• Australia’s Bendigo and Adelaide Bank has teamed up with MongoDB to modernise its core banking technology.
  • The bank modernised its Agent Delivery System, a legacy retail banking application, on MongoDB Atlas with the help of MongoDB’s Relational Migrator and generative AI-assisted modernisation tools.

OUR TAKE
This is critical for financial institutions, which need to transform quickly and leverage advancements such as generative AI to best serve their customers. This enables the bank’s developers to innovate with greater agility and deploy highly available and high-performance application features faster, enhancing the end-user experience.
–Revel Cheng, BTW reporter

Australia’s Bendigo and Adelaide Bank has teamed up with MongoDB to modernise its core banking technology. The bank is using the MongoDB Atlas multi-cloud developer data platform to accelerate customer-focused innovation.

What happened?

According to the pair, the bank chose MongoDB Atlas as the underlying platform for its tech stack because of the high levels of security and reliability, its ability to manage the bank’s real-time operational data on a unified platform, and because of an “intuitive developer experience”.

Prior to partnering with MongoDB, the bank, which has five million customers, ran the system on a legacy relational database. Because of these database-related challenges, the bank’s analysts and developers were committing significant effort to complex database management tasks in order to keep the application running.

Simon Eid, senior vice president, APAC at MongoDB, also commented: “It’s important that MongoDB empowers its customers to modernise with applications that are not just future ready, but future-defining. This is paramount for financial institutions, who need to transform quickly and take advantage of advancements like generative AI to best serve their customers.

Also read: Blackberry warns of a $100M cyber threat to Mexican banks

Also read: How to enhance cybersecurity after the Australian State Court database breach?

Why it’s important?

Andrew Cresp, chief information officer at Bendigo and Adelaide Bank, said: “This migration was an enormous step forward in our transformation journey and a perfect marriage of people smarts and tech smarts. It’s an investment in our customers.

“Applying the power of AI to Bendigo and Adelaide Bank’s migration process was game-changing. MongoDB looks forward to helping more customers quickly and easily ditch the rigid legacy technology that is slowing them down to achieve all the benefits a modern technology stack can bring to their businesses.” Andrew Cresp said

MongoDB’s solutions enabled Bendigo and Adelaide Bank to complete the migration with 90 per cent less human effort and at one-tenth of the cost of a traditional legacy migration.

With this migration, Bendigo and Adelaide Bank has eliminated volumes of routine code writing and programming work with automated generative AI tooling, which has empowered the bank’s developers to innovate with increased agility and more quickly deploy highly-available and performant application features that enhance end-user experiences.