Australia's most trusted
bank is using MongoDB Atlas and generative AI to significantly
reduce costs and accelerate customer-focused innovation
NEW YORK, June 13, 2024 /PRNewswire/ -- MongoDB, Inc.
(NASDAQ: MDB) today announced that Bendigo and Adelaide Bank (ASX: BEN) has partnered with
MongoDB to modernize its core banking technology with MongoDB Atlas
as the keystone of an ambitious application modernization
initiative. During the initiative, the bank:
- Reduced the development time required to migrate a core banking
application off of a legacy relational database to MongoDB Atlas by
up to 90%.
- Migrated onto MongoDB Atlas at one-tenth of the cost of a
traditional legacy-to-cloud migration.
- Automated repetitive developer tasks with new AI tooling in
order to accelerate developers' pace of innovation. For example,
AI-powered automations reduced time spent running application test
cases from over 80 hours to just five minutes.
In less than three months, the bank modernized its Agent
Delivery System, a legacy retail banking application, on MongoDB
Atlas with the help of MongoDB Relational Migrator and generative
AI-assisted modernization tools. The Agent Delivery System is a
retail teller application for the bank's agent branches, and is
used in communities where digital banking functionality is made
available from non-bank businesses, like newsagents or pharmacies.
Prior to partnering with MongoDB, the bank ran the system on a
legacy relational database that lacked the flexibility to easily
evolve to reflect the complex data mapping requirements that
today's modern applications demand. Because of these
database-related challenges, the bank's analysts and developers
were committing significant effort to complex database management
tasks in order to keep the application running.
As a technological leader in the Australian financial services
market, Bendigo and Adelaide Bank
was eager to enable its developers to focus on more meaningful
innovation so the bank could remain agile in a fast-moving market.
To do so, the bank decided to modernize its Agent Delivery System
to make it easier for its developers to work with data and create
innovative, accessible banking services. Specifically, the bank
sought to adopt a new microservices architecture to help integrate
its data and a robust API ecosystem—a series of connective
mechanisms that enable easy data exchange—to facilitate fast, easy
data flow between the bank's applications, third parties, and
consumers.
The bank chose MongoDB Atlas as the underlying platform for its
tech stack because of the high levels of security and reliability
offered by MongoDB Atlas, its ability to manage the bank's
real-time, operational data on a unified platform, and because of
the intuitive developer experience offered by MongoDB's document
model, which maps to how developers think and code, enabling them
to build applications faster.
To migrate the Agent Delivery System to MongoDB Atlas, the bank
deployed MongoDB Relational Migrator—a tool that helps customers
eliminate barriers like time, cost, and risk frequently associated
with cloud migrations—to expedite codebase analysis, service
decomposition, and application refactoring, ensuring a secure and
efficient migration. MongoDB Professional Services worked with
Bendigo and Adelaide Bank to create
customizable generative AI tooling, including scripts and prompts
tailored for the bank's unique tech stack, which accelerated the
modernization process by automating integration testing and code
generation for seamless deployment of the new Agent Delivery
System's microservices architecture. Legacy migrations can
otherwise be long, expensive processes, but these solutions enabled
Bendigo and Adelaide Bank to
complete the migration with 90 percent less human effort and at
one-tenth of the cost of a traditional legacy migration.
With this migration, Bendigo and Adelaide Bank has eliminated volumes of routine
code writing and programming work with automated generative AI
tooling, which has empowered the bank's developers to innovate with
increased agility and more quickly deploy highly-available and
performant application features that enhance end-user
experiences.
"This migration was an enormous step forward in our
transformation journey and a perfect marriage of people smarts and
tech smarts. It's an investment in our customers," said
Andrew Cresp, Chief Information
Officer at Bendigo and Adelaide
Bank. "Now, our lean, highly skilled team can ask MongoDB
Atlas and the generative AI tooling MongoDB's Professional Services
team built for us to do really smart things, leaving our developers
free to focus on other ways they can deliver great outcomes for our
customers. We've started by modernizing our most critical
applications, and next, we intend to tackle a number of other
outdated legacy applications across the bank, putting us on track
to meet our target of 50 percent of our critical workloads in the
cloud by the end of the year."
"It's important that MongoDB empowers its customers to modernize
with applications that are not just future ready, but
future-defining. This is paramount for financial institutions, who
need to transform quickly and take advantage of advancements like
generative AI to best serve their customers," said Simon Eid, Senior Vice President, APAC at
MongoDB. "Applying the power of AI to Bendigo and Adelaide Bank's migration process was
game-changing. MongoDB looks forward to helping more customers
quickly and easily ditch the rigid legacy technology that is
slowing them down to achieve all the benefits a modern technology
stack can bring to their businesses."
