Virgin Money Australia partners with Temenos in digital banking segment

Maria Nikolova

By the end of 2020, Virgin Money Australia is set to launch a digital bank.

Banking software company Temenos AG (SWX:TEMN) today announced that it had been selected by Virgin Money Australia, a division of Bank of Queensland (BOQ), as its digital banking technology partner.

Temenos’ cloud-native, cloud-agnostic banking software will enable Virgin Money Australia to benefit from a single, upgradeable, digital SaaS platform to create a simplified digital business model. The API-first technology will enable Virgin Money Australia to offer a marketplace of financial services to help customers improve their financial fitness, as well as bring innovative banking products to market faster, such as savings accounts, and loyalty programs.

As part of the digital transformation program, the bank will modernize 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 plams, following the successful rollout of the Virgin Money Australia Digital Bank, to migrate its retail banking business onto the new digital platform.

Virgin Money Australia selected Temenos’ front-to-back SaaS offering with Temenos Transact, the next generation in core banking and Temenos Infinity, the leading omnichannel digital banking product covering customer engagement from onboarding, to account servicing, through to long-term retention. Accessing the solution through a subscription model, Virgin Money Australia will be able to scale usage based on business growth.

Virgin Money Australia will consolidate its range of retail banking products onto a single platform, creating a centralized, seamless, digital-first experience for its customers. Temenos’ future-proof technology will also empower Virgin Money Australia to take advantage of artificial intelligence (AI), conversational interfaces and other emerging technologies.

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