Macquarie Bank allows customers to open a savings account in under a minute

Its cloud tech is similar to a seamless fintech experience "with the security of a bank"

Macquarie Bank allows customers to open a savings account in under a minute


By Micah Guiao

Macquarie Bank has launched what it claims to be the fastest account opening experience in Australia, where new customers can be digitally onboarded in less than a minute.

Powered by Macquarie’s modernised cloud platform, customers can apply for a transaction and savings account and have their identities verified in an instant. They are then granted access to Macquarie’s online banking applications and have debit cards reflected in their Apple or Google wallets for immediate use.

Customers can also link up to 10 offset accounts to their home loans with a single click.

Since its launch a month ago, Olivia McArdle, head of deposits and payments at Macquarie, said the bank had received positive feedback from customers who were able to open an account with a lift of a finger while lounging at home.

Macquarie is one of the few banks in the world – and the biggest in Australia – that runs its core banking platform on the public cloud, which offers a greater speed and processing power for its customers.

“Many banks still require customers to visit a branch or wait days for the physical card to arrive in the mail,” McArdle said. “We have reimagined the account opening experience to be almost instantaneous while still delivering all of the same comprehensive security and identity checks.”

Since cloud computing entails more risk than traditional banking, customer protection remained at Macquarie’s top of mind when it created its own security app, Macquarie Authenticator. Luis Uguina, chief digital officer of Macquarie, said the bank was keen to provide “the experience of a fintech … with the security of a bank.”

“[The Macquarie Authenticator] gives customers real-time control to approve or deny transactions and account changes,” Uguina said. “It’s fast, personalised and, most importantly, a seamless way to incorporate extra security into the way you manage your finances.”

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