QUEENSLAND, Australia – Banking software firm Temenos just announced being a choice of the Bank of Queensland (BOQ), Virgin Money Australia, as its partner for digital banking technology to help drive its growth strategies.
Temenos is a world-leading banking software solution that provides services and software to small and massive financial institutions anywhere in the world. The Geneva, Switzerland based Temenos comes with a total of 63 offices in 42 different countries to serve around 3,000 financial institutions in over 145 countries throughout the world. Further, Temenos partners with 41 out of the top 50 banks across the globe.
The next-generation, cloud-agnostic, and cloud-native banking software product from Temenos will allow Virgin Money Australia to reap the advantages of having a single, digital, and upgradeable SaaS platform. The software can benefit the Australian financial services company in creating a better and simplified business model that is in line with the digital world. It will be much easier for Virgin Money Australia to offer a marketplace that provides financial services to all clients to help better their financial fitness through API-first technology. The new digital technology could eventually drive more innovative products for finance and banking to the market quickly, such as loyalty programs and savings accounts.
With the help of the technology that Temenos can offer within the partnership, the bank plans to provide a seamless and more convenient digital experience to all its clients in all digital platforms for their entire banking products and services. They also aim to reduce onboarding for their customers in just a few minutes through the new software solution from Temenos.
Meanwhile, the Bank of Queensland announced its technology strategy designed for five years during its recent strategy update. The procedure outlined by the bank aims to boost the differentiated experience for all their customers, create long-term value for their shareholders, and produce more profitable and sustainable growth.
The bank also unveiled its plans to modernize its current core infrastructure as a segment of its digital makeover program. With that, they will adopt and implement the newest and innovative cloud-native platform that Temenos offers. The next-generation digital banking technology will initially roll out for the customers of Virgin Money Australian with savings accounts and other transactions. According to the bank, they will also work towards rolling out the new banking platform towards their other financial and banking service offers like their lending products and time deposits.
Furthermore, the BOQ also stated its plans to transfer its retail banking business into a newer and much better digital platform. This intention of the bank came after the successful launch of the Virgin Money Australia Digital Bank according to their statement.
The BOQ is also working towards being a massive name in the digital era. It plans to invest in the technology overhaul of Virgin Money Australia as it aims further to boost the growth momentum of the digital bank.
Following a rigorous process of selecting who to partner with best for its digital banking technology makeover, the Virgin Money Australia decided to join forces with Temenos. Among the selling points of the banking software solutions company is its modern and next-generation end-to-end technology. The Temenos SaaS also features security, agility, and scalability. These factors, combined with the approach of the Temenos Australian Model Bank, offer a country-specific and pre-configured functionality that has enormous potential in boosting the Virgin Money Australia go public easily and rapidly.
The program will be in combination with the Deloitte Digital, which aims to merge all the strengths and advantages of the digital dexterity of a neobank and an established and reputable bank.
Virgin Money Australia chose the Temenos Transact, a front-to-back SaaS product considered as the next-generation when it comes to banking. Then the bank also selected the Temenos Infinity offering, which is a prominent omnichannel digital banking software that involves customer engagement such as account services, onboarding, and long-term retention.
The Temenos SaaS product offering presents a scalable and cost-effective benefit with superior availability and security features that aim to bring continuous deployment. Virgin Money Australia can access the solution based on a subscription model, and from there, it can scale the use of the product based on its projected growth.
As part of the digital technology overhaul of Virgin Money Australia, it will also merge its series of retail banking offerings into a central platform, building a seamless, centralized, and digital-focused experience to all its clients.
The next-generation technology from Temenos will boost Virgin Money Australia to leverage conversational interfaces, artificial intelligence, and other up and coming technologies. Further, Virgin Money Australia is looking towards the cost to income ratio that has never been seen before in the market through the use of technology provided by Temenos. Thus, the bank could also offer its customers and shareholders higher ROI. Most banks that currently take advantage of Temenos’ technology records around 26.8% cost to income ratio, which is half of the average in the industry. Furthermore, next-gen solutions from Temenos also increased the returns of equity of top-performing banks to 29%, accounting three times compared to the industry average.
The CEO of Virgin Money Australia, Greg Boyle, said that the brand-new Digital Bank would offer all its customers an exciting and unique experience. Also, he explained that Virgin Money Australia is well equipped to leverage and grow its current relationship with over 200,000 local clients. Further, Mr. Boyle stated that the home loan portfolio of the bank had reached over $3 billion quickly, which allowed Virgin Money Australia uniquely positioned to compete with the most significant market and banks in the country.
He said that the bank is currently at the start of what they envision to be an exciting road as Virgin Money Australia stars to work towards building a digital bank that will soon lead the industry. Mr. Boyle explained that Virgin Money Australia is committed and dedicated to providing utmost delight to all its clients through an innovative and seamless experience in all its banking and financial channels. He further stated that they will now possess greater agility when it comes to building and developing new products for better customer experience through their partnership with the advanced cloud technology that Temenos offers.