Latest news with #JudoBank
Korea Herald
16 hours ago
- Business
- Korea Herald
Synpulse successfully partners with Judo Bank to complete its Core Banking Transformation
SINGAPORE, June 5, 2025 /PRNewswire/ -- Synpulse, a global management consultancy with deep expertise in financial services, is pleased to announce the successful completion of Phase 2 of Judo Bank's core banking transformation journey, building on the strong foundation established in the initial go-live in mid-2024. Phase 2 focused on the delivery of a comprehensive term deposit offering on Judo Bank's new core banking platform, powered by Thought Machine. Over a period of 7 months, Synpulse worked closely with Judo Bank to design, build, and migrate its term deposit products—covering direct and intermediate channels across retail, business, and security-linked accounts. In total, around 63,000 accounts were successfully migrated, marking a major milestone in Judo Bank's broader platform modernisation agenda. The initiative began with a discovery phase in September 2024, followed by an intensive build period starting in October. In addition to launching new term deposit capabilities, the team also completed the migration of a subset of loan accounts from a legacy platform into the Thought Machine system, ensuring all lending products now operate on a single platform. This consolidation significantly streamlined operational processes and enhanced visibility across the bank's product suite. With all core products—lending and term deposits—now live on Thought Machine, Judo Bank is positioned to retire one of its key legacy platforms by mid 2025. This strategic shift enables the bank to significantly improve operational efficiency, reduce technical debt, and accelerate time-to-market for future innovations. Commenting on the successful completion of Phase 2, Rahul Bansal, Partner and Global Head of Retail and SME Banking at Synpulse, said: "We are proud to continue our partnership with Judo Bank on this transformative journey. Phase 2 was all about building on the momentum of the first phase—extending the platform's capabilities with term deposits and completing critical migrations that pave the way for a simplified, scalable banking environment. This marks a key milestone not just in Judo's platform journey, but also in Synpulse's expanding presence in the Australian market." Rosanna Fornarino, Chief Operating Officer at Judo Bank, added: "With Phase 2 complete, we have a modern, unified core banking system that supports both our lending and deposit products. This gives us the flexibility to innovate faster, operate more efficiently, and deliver even better outcomes for our customers. Synpulse has been a strong and collaborative partner throughout, and we're excited about what comes next." This latest phase reinforces Judo Bank's commitment to modernising its technology stack and delivering customer-first banking through a robust and future-ready platform. About Judo Bank Judo Bank is Australia's first purpose-built challenger bank for small and medium-sized businesses (SMEs) and on 1 November 2021, was the first commercial bank to list on the Australian Stock Exchange (ASX) in 30 years. Judo was founded by a small group of experienced lending professionals and its purpose is to be the most trusted SME business bank in Australia. The company's relationship-led lending model, which brings back the craft of relationship banking, is enabled by its digital, cloud-based technology architecture. About Synpulse Synpulse is a global professional services company and a valued partner of leading players in the financial services and related industries. We optimise the proximity to our clients and deep domain expertise to create sustainable value using technology as a business driver. Leveraging our strong network of over 100 ecosystem partners, we accompany our clients throughout their transformation journey – from strategy and development to implementation and management. With our tech powerhouse, Synpulse8, we collaborate with our clients to co-create digital experiences with innovative technologies and proprietary methods. Synpulse is powered by the passion and commitment of its more than 1200 employees, who come from over 30 countries.
