Australian bank MyLife MyFinance has completed its digital transformation and went live with the Temenos SaaS platform.

A front-to-back digital banking platform, Temenos SaaS will enable the lender to simplify processes and boost customer experience.

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MyLife MyFinance is based in Melbourne and offers savings and lending services to its customers.

Recently, investment management firm Challenger signed deal to acquire MyLife MyFinance from Catholic Super. The completion of the deal is subject to regulatory approval.

Benefits:

Under the digital transformation programme, the bank switched to a one central core banking system called Temenos Transact. The use of Temenos Infinity and Temenos Analytics will help it to boost automation.

Additionally, MyLife MyFinance expects that the digital transformation will reduce costs and will enable it to deliver competitively priced products.

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Quotes:

MyLife MyFinance chief technology officer Zvonko Balic said: “With Temenos’ SaaS digital banking platform we have simplified our systems and can now provide an end to end solution to meet customer needs.

“This includes a streamlined customer onboarding experience. Transformations are inherently challenging, and add to this the complexity of adapting to new ways of working due to Covid-19, and the challenges only increased.”

Temenos President – MEA & APAC Jean-Paul Mergeai said: “As a Temenos customer, MyLife MyFinance can focus more of its IT spend on growth and innovation rather than on maintenance.

“The bank will be more agile in its ability to launch new products more quickly and onboard more customers and originate more products and services digitally.”

Last month, Egyptian lender Suez Canal Bank tapped Temenos for its digital transformation.