Bank upgrade pulling in customers for MyState

MyState Bank CEO Melos Sulicich expects a 200 per cent increase in customers using digital wallets by 2020, with the popularity of that payment format overtaking credit and debit cards by 2022.

"We're starting see people who are choosing their financial institutions based on the type of payment services that they provide. We are [New Payment Platform] compliant," Sulicich said.

"We have Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and now Garmin Pay."

Sulicich said the rates of new customers joining MyState had "increased substantially in the last year" but declined to give percentages or absolute numbers, and explained the change was off a very low base

He did note that "we have seen our customer net promoter score move from +11 at the end of 2017 to +27 at the half year and now to +37.

"Part of that is customers like the digital services that we are providing. Financial institutions that aren't offering this range of options are losing out," he said.

This is all courtesy of the three-year core banking systems upgrade that MyState went through using TCS BaNCS, a core banking software suite developed for retail banks by Tata Consultancy Services.

The small listed bank replaced its core banking platform, origination engine and internet and mobile banking platforms, as well as integrating its systems and those of The Rock.

These upgrades were completed as a series of projects which Sulicich estimated has cost MyState about A$20 million in total.