Virgin Money Australia, a division of Bank of Queensland (BOQ), has partnered with Temenos and Deloitte Digital to launch a new digital bank.
The companies in a press statement said a proof-of-concept was successfully implemented last year.
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Under the partnership, Swiss banking software firm Temenos will act as a digital banking technology partner of Virgin Money Australia.
Temenos’ cloud-based banking software and software-as-a-service (SaaS) platform will help Virgin Money to create a simplified digital business model.
The API-first technology of Temenos will allow the bank to offer banking products such as savings accounts and loyalty programs.
Temenos CEO Max Chuard said: “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 the 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.”
The platform will not only help reduce client on-boarding time but also offer a unified digital experience to customers.
Initially, the platform will be rolled out with transactions and savings accounts for Virgin Money Australia customers.
At a later stage, the platform will be launched for term deposit and lending products.
The solution can be accessed through a subscription model, enabling the bank to scale usage based on how the business grows.
Virgin Money Australia intends to consolidate its retail banking business onto the new digital platform.
Deloitte Digital’s services will be leveraged to configure the platform.
Virgin Money Australia CEO Greg Boyle said: “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.”