Yahoo
19 hours ago
- Business
- Yahoo
Synpulse successfully partners with Judo Bank to complete its Core Banking Transformation
SINGAPORE, June 5, 2025 /PRNewswire/ -- Synpulse, a global management consultancy with deep expertise in financial services, is pleased to announce the successful completion of Phase 2 of Judo Bank's core banking transformation journey, building on the strong foundation established in the initial go-live in mid-2024. Phase 2 focused on the delivery of a comprehensive term deposit offering on Judo Bank's new core banking platform, powered by Thought Machine. Over a period of 7 months, Synpulse worked closely with Judo Bank to design, build, and migrate its term deposit products—covering direct and intermediate channels across retail, business, and security-linked accounts. In total, around 63,000 accounts were successfully migrated, marking a major milestone in Judo Bank's broader platform modernisation agenda. The initiative began with a discovery phase in September 2024, followed by an intensive build period starting in October. In addition to launching new term deposit capabilities, the team also completed the migration of a subset of loan accounts from a legacy platform into the Thought Machine system, ensuring all lending products now operate on a single platform. This consolidation significantly streamlined operational processes and enhanced visibility across the bank's product suite. With all core products—lending and term deposits—now live on Thought Machine, Judo Bank is positioned to retire one of its key legacy platforms by mid 2025. This strategic shift enables the bank to significantly improve operational efficiency, reduce technical debt, and accelerate time-to-market for future innovations. Commenting on the successful completion of Phase 2, Rahul Bansal, Partner and Global Head of Retail and SME Banking at Synpulse, said: "We are proud to continue our partnership with Judo Bank on this transformative journey. Phase 2 was all about building on the momentum of the first phase—extending the platform's capabilities with term deposits and completing critical migrations that pave the way for a simplified, scalable banking environment. This marks a key milestone not just in Judo's platform journey, but also in Synpulse's expanding presence in the Australian market." Rosanna Fornarino, Chief Operating Officer at Judo Bank, added: "With Phase 2 complete, we have a modern, unified core banking system that supports both our lending and deposit products. This gives us the flexibility to innovate faster, operate more efficiently, and deliver even better outcomes for our customers. Synpulse has been a strong and collaborative partner throughout, and we're excited about what comes next." This latest phase reinforces Judo Bank's commitment to modernising its technology stack and delivering customer-first banking through a robust and future-ready platform. About Judo Bank Judo Bank is Australia's first purpose-built challenger bank for small and medium-sized businesses (SMEs) and on 1 November 2021, was the first commercial bank to list on the Australian Stock Exchange (ASX) in 30 years. Judo was founded by a small group of experienced lending professionals and its purpose is to be the most trusted SME business bank in Australia. The company's relationship-led lending model, which brings back the craft of relationship banking, is enabled by its digital, cloud-based technology architecture. About Synpulse Synpulse is a global professional services company and a valued partner of leading players in the financial services and related industries. We optimise the proximity to our clients and deep domain expertise to create sustainable value using technology as a business driver. Leveraging our strong network of over 100 ecosystem partners, we accompany our clients throughout their transformation journey – from strategy and development to implementation and management. With our tech powerhouse, Synpulse8, we collaborate with our clients to co-create digital experiences with innovative technologies and proprietary methods. Synpulse is powered by the passion and commitment of its more than 1200 employees, who come from over 30 countries. Further information View original content to download multimedia: SOURCE Synpulse Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Sky News AU
23-05-2025
- Business
- Sky News AU
Aussie homeowners could face 'rate hikes again' as inflation risks loom, Judo Bank's chief economist Warren Hogan warns
Aussies who are beginning to feel some financial relief from the recent rate cuts could face mortgage pain again down the track as inflation risks loom, a leading economist has forecasted. The local economy still faces challenges despite inflation falling into the Reserve Bank of Australia's target band and unemployment continuing to sit near historic lows. However, if the large government spending of the past few years continues and the associated inflation risks grow, Aussies could face mortgage stress, Judo Bank's chief economist Warren Hogan said. He also noted economic pressures from overseas, arising from the US-instigated trade war, which could be reason for the RBA to deliver more cuts. 'These challenges that we've been talking about for a number of years, whether it's the rapid growth in government spending or whether it is the inflation pressures sitting in the background, aren't going away,' Mr Hogan said. 'So, if the worst doesn't play out overseas, I fear that we're not going to get much more than that one or two rate cuts. 'On an economy that recovers and continues to grow next year, we could be talking about rate hikes again at some stage. 'There's actually a positive economic story there, but it's got inflation risk with it.' Mr Hogan made his call as the Australian economy begins to recover with consumer spending, wages and business investment rising from the lower levels seen when post-pandemic cost of living pressures hit. After the RBA delivered its second rate cut of 2025 on Tuesday, the central bank's governor Michele Bullock said she was 'confident' in the decision, but noted she remained on watch for economic uncertainty from President Trump's trade war. "I think it's a confident cut in the sense that we think this is the right decision at this point in time," Ms Bullock told reporters. "Where this leads us in the future is a little more uncertain. I'd have to say probably a lot more uncertain, given everything that's going on." The Reserve Bank of Australia on Tuesday lowered the cash rate from 4.1 per cent to 3.85 per cent in a move largely predicted by money markets. Tuesday's cut follows the central bank lowering the cash rate in February 0.25 per cent from 4.35 per cent, where it was held for almost 18 months to stamp out high inflation. Commonwealth Bank of Australia and Westpac each expect two more 0.25 per cent interest rate cuts in 2025 to bring the cash rate down to 3.35 per cent. ANZ expects two consecutive cuts, bringing the cash rate to 3.35 per cent in August, while NAB expects three cuts for a terminal cash rate of 3.1 per cent in November.
