Mortgage broking and banking solution technology company Rubik Financial has launched a new digital banking platform “specifically tailored for Australian credit unions and other ADIs”.
Rubik Model Bank is a multi-channel core banking system for retail banking which provides success critical functionality for retail banking including – mortgages, consumer lending and current accounts, savings and deposit accounts, overdraft accounts, among other things. Module components include an origination platform and mobile banking.
The system combines Temenos’ ‘front-to-back’ technology and was built as a robust software as a service (SaaS) platform with the aim of “removing the costly need for banks to internally maintain or regularly upgrade their system”.
“[We] fundamentally believe in the need for financial institutions to adapt to meet modern consumer expectations. Legacy systems are no longer an option to keep existing and new customers engaged,” Rubik CEO Iain Dunstan said.
“Combing our expertise in this space … we believe we have built a ‘future-proof’ solution that will allow credit unions and mutuals to offer a modern banking experience without the need for significant upfront investment.”
Mr Dunstan said he hoped to announce some new client contracts in “the not too distant future”.
Regional director for Temenos, Martin Frick, added, “We’ve enjoyed a strong partnership with Rubik for the past eight years. Strengthening this provides us with a ‘Model Bank’ SaaS solution built specifically for Australia which will allow smaller institutions to scale and grow without the need for significant upfront investment”.