Established in 1875, Heritage Bank is Australia’s largest customer-owned bank with 60 branches in Queensland and broker distribution staff in Brisbane, Sydney, and Melbourne.
As a customer-owned bank, Heritage is subject to a different set of rules and regulations than the banks listed on the Australian Securities Exchange, but shares a commitment to customer satisfaction.
According to Gartner, downtime can cost banks as much as $140,000 per hour on the low end, $300,000 per hour on average, and as much as $540,000 on the high end.
At Heritage, the core banking system (CBS) was built using the Rocket MultiValue application platform, which includes Rocket UniVerse. TheCBS is the bank’s critical business application, storing all customer-related data including savings accounts, loans, and investments. All customerbased transactions end up in the UniVerse database. CBS transactions need to happen like clockwork on daily, monthly, and yearly schedules.
The Rocket MultiValue Application Platform makes it easy to manage data, regardless of structure, without requiring expensive DBA support.
“We have the equivalent of one person that administers the hardware, operating system, and UniVerse. To run our Core Banking system on the UniVerse platform requires next to no effort—which translates to a great return on investment,” said Kevin Angus, manager, banking, payments and ancillary Systems.