With a new core banking system in place, NZX-listed Heartland Bank is targeting digital development to challenge and disrupt banks and financial technology companies.
Announcing its half-year results today, Heartland Bank said digital services, platforms and processes were a core focus of Heartland’s strategy, provided ways to deliver banking products more cost effectively and with less friction.
The bank's digital efforts have been centred around customer facing developments, back office automation and efficiency, improved staff engagement tools and extending products to alternate markets.
Internally, robotics process automation has been rolled out across multiple processes, reducing manual interventions.
APIs are being used to reduce the time required to complete the fulfilment process of Australian reverse mortgage applications.
DocuSign has been deployed to integrate and automate the signing of loan documents.
Customers can now make purchases online with the integration of Online Eftpos and an online platform to allow customers to receive automated decisions for online loan applications has been launched.
As well as ongoing improvements to the bank's mobile app, Heartland's Open 4 Business product was launched in Australia with a website and online application now available to access small business finance.
An "Open for Commercial", portal has also been rolled out to enables intermediaries to complete plant and equipment loan applications online on behalf of their clients.
Heartland Bank completed its $22 million rollout of Oracle's Flexcube core banking software in mid 2017 and embarked on a journey to be "financial technology group with a bank licence".
For the half year, Heartland recorded net profit after tax of of $39.9 million, up 20.4% and gross finance receivables of $4.6 billion, up $177 million.