Temenos SaaS selected by Virgin Money Australia’s new digital bank

Temenos SaaS selected by Virgin Money Australia’s new digital bank

Temenos, a banking software company, announced its selection by Virgin Money Australia, a division of Bank of Queensland (BOQ), as its digital banking technology partner. The cloud-native, cloud-agnostic banking software will enable Virgin Money in the country to benefit from a single, upgradeable, digital SaaS platform to create a simplified digital business model. The API-first technology will enable the division to offer a marketplace of financial services.

Greg Boyle, CEO, Virgin Money Australia enunciated, “…Importantly, Virgin Money Australia is uniquely positioned to build on our existing relationships with more than 200,000 loyal customers and a home loan portfolio that has quickly grown to more than $3 billion to effectively compete in the Australian market with challenger and incumbent banks alike.”

He further expounded, “We are at the beginning of an exciting journey as we build an industry-leading digital bank that will be beautifully simple and rewarding. We are committed to delighting our customers by providing a seamless, end-to-end experience across all channels. With Temenos’ advanced cloud technology, we will have the agility to bring new products to market and differentiate the customer experience. We will also benefit from the speed of deployment and gain operational efficiencies…”

Virgin Money Australia has selected the front-to-back SaaS offering with Temenos Transact, a core banking product and Temenos Infinity, an omnichannel digital banking product.

Max Chuard, Chief Executive Officer, Temenos elucidated, “…Temenos’ API-led, advanced cloud technology will help Virgin Money Australia remain competitive by offering hyper-personalized customer experiences and enabling new business models such as creating marketplaces of financial services and products. With Temenos SaaS, the new digital bank will also benefit from lower total cost of ownership and allow Virgin Money Australia to be agile, rapidly innovate, bring new products to market and offer the best banking customer experiences.”

BOQ has updated that it will modernise its existing core infrastructure and implement Temenos’ next-generation digital banking platform. The new cloud-native platform will initially be rolled out for Virgin Money Australia customers with transactions and savings accounts and in a later phase for term deposit and lending products. BOQ also announced its intention to migrate its retail banking business onto the new digital platform, following the rollout of the Virgin Money Australia Digital Bank.

Author: Edil Corneille
Source: IBS intelligence
URL: https://ibsintelligence.com/ibs-journal/ibs-news/temenos-saas-selected-by-virgin-money-australias-new-digital-bank/

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