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Macquarie Bank, a subsidiary of Macquarie Group Limited, offers retail financial and commercial banking services in Australia and select financial services at offshore locations. Macquarie Bank comprises two operating segments: Banking and Financial Services, and Commodities and Global Markets. Banking and Financial Services offers retail banking and financial services including personal banking (mortgages, savings and transaction accounts, credit cards, and vehicle finance), wealth management (cash management, financial advice, and private banking), and business banking.
Commodities and Global Markets includes businesses such as cash equities, credit markets, commodity markets and finance, and equity derivatives and trading. Macquarie Bank also comprises Corporate, a non-operating segment that includes head office and central service groups, including Treasury. Macquarie Bank also acts as an investment intermediary for corporate, institutional, retail, and government clients across the globe.
This report explores Macquarie Bank’s digital transformation strategies. It also provides extensive insight into its technology initiatives, covering partnerships and product launches. In addition, the report includes details of the company’s estimated ICT budget for 2020.
- Macquarie rolled out an open banking platform in 2017 to allow customers to securely link and share their banking data with fintech startups and technology companies, in order to receive personalized services through third-party applications. Since customers log in via third-party APIs, they do not need to share bank login details, thus ensuring data security.
- In 2017, Macquarie introduced an upgraded mobile banking app that allows users to efficiently access and manage their finances.
- The bank is migrating and deploying its applications to the cloud to run in containers hosted on Google and Amazon Web Services cloud platforms. The bank selected Red Hat’s OpenShift Container Platform as a platform-as-a-service solution to run its retail digital banking platforms.
Reasons To Buy
- Learn about Macquarie Bank’s fintech operations, including investments, product launches, partnerships, and acquisitions.
- Gain insight into its fintech strategies and innovation initiatives.
- Discover which technology themes are under the group’s focus.