Data Action Celebrates 40 Years of Service in Australia’s Banking Sector, Backed by Vencora
Celebrating a significant milestone, Adelaide-based Data Action has marked its 40th year of providing technology capabilities to the banking and financial sector in Australia. The company, which joined Vencora a year ago, continues to offer core banking, digital banking, cybersecurity, data reporting, and related services to its clients.
Strengthened Foundations and Global Connections
Over the past year, Data Action has fortified its foundations, expanded its global connections, and evolved its services to better serve Australia’s challenger banking sector. This includes clients such as Bank Australia, Beyond Bank, P&N Bank, Defence Bank, Credit Union SA, and more. The company’s CEO, David Cook, emphasised that their identity and purpose remain the same, but Vencora’s backing has brought additional strength, insight, and long-term support.
David Cook, CEO Data Action
Vencora’s Invaluable Support to Data Action
Vencora’s acquisition of Data Action last year marked its first acquisition of an Australian-based banking technology firm. This move placed Data Action into a portfolio of 18 global brands and the wider Constellation Software network. The experience of joining Vencora, according to Cook, has been challenging yet energising, calling it the most difficult yet invigorating year in Data Action’s recent history.
Despite the uncertainties that typically come with a change of ownership, Data Action entered the acquisition optimistically. Cook expressed his appreciation for the immediate and extensive support from Vencora, which included benefits such as group buying power, strategic playbooks, and valuable connections with related companies from day one.
Exploring New Opportunities in AI and Cybersecurity
Data Action has also worked with other portfolio companies within Vencora to reshape recurring revenue approaches, pricing discipline, and shared insights in areas like cybersecurity and account management. Cook highlighted artificial intelligence as a clear example of an area where the company now prioritises both internal capability and client support for improved operations, customer experience, and efficiency.
Data Action’s Competitive Landscape and Future Prospects
In Australia, Data Action’s main competitor for core banking is Ultradata, which has clients including Teachers Mutual Bank, Qudos Bank, Auswide Bank, Unity Bank, and Hume Bank. As mutuals continue to merge, the choice of an ongoing supplier becomes critical to future revenue. This presents both opportunities and risks for Data Action, which has been modularising its product suite to allow modules to be procured independently of the core provider.
However, it’s not just Ultradata that Data Action needs to consider. Cloud-native suppliers, including Engine by Starling and Thought Machine, are also posing competition in the market. Furthermore, Finxact, owned by Fiserv, has also recently emerged in Australia, while Mambu continues to make strides in the non-bank lending space.
Regulatory Requirements and Market Growth
When selecting a core banking supplier, banks have to treat the vendor as a material service provider according to APRA’s CPS 230 prudential standard on Operational Risk Management. The standard requires the bank to ensure the provider can maintain critical operations during severe disruptions and deliver strict controls to manage third-party supply chain risks and data resilience.
Australia’s core banking market, currently valued at over $750 million annually, is projected to double by 2030 as banks continue to modernise decades-old legacy systems and transition from on-premise mainframes to the cloud for enhanced scalability and resilience.
In these evolving times for Australia’s banking and financial sector, Data Action, backed by Vencora, remains committed to delivering cutting-edge technology capabilities and robust solutions to its clients while navigating the competitive landscape.
Source: Here
