DA Latest News

Leading banking technology services provider, Data Action (DA) is pleased to announce the appointment of Lynne Robinson as their new Chair.

She is an experienced board member and chair, with an executive background in the finance sector, including positions at ANZ, ING Australia and GIO Australia. Her leadership roles in banking technology, organisational transformation and commercial delivery of technology and data services add significantly to the skillset within the DA Board.

Lynne is committed to the values of strong governance, integrity, and transparency as DA Chair.

DA has also appointed a new Chief Executive Officer, Mike Barber, who will be joining in June.

Mike has a deep understanding and insight related to business systems, managed services, cloud computing, cyber security, biometrics, and the impact this has across all businesses.

He has extensive experience in the information and communication technology industries, most recently as CEO of the Australian Cyber Collaboration Centre (A3C). His executive and senior roles with major businesses include NEC Australia and Hewlett-Packard.

“We are looking forward to welcoming Mike to DA. Not only is he an outstanding leader, his blend of skills and business acumen will accelerate the transformation of DA to improve delivery, stability and support for clients and their customers,” said Lynne Robinson, DA Chair.

About DA

Data Action (DA) is a specialist software and services provider to the challenger banking and financial services industry. DA operates nationally with staff based in Adelaide, Sydney, Melbourne and Brisbane and services a broad client base including customer-owned banks, credit unions, neobanks and financial services membership organisations.

Data Action (DA) Chair, Jane Jeffreys, is pleased to announce the appointment of two new directors to the DA Board.

Joh Barker and Greg Camm joined the DA Board in June 2021.

Ms Barker has significant board experience, with a background in business technology change, having been a director at CenITex during its complex migration to cloud delivery.

Her previous senior leadership roles with major technology-based businesses focused on strategy, operations, and governance.

Her 40-year career also includes eight years working with ANZ, where she was a senior executive in payment technologies and regulation, creating a central hub for global operations and later moving to strategic digital transformation.

Mr Camm has extensive board and chair experience, including his current role with AMIST Super. He is also a trustee of the Australian Cancer Research Foundation. His senior leadership roles in financial services focused on mortgage finance and retail banking.

His 40-year career also includes CEO roles with Superpartners, AMP Financial Services (New Zealand) and ANZ (New Zealand).

Ms Jeffreys said DA will benefit greatly from the experience of Ms Barker and Mr Camm.

“This will support DA’s strategy for growth and further innovation, delivering even better banking experiences for our clients and their customers,” Ms Jeffreys said.

Media Enquiries:
Victoria Hannaford, Communications Manager
vhannaford@da.com.au

Data Action (DA) would like to congratulate 86 400 on its announcement to join forces with NAB’s UBank.

DA has supported 86 400 since its inception by providing its core banking system.

“We are excited for the 86 400 team and look forward to continuing our journey with them as 86 400 integrates into UBank,” said Data Action CEO Nicola Burgess.

“DA continues to support challenger brands such as 86 400 and it is great news for customers that are already benefiting from their offerings using cutting-edge technology.”

About DA

Data Action (DA) is a specialist software and services provider to the alternate banking and financial services industry.   DA operates nationally with staff based in Adelaide, Sydney, Melbourne and Brisbane and services a broad client base including customer owned banks, credit unions, neobanks and financial services membership organisations.

Specialist software and services provider to the financial services industry Data Action (DA) today enabled more than a dozen Australian banks to go live and be able to publish Product Reference Data (PRD) as part of the Consumer Data Right (CDR) Open Banking regulations.

“This is an important step for these banks on the roadmap to deliver CDR legislation,” said DA Chief Executive Nicola Burgess. “They have utilised DA’s PRD solution to enable them to publish all the products they have through APIs.

“There are several milestones that need to be achieved as part of the ACCC’s directives to ensure all banks are compliant by milestone dates set for February and July next year and this is a very important step on that path.”

The four major banks went live with sharing PRD on accounts and mortgages on February 1 and for all financial products on July 1 with other financial services providers given a three-month extension from July 1 due to the impacts of COVID-19.  

The four major banks went live with sharing customer PRD on 1 July with other financial services providers given a three-month extension due to the impacts of COVID-19.

The extension applied to non-major ADIs, including non-major banks, building societies and credit unions – the core of DA’s clients.

Open Banking is one of the biggest shake-ups in banking in Australia and rolls out across the country’s banking sector over the next nine months.

