Australia’s newest digital bank goes live on Temenos

Temenos technology simplifies Alex’s loan application journey

TemenosTemenos has announced that Australia’s newest digital bank, Alex, has gone live on The Temenos Banking Cloud.

Temenos technology powers Alex’s launch as a licensed bank, following the acquisition of its Restricted-Authorized Deposit-Taking Institution license from the Australian Prudential Regulation Authority earlier this month.

According to the press release, the new digital bank was built on The Temenos Banking Cloud to disrupt the Australian retail banking market with more human banking to address the digital preferences of millennial and gen-Z consumers.

With Temenos’ SaaS technology, Alex has created a hyper-efficient cost structure that enables the bank to offer better consumer credit options, like fast, competitive loans with no upfront, ongoing or hidden fees.

The end-to-end digital banking platform automates manual loan application processes to generate fast and simple customer journeys. Temenos technology has already supported the bank to process almost 10,000 loan applications in the last 6 months, with each application taking the customer just three minutes to fill out.

Alex’s front-to-back platform uses Temenos’ pre-configured Australia Model Bank methodology, which applies localized functionality to deliver new products and services faster.

This will allow the bank to quickly expand its scope of services from personal lending to deposits now that the bank has received its RADI license.

Using The Temenos Banking Cloud, Alex will be able to simply and cost-efficiently scale its business and bring to market a portfolio of products to improve the consumer credit and banking experience for Australians.

The Temenos Banking Cloud is a SaaS banking solution that gives Alex total control to deploy banking services that are easy to consume, configure and integrate with external applications. It combines the Temenos Infinity onboarding and channels services and the Temenos Transact retail lending banking service.

We’ve reported that Deutsche Bank sells its Italian advisory unit.

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