play a role in the bank’s success over many years.
In 1870 a group of likeminded locals realised the need for a community housing finance co-operative. They wanted to help Tasmanians own their own homes. The underlying principles of Bank of us have remained unchanged. Today, Bank of us is still putting their customers first and supporting homeownership for the island state.
Peter Henshaw, CEO, Ultradata said, “All of us at Ultradata wholeheartedly congratulate the Bank of us team on their 150th anniversary. No doubt, your customer centric approach to banking is testament to your longevity and continued success. We thank Bank of us for our strong partnership over many decades.”
Recently, Bank of us reported an impressive half year result. Highlights include; reaching an all-time loan approval record $272million, a 29% market share increase in housing finance and total assets exceeding $1.06B. 1
Bank of us, CEO Paul Ranson said, “We’ve undertaken a significant amount of work to support our future growth and sustainability in the Tasmanian market, including; implementing a new core banking system to improve the customer experience.” 1
That ‘core banking system’ is the latest release of Ultradata’s Ultracs core banking solution. Ultracs 5.1, a powerful fully integrated omni-channel banking platform built on a single database with a complete customer view. Ultracs 5.1 allows access to real-time data across multiple channels.
Coupled with Ultradata’s Loan Origination, the system provided Bank of us with the right tools - a competitive edge to achieve their sustained growth. The bank has achieved substantial loan processing efficiencies since implementing Loan Origination.
Commenting on the efficiencies, Mr Ranson stated:
“Simply stated, it was an easy decision to upgrade to Ultracs 5.1. We wanted a high performing, future ready, core banking solution so we can focus on what we do best - look after our customers.
In addition, with lending being such a key part of our business it is important for us to use the best solution for efficient workflow and information gathering. Ultradata’s Loan Origination has greatly improved our lending process in numerous ways and introduced improved automation and flexibility to manage our applications.”
Peter Henshaw, CEO, Ultradata said, “For the past 43 years Ultradata has been working hard to deliver the right core banking solutions for our partners. We are constantly evolving, thinking ahead of the curve to offer our clients the most relevant solutions for today’s banking. It is wonderful to be part of the Bank of us growth strategy and to partner such a progressive bank.”