Macquarie Bank has launched a rapid digital account experience, allowing new customers to apply for transaction and savings accounts, have their identity fully verified and to start banking in under a minute.
In addition to rapid access to Macquarie’s mobile and online banking apps, a debit card will be instantly loaded onto a customer’s Apple or Google wallet.
The bank has also released near instantaneous offset accounts, with customers being able to open and link up to 10 offset accounts to their home loans with one click.
Luis Uguina, chief digital officer at Macquarie Bank, commented the organisation had set out to emulate a customer experience that might be expected from a fintech, but with the “security of a bank”.
“With this in mind, we’ve built our own security app, Macquarie Authenticator, which gives customers real time control to approve or deny transactions and account changes,” Mr Uguina said.
“It’s fast, personalised and most importantly, a seamless way to incorporate extra security into the way you manage your finances.”
The new capabilities are being powered by Macquarie’s digital banking and cloud-native platform, which it has claimed makes it the first Australian bank of size to run its core platform on the public cloud.
Olivia McArdle, head of deposits and payments at Macquarie Bank, stated many banks still require customers to visit a branch or to wait for days for the physical card to arrive in the mail.
“We have reimagined the account opening experience to be almost instantaneous while still delivering all of the same comprehensive security and identity checks,” Ms McArdle said.
“The feedback from customers since we pushed this innovation live a month ago has been fantastic.”
[Related: ANZ opens digital offering]
Sarah Simpkins is the news editor across Mortgage Business and The Adviser.
Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.