Infosys consolidates 15 million documents for Bendigo and Adelaide Bank

India's second largest IT services firm Infosys said on Tuesday that it has modernised the technology stack at one of Australia's biggest banks, Bendigo and Adelaide Bank, by retrieving and consolidating 15 million documents from various systems and enabled the bank to move into a single cloud-based  enterprise document management system (EDMS).

The move, according to the IT firm, will help the bank to improve a range of processes, from loan origination to document retention and disposal.

The companies started working on the document migrations back in 2021. Using Microsoft’s SharePoint Online, a platform built with Infosys leveraging Infosys Cobalt cloud offerings allows for democratisation of data, streamlined document storage, and better collaboration across the bank.

According to Infosys, the consolidation has significantly helped the bank define security groups and better manage permission levels to meet stringent audit and compliance requirements. The platform has enabled Bendigo and Adelaide Bank to deliver a more uniform user experience across its products and services, while improving privacy and document retention compliance.

The new cloud-based platform also automated the entire data migration process. According to Infosys, bankers can now utilise modern user interfaces that are more accessible and use functionalities in the upgraded SharePoint experience.

"Our employees are now able to service customers faster and more easily due to the centralised document storage and common searchable access approach,” Nathalie Moss, Practice Lead, Lending Technology at Bendigo and Adelaide Bank, said in a statement.

She added that the key to the program led by Infosys is findability.

“The faster we can find all relevant customer documents, the more deeply we understand the customer and the more personalised the service we offer becomes, every time we interact. Better operational flow equals more effective and empowered staff and builds on the award-winning customer experience our Bank consistently offers,” said Moss.

Meanwhile, Infosys also said on Monday in an exchange filing that it has signed a deal with an existing client to provide artificial intelligence (AI) and automation services that will span over five years, with a target spend estimated at $2 billion (roughly ₹16,400 crore).

While the IT major did not disclose the client's name, AI and automation-related development, modernisation, and maintenance services are included in the agreement, the company said.

These announcements come days before Infosys’ Q1 FY 2023-24 results.

For the current financial year, Infosys has bagged two big deals. In May, the IT major signed a deal worth $1.5 billion with British oil and gas company bp. In June, the company signed a second deal worth $454 million with Nordic-based Danske Bank.