Developed by the ACCC, it is part of Australia’s Consumer Data Right (CDR) which aims to provide greater choice and control for Australians over how their data is used and disclosed. Banking is the first sector to which the CDR applies followed by the energy and communications sectors.

Open Banking allows consumers to instruct their bank to share their data with other banks, fintechs and technology services providers which means it will improve a consumer’s ability to compare and switch between products and services. It will also encourage increased competition between service providers, leading to better outcomes for customers. All banks need to be compliant by 1 July next year.

About DA

Data Action (DA) is a specialist software and services provider to the alternate banking and financial services industry.   DA operates nationally with staff based in Adelaide, Sydney, Melbourne and Brisbane and services a broad client base including customer owned banks, credit unions, neobanks and financial services membership organisations.

Media Enquiries:
Grant Titmus, Sumit Media
grant@sumitmedia.com.au & 0419 388 161

Specialist software and services provider to the financial services industry Data Action (DA) has bolstered its senior management team with the appointment of a Chief Risk Officer.

Jarrod Sawers, who has more than 20 years’ experience in financial services, joins DA from AIA Australia where he was Chief Risk Officer during a period of sustained change and an evolving regulatory environment across the financial services sector.  He also held the position of Head of Enterprise Delivery and was responsible for delivering transformation initiatives across both AIA Australia and AIA New Zealand.

DA Chief Executive Nicola Burgess said the appointment reflects our commitment to working within an increasing regulatory and compliance environment, and in support of our banking and financial services clients who are regulated by the Australian Prudential Regulation Authority.

“Jarrod will add significantly to our expertise in risk management and compliance at a time when data security is at the forefront of not only banking but business in general,” she said.

Mr Sawers said he is looking forward to utilising his risk management expertise in the banking sector noting his experience at AIA being relevant for DA’s growing offering.

About DA

Data Action (DA) is a specialist software and services provider to the alternate banking and financial services industry.   DA operates nationally with staff based in Adelaide, Sydney, Melbourne and Brisbane and services a broad client base including customer owned banks, credit unions, neobanks and financial services membership organisations.

Data Action has bolstered its senior management team with two new hires after an extensive recruitment process.

Andrew McCleave joins DA as General Manager of Growth and Customer Experience and Damon Dermody as Head of Digital Products and Innovation.

Data Action is a specialist software and services provider to the financial services industry with clients including 86 400, People’s Choice Credit Union, Bank Australia, Greater Bank and Defence Bank.

DA Chief Executive Officer Nicola Burgess said: “These are significant leadership appointments and underline our renewed digital focus and ongoing commitment to delivering contemporary and innovative solutions for our customers.

“Andrew and Damon are experienced professionals with strong backgrounds in banking, technology and digital services.  They have a wealth of expertise in organisational leadership and in delivering transformative customer-focussed programs and strategies across multiple markets.”

Mr McCleave will be responsible for shaping DA’s business development strategy to drive business growth, promote strong client engagement and retention strategies, and championing our overall customer experience.

Mr Dermody will be responsible for leading the development of DA’s product innovation strategy, helping to pilot new, disruptive features and functionalities and bring them to market, delivering an enhanced product suite and customer experience.

DA’s banking clients have more than one million customers representing more than $33 billion in client assets. DA is a national business, employing staff in Adelaide, Brisbane, Melbourne and Sydney.

Data Action (DA), a leading Australian provider of Digital and Core Banking solutions, has announced that it has signed a major strategic partnership with one of the largest mutual banks in the country, Greater Bank.

The partnership will see DA migrate Greater Bank from its legacy systems to DA’s cloud-based Core Banking platform to enable the mutual bank to develop new offerings for its customers.

DA Chief Executive Officer Nicola Burgess said that the partnership will help ensure that Greater Bank is fully prepared for the open banking era and well positioned to capitalise on new and emerging opportunities.

“Open banking presents a golden opportunity for challengers by making it easier for customers to switch banks and take advantage of their better products and lower rates,” she said. “Our solutions are tested in the Australian market, are compatible with the requirements of open banking and so will help Greater Bank strengthen its position as a leading challenger to the major banks.”

Greater Bank is one of Australia’s largest mutual banks, with over 260,000 customers in NSW and Queensland and more than $7 billion in assets.

“We are really pleased to have signed up such a significant player in the mutual space, it’s a major endorsement of our credentials as a leading provider of modern and innovative Digital and Core Banking solutions,” Ms Burgess said. “And having already successfully transitioned more than 80 customers from their legacy platforms to the DA Core Banking solution, we are fully confident that will be able to deliver a seamless migration for Greater Bank that will position them for the future.”

