- Bendigo and Adelaide Bank teams up with MongoDB to modernize core banking technology.
- Migration to MongoDB Atlas slashes development time by 90% and reduces costs significantly.
- AI-driven automations streamline developer tasks, accelerating innovation pace.
- Agent Delivery System, a critical retail banking app, successfully migrated to MongoDB Atlas.
- MongoDB Atlas chosen for its security, reliability, and developer-friendly features.
- Collaboration with MongoDB Professional Services yields customized generative AI tools.
- Migration effort reduced by 90%, empowering developers to focus on innovation.
- Andrew Cresp, CIO of Bendigo and Adelaide Bank, emphasizes the customer-centric approach.
- Simon Eid, SVP at MongoDB, highlights the importance of future-defining technologies in the financial sector.
Main AI News:
In a strategic collaboration, Bendigo and Adelaide Bank (ASX: BEN) have joined forces with MongoDB to revolutionize their core banking technology, leveraging MongoDB Atlas as the linchpin of an ambitious application modernization endeavor. Throughout this initiative, the bank has achieved remarkable milestones:
- Streamlined the development process for migrating core banking applications from legacy relational databases to MongoDB Atlas by a staggering 90%.
- Executed the migration onto MongoDB Atlas at a fraction of the cost typically associated with traditional legacy-to-cloud transitions.
- Implemented AI-driven tooling to automate repetitive developer tasks, catalyzing innovation by significantly reducing the time spent on application test cases—from over 80 hours to a mere five minutes.
In under three months, Bendigo and Adelaide Bank successfully modernized its Agent Delivery System, a pivotal retail banking application, on MongoDB Atlas, leveraging MongoDB Relational Migrator and AI-assisted modernization tools. The Agent Delivery System, catering to the bank’s agent branches, serves communities where digital banking services are facilitated through non-bank entities like newsagents or pharmacies. Prior to this collaboration, the bank grappled with a legacy relational database that impeded flexibility, hindering adaptation to modern data mapping requirements. Consequently, analysts and developers expended substantial efforts managing complex database tasks to sustain operations.
Positioned as a technological frontrunner in the Australian financial landscape, Bendigo and Adelaide Bank was determined to empower its developers to drive meaningful innovation, enhancing agility in a dynamic market environment. To achieve this, the bank embarked on modernizing its Agent Delivery System, prioritizing seamless data integration and fostering innovation through a microservices architecture and robust API ecosystem.
MongoDB Atlas emerged as the preferred platform for its unrivaled security, reliability, and developer-friendly document model, aligning with the bank’s vision of accelerating application development.
Facilitating the migration to MongoDB Atlas, Bendigo and Adelaide Bank deployed MongoDB Relational Migrator, streamlining codebase analysis, service decomposition, and application refactoring. Collaborating with MongoDB Professional Services, the bank leveraged customized generative AI tools to automate integration testing and code generation, expediting deployment of the new Agent Delivery System’s microservices architecture. These innovative solutions slashed migration efforts by 90% and reduced costs to a fraction of traditional methods.
By embracing automated generative AI tooling, Bendigo and Adelaide Bank has empowered its developers to innovate with unprecedented agility, delivering enhanced end-user experiences through highly available and performant application features.
“This migration marks a significant leap forward in our transformation journey, epitomizing the synergy of human intelligence and technological prowess. It’s a testament to our commitment to customer-centric innovation,” remarked Andrew Cresp, Chief Information Officer at Bendigo and Adelaide Bank. “With MongoDB Atlas and the bespoke generative AI tooling, our agile team can unleash creativity, focusing on driving superior outcomes for our customers. Having modernized our critical applications, we’re poised to revamp other legacy systems across the bank, aligning with our cloud migration targets.“
Simon Eid, Senior Vice President, APAC at MongoDB, emphasized the importance of empowering customers to embrace future-defining technologies, particularly in the financial sector. He underscored MongoDB’s commitment to facilitating swift modernization, leveraging AI to deliver unparalleled value to customers.
Conclusion:
The strategic partnership between Bendigo and Adelaide Bank and MongoDB signifies a paradigm shift in core banking technology, with a focus on innovation and agility. By leveraging MongoDB’s advanced capabilities and AI-driven solutions, Bendigo and Adelaide Bank has set a new standard for modernization in the financial services market. This collaboration underscores the imperative for financial institutions to embrace transformative technologies to remain competitive and better serve their customers in an evolving landscape.
