The project replaced legacy systems with a cloud-based platform designed to accelerate digital banking.
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Sajit Vijayakumar, CEO, Infosys Finacle
Bank of Sydney has partnered with Infosys Finacle to adopt Finacle Digital Banking Suite on AWS, creating a comprehensive digital foundation for the bank.
The implementation brings together Finacle’s core banking solution, digital engagement hub, online banking and mobile banking solutions, pre-configured for the Australian banking market. The implementation also allows Bank of Sydney to launch new products more quickly through Finacle Reference Bank.
The program was a business transformation, not just a technology migration.
“It involved modernising the bank’s operating model, simplifying the technology landscape and retiring legacy platforms,” Sajit Vijayakumar, CEO, Infosys Finacle told CRN Australia.
The platform has reduced the cost of ownership, enabling greater investment in new products, and increased automation, improved operations and paves the way for more digital banking services.
The teams needed to manage certain technical challenges such as data migration, integration with surrounding banking systems.
At the same time, the bank needed to maintain customer and staff services while completing the cutover to the new cloud-based environment.
“From an organisational perspective, success required close collaboration between Bank of Sydney, Infosys Finacle and third-party partners, supported by strong change management, process redesign and user adoption,” Vijayakumar said.
With a cloud-based core, Bank of Sydney is now positioned to adopt AI and automation.
“It provides cleaner data, scalable infrastructure and open integration capabilities, making it easier to introduce intelligent automation and AI-powered banking services in the future,” he added.
Digital banking transformation lessons
Vijayakumar said Infosys Finacle works closely with AWS globally and in Australia to support financial institutions in adopting modern banking capabilities more efficiently.
Infosys is seeing growing interest from Australian financial institutions in adopting cloud-based banking platforms and SaaS models, driven by the need to modernise legacy systems and accelerate innovation.
Vijayakumar said banks want to launch products faster, integrate more easily with partners and focus more on customer value than infrastructure management.
“Greater regulatory maturity around cloud adoption and proven cloud operating models are also supporting this shift,” he added.
The major lesson from the Bank of Sydney and similar transformations is that modernisation is not just about launching a new platform. It’s about simplifying the bank, reducing complexity and creating a stronger foundation for faster, more cost-effective innovation.
“For future banking modernisation projects, the focus will be on aligning business and technology transformation from the start, supported by clear governance, strong stakeholder engagement and structured change management,” he said.
“Success also depends on a strong ecosystem approach, with the bank, technology provider, cloud provider and integration partners working together as one program team,” he ended.