Daily Mail
20-05-2025
- Business
- Daily Mail
Dennis lost his entire savings to a cryptocurrency scam. He decided to take matters into his own hands - before karma came back to bite him
A former NAB employee who lost his savings to a cryptocurrency scam decided to follow in his scammers' footsteps by stealing nearly $500,000 from his customers. Dennis Nguyen has been jailed for at least 18 months after he pleaded guilty to three charges of theft and four of fraud in Victoria's County Court. The court hard he carried out the scheme almost immediately after he learned that he had been fleeced of about $20,000 of his savings on November 14, 2021, as reported by The Daily Telegraph. Nguyen's brazen theft involved making huge transfers from accounts at NAB, where he worked, to fake accounts he had made at Commonwealth Bank using the same customer's details. But the scheme rapidly unravelled after just two transactions. Nguyen targeted customers that had made extra payments on their home-loans and made a $70,000 redraw on one and a $50,000 re-draw on the other. Both customers disputed the transactions and were reimbursed by NAB while the bank investigated. Nguyen was eventually sacked by NAB on November 26 and the matter was referred to police. Almost a year later in October 2022, Nguyen got a job at Judo Bank where he then stole about $167,500 from a customer who he spoke to on the phone twice and learned she had multiple sclerosis and had trouble remembering details. He cleaned out her term deposit account in a few transactions, didn't even bother with a fake profile and then transferred the cash to his own ANZ account. When Judo Bank questioned him, he claimed he was too 'intelligent' to use his own details and accused scammers of stealing his identity. Nguyen was sacked and the matter was again referred to police. Despite being fired twice, Nguyen carried out another scam shortly after in which he wrote reviews on financial comparison websites claiming to be a senior manager from Judo called Patrick. He told potential customers if they emailed him directly he could arrange a better interest rate than the standard one Judo offered. His con hooked one person, who transferred $200,000 to an account Nguyen had made. He almost tricked another who was looking to invest half a million dollars, but they grew suspicious when he used his actual name in one email. Nguyen stole an estimated $489,000 over the three schemes. Judge Samantha Marks said he did display some remorse and his behaviour was 'informed' by factors such as his father being a gambling addict. However, she said the offence was serious and a significant sentence was required as a general deterrent. He will be eligible for parole in September next year.
Sky News AU
19-05-2025
- Business
- Sky News AU
‘Disastrous precedent': Warning for Labor over its super tax proposal
Judo Bank chief economist Warren Hogan has warned that if Labor doesn't 'isolate' its new tax to just super then it would be a 'disastrous precedent'. 'The problem with unrealised gains for the great majority of Australians is they don't have money just sitting on the sidelines ready to pay tax to the ATO if their assets go up in value,' he told Sky News Australia. 'To do it more generally is, I think, going to have a massive backlash.' Mr Hogan advised the Albanese government to look at 'stopping the growth in spending' and 'leave the taxes alone' for the moment.