Major change is coming

Prior to the release of the Final Report from the Banking Royal Commission, many speculated that its findings would leave the industry’s largest players reeling and facing major legislative threats to their business models.

However now that the Report has been tabled, many have been left wondering whether it will deliver the substantive change that they had hoped it would. For the most part, the recommendations put forth by Commissioner Hayne will need to be implemented over the medium-to long-term, meaning that we can only speculate as to what the future implications will be for the banking sector.

Notwithstanding the impacts the Royal Commission, one trend we are already witnessing is a shift towards customer-centric models of business in banking.

Open Banking

Government policy is a set to bolster this trend. Open Banking legislation due to come into effect from February 1, 2020 will require the big four to provide access to personal banking customers’ data via APIs, and all other banks are to be subject to the same set of regulations from February 1, 2021. These changes will give customers more control of their financial data and make it easier than ever for them to switch between financial institutions.

Subsequently, this brings a new era of opportunity for ‘challenger’ banks to capture market share from the big four as customers becoming increasingly dissatisfied with dishonest sales tactics and ‘fee for no-service’ models of businesses.

Challenging the status quo

Challenger banks aren’t a new concept to Australia – mutuals and credit unions have been around for decades with promises of better service, lower fees and competitive rates.

However, we are now witnessing the emergence of a new wave of Australian challengers in the form of digital innovators – the ‘neobanks’.

Following an online-only business model, neobanks offer better rates than traditional lenders as they don’t have to deal with the overheads associated with operating a bricks and mortar business. Additionally, they promise faster loan approvals thanks to utilisation of automated technologies such as artificial intelligence.

Coupled with clever marketing and a customer-first approach, neobanks certainly present an attractive offering to consumers, in particular the younger, digitally-native generation and those people who have become fed-up with the big four banks.

While it’s a relatively new concept in Australia, neobanking is already well established in several overseas markets. The UK, often recognised as a pioneer in this space, already has approximately 20 neobanks operating on its shores.

Locally we are likely to see the emergence of three or four genuine players in the first-half of 2019.

However, while there are undoubtedly exciting horizons ahead for banking in Australia there are also threats to the success and sustainability of neobanks in the new era of open banking.

In a well-regulated industry like banking, building a competitive solution from the ground up, while also minimising costs, is certainly a complex undertaking.

The importance of a strong core

By partnering with an established provider, neobanks can implement a trusted Core Banking platform without expending the resources required to develop a proprietary solution. This ensures that they can focus on delivering a functional user-interface and customer experience, and cost-effectively bring to market products that also meet the compliance requirements of Australian banking regulations.

This was the case for one of Australia’s neobanking pioneers, 86 400, who selected Data Action to partner in the delivery of its banking system.

By leveraging our established core banking platform and open Application Programming Interfaces, 86 400 has been able to use its proprietary Customer Experience Engine to deploy features significantly faster than incumbent banks. This is an important development for 86 400 as it prepares to launch and expand its product portfolio this year.

While this is the first time Data Action has partnered with a neobank, as an established provider of Core Banking solutions to Australian mutuals and credit unions, we have a long history of supporting challenger banks.

Right first time

Importantly, we also know how important it is to get the implementation right the first time. We have seen several recent examples of failed Core Banking implementations that have set banks back years and resulted in cost overruns into the tens of millions of dollars. In many cases, these failures have come about in selecting a provider that is not proven in the local market where unique regulatory and practical challenges can derail banking platform implementations.

By comparison, DA has delivered over 80 Core Banking conversions in Australia with a 100% success rate. On the back of these implementations, DA is well positioned to be the foundation for neo and challenger banks. Because, while promising better service, increased transparency and low fees may encourage customers to sign-up, retaining them relies on keeping promises and ensuring that the fundamental banking mechanisms work right, the first time – and that’s where DA excels.

To find out more about the DA Core Banking platform and how we can help you tackle the new challenges in banking contact us at info@da.com.au

We are thrilled that the DA/Fusion mobile banking app is used by 6 of the top 9 banks in the ‘Excellent Banking App’ category in the Mozo Expert Choice awards.  More proof if it’s needed that Credit Unions and Mutual Banks offer a real alternative to the big four.

To read more visit https://mozo.com.au/fintech/top-9-revealed-the-banking-apps-that-took-out-2-19-mozo-expert-choice-awards