Bluestone, Australia's non-bank lender, successfully deployed major core platform upgrade with Mambu and went live with its new digital lending platform.
Cloud banking platform
The launch includes a significant number of new features and improvements including a suite of new loan origination and servicing capabilities.
This move takes Bluestone from a legacy system to an Amazon Web Services (AWS) hosted, cloud based platform, powered by Mambu and supported by NextGen and Katabat. Bluestone worked with global software consultancy, Thoughtworks, in the development of its next generation lending platform.
Bluestone has also developed a new, mobile-first internet banking platform with a number of new features and benefits, including real-time payments powered by Byron-based Split Payments (AFR Most Innovative Technology Company 2020). This brings Bluestone’s technology in line with industry best practice and demonstrates their commitment to continuously improving their broker and borrower experience.
While Bluestone is already known for its industry-leading turnaround times, brokers can now benefit from a range of features that include automated validation of application information, real-time status updates, and automated valuations for most loans. Brokers will also benefit from an improved digital settlement process, and improved loan tracking with easily accessible lender correspondence.
Campbell Smyth, Bluestone CEO, said, “We’re incredibly excited about launching our new platform. The immediate benefits are obvious in terms of improved efficiencies and better broker and borrower experiences. However, the long term benefits of speed, flexibility and the ability to seamlessly integrate with new technologies present and future will allow Bluestone to stamp itself as an industry leader in lending and technology.”
“Developing Bluestone’s new digital lending platform has been a massive undertaking involving many thousands of people hours, incredible support from our partners and, not least, the talent and creativity of the wider Bluestone team. This platform will put Bluestone’s technology on par with, and in some ways, ahead of, the best in our industry.,” added Chief Technology Officer Jason Barry.
The transition of the back book to the new platform will take place over the coming months, as Bluestone migrates existing customers in stages. The platform will continually evolve with an offset product due in the next release, expected by end of 2021.