Virgin Money Australia, owned by Bank of Queensland (BOQ), has selected Temenos, a Switzerland-based banking software firm, as its digital banking technology partner.
Temenos, the provider of cloud-native, cloud-agnostic banking software, will offer a single, upgradeable, digital SaaS platform, to create a simplified digital business model for the bank.
In addition, the API-first technology from Temenos will enable the company to provide financial services for its customers, improve their financial fitness, and offer advanced banking products.
Virgin Money Australia CEO Greg Boyle said: “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.
“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. By working with Temenos to deliver Virgin Money Australia’s new Digital Bank, we’ve selected a technology partner that has a strong capability and a proven track record in delivering.”
Virgin Money Australia will consolidate retail banking products into a single platform
After a rigorous selection process, Virgin Money Australia has selected Temenos, as the banking software company’s pre-configured, country-specific functionality will enable it to rapidly go live.
The bank will leverage Temenos Transact, an advanced in core banking product and Temenos Infinity, an omnichannel digital banking product to engage its customers from onboarding to account servicing.
In addition, the bank will access the Temenos SaaS solution through a subscription model, which offers cost and scalability with high security and availability, and delivers continuous deployment.
As part of the project, Virgin Money Australia is expected to consolidate its retail banking products onto a single platform, creating a centralised digital-first experience for its customers.
In addition, Temenos would also enable the company to tap on the artificial intelligence (AI), conversational interfaces and other emerging technologies.
Temenos chief executive officer Max Chuard said: “Virgin Money Australia sets the bar high for customer experience with its digital-first strategy. 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.”