About MongoDB Atlas
MongoDB Atlas is the leading
multi-cloud developer data platform that accelerates and simplifies
building modern applications with a highly flexible, performant,
and globally distributed operational database at its core. By
providing an integrated set of data and application services in a
unified environment, MongoDB Atlas enables development teams to
quickly build with the security, performance, and scale modern
applications require. Millions of developers and tens of thousands
of customers across industries—including Cisco, GE Healthcare,
Intuit, Toyota Financial Services, and Verizon—rely on MongoDB
Atlas every day to innovate more quickly, efficiently, and
cost-effectively for virtually every use case across the
enterprise. To get started with MongoDB Atlas, visit
mongodb.com/atlas.
About MongoDB
Headquartered in New York, MongoDB's mission is to empower
innovators to create, transform, and disrupt industries by
unleashing the power of software and data. Built by developers, for
developers, MongoDB's developer data platform is a database with an
integrated set of related services that allow development teams to
address the growing requirements for today's wide variety of modern
applications, all in a unified and consistent user experience.
MongoDB has tens of thousands of customers in over 100 countries.
The MongoDB database platform has been downloaded hundreds of
millions of times since 2007, and there have been millions of
builders trained through MongoDB University courses. To learn more,
visit mongodb.com.
About Bendigo and Adelaide
Bank
Bendigo and Adelaide
Bank is Australia's better
big bank, with more than 7,000 staff helping our 2.5 million
customers to achieve their financial goals. Bendigo and
Adelaide Bank's vision is to be
Australia's bank of choice, by
feeding into the prosperity of customers and their communities.
Forward-looking Statements
This press release includes
certain "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, or the Securities
Act, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements concerning MongoDB's partnership with
Bendigo and Adelaide Bank and the
application modernization initiative. These forward-looking
statements include, but are not limited to, plans, objectives,
expectations and intentions and other statements contained in this
press release that are not historical facts and statements
identified by words such as "anticipate," "believe," "continue,"
"could," "estimate," "expect," "intend," "may," "plan," "project,"
"will," "would" or the negative or plural of these words or similar
expressions or variations. These forward-looking statements reflect
our current views about our plans, intentions, expectations,
strategies and prospects, which are based on the information
currently available to us and on assumptions we have made. Although
we believe that our plans, intentions, expectations, strategies and
prospects as reflected in or suggested by those forward-looking
statements are reasonable, we can give no assurance that the plans,
intentions, expectations or strategies will be attained or
achieved. Furthermore, actual results may differ materially from
those described in the forward-looking statements and are subject
to a variety of assumptions, uncertainties, risks and factors that
are beyond our control including, without limitation: the effects
of the ongoing military conflicts between Russia and Ukraine and Israel and Hamas on our business and future
operating results; economic downturns and/or the effects of rising
interest rates, inflation and volatility in the global economy and
financial markets on our business and future operating results; our
potential failure to meet publicly announced guidance or other
expectations about our business and future operating results; our
limited operating history; our history of losses; failure of our
platform to satisfy customer demands; the effects of increased
competition; our investments in new products and our ability to
introduce new features, services or enhancements; social, ethical
and security issues relating to the use of new and evolving
technologies, such as artificial intelligence, in our offerings or
partnerships; our ability to effectively expand our sales and
marketing organization; our ability to continue to build and
maintain credibility with the developer community; our ability to
add new customers or increase sales to our existing customers; our
ability to maintain, protect, enforce and enhance our intellectual
property; the effects of social, ethical and regulatory issues
relating to the use of new and evolving technologies, such as
artificial intelligence, in our offerings or partnerships; the
growth and expansion of the market for database products and our
ability to penetrate that market; our ability to integrate acquired
businesses and technologies successfully or achieve the expected
benefits of such acquisitions; our ability to maintain the security
of our software and adequately address privacy concerns; our
ability to manage our growth effectively and successfully recruit
and retain additional highly-qualified personnel; and the price
volatility of our common stock. These and other risks and
uncertainties are more fully described in our filings with the
Securities and Exchange Commission ("SEC"), including under the
caption "Risk Factors" in our Annual Report on Form 10-Q for the
quarter ended April 30, 2024, filed
with the SEC on May 31, 2024, and
other filings and reports that we may file from time to time with
the SEC. Except as required by law, we undertake no duty or
obligation to update any forward-looking statements contained in
this release as a result of new information, future events, changes
in expectations or otherwise.
MongoDB media inquiries
press@mongodb.com
Bendigo and Adelaide Bank
media
inquiries
PublicRelations.Mailbox@bendigoadelaide.com.au
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SOURCE MongoDB, Inc.