Bank of Sydney Goes Live on Cloud Banking Platform in Digital Overhaul; Faster Payments, Real-Time Processing as Legacy Systems Retired

Bank of Sydney has gone live on the Infosys Finacle Digital Banking Suite on AWS, replacing fragmented legacy systems with a modern cloud-based platform. The rollout, led by incoming CEO Kieran McKenna, positions the community bank for growth after more than two decades on its previous platform.

Bank of Sydney has completed a significant technology overhaul, going live on the Infosys Finacle Digital Banking Suite hosted on AWS in a Software-as-a-Service model.

The new platform combines the Finacle Core Banking Solution, Digital Engagement Hub, Online Banking and Mobile Banking into a single integrated system. It replaces a fragmented legacy IT environment built on a Fiserv platform the bank had used since 2001, which had become increasingly difficult to maintain and unable to meet modern customer expectations.

The shift is part of a broader wave across the Australian banking sector. Microsoft forecasts Australian public cloud spending will reach $22.4 billion in 2026, an 83 per cent increase from 2022, with growth increasingly driven by banks moving core systems onto cloud platforms.

"Some of our technologies in place were developed before the mobile phone was even invented," said Geoff Wenborn, Chief Information Officer at Bank of Sydney. "It's very hard to retire all that technology when you depend on it for critical banking products."

The new setup is pre-configured for Australian banking products and connects to other systems through open APIs, allowing the bank to automate more of its back-end processing. Customers now have access to real-time transaction processing, fast payments, and expanded self-service options across online and mobile channels.

For brokers, the practical upside is speed: faster, more automated back-end systems and quicker product launches through the Finacle Reference Bank model. The board approved the replacement project in December 2024, with the bank selecting Infosys over Fiserv after a competitive process.

The rollout also marks a leadership milestone. Kieran McKenna, appointed permanent CEO effective July 1, 2026, "successfully steered one of the most significant milestones in our organisation's history, delivering our core banking transition on time and within agreed parameters," according to Bank of Sydney chair Nikolas Hatzistergos. McKenna had been acting CEO since November 2025, when former CEO Melos Sulicich departed.

The new cloud platform supports Bank of Sydney's growth ambitions. The bank now has $4.3 billion in assets, approximately 25,000 customers, and has been growing at more than three times the system average.

Here is the question this transformation raises. Bank of Sydney has replaced technology built before the mobile phone existed with a modern cloud-based platform that promises to deliver faster processing, seamless digital experiences, and the agility to compete with digital-first lenders. When smaller lenders can now access world-class cloud banking infrastructure without the cost and risk of building it themselves, has the era of core banking transformation finally arrived for mid-sized challenger banks?

As Bank of Sydney completes its cloud banking platform overhaul and positions itself for growth, The Silicon Review asks a final question. When a community bank with 25,000 customers can modernise its core technology while preserving its relationship-led culture, is this the blueprint for how smaller banks survive the digital age or just the beginning of a wave that will leave the laggards behind?

FAQ:

Q: What technology platform has Bank of Sydney migrated to?
A: Bank of Sydney has gone live on the Infosys Finacle Digital Banking Suite, delivered as a Software-as-a-Service model hosted on Amazon Web Services.

Q: Why did Bank of Sydney replace its legacy banking systems?
A: The bank's previous platform had become fragmented and was developed before modern digital banking existed. The new cloud-based system is designed to improve customer experience, automate back-end processes, and allow faster product innovation.

Q: What benefits will Bank of Sydney customers see from the new banking platform?
A: Customers will benefit from real-time processing, faster payments, integrated online and mobile banking, and expanded self-service options.

Q: Who is Bank of Sydney's new CEO?
A: Kieran McKenna was appointed permanent CEO effective July 1, 2026, after serving as acting CEO since November 2025. He led the core banking transition project.

Q: What is the Finacle Reference Bank?
A: The Finacle Reference Bank is a pre-configured solution tailored for the Australian market, designed to help banks accelerate deployment and reduce go-live risks.