The next phase of the digital bank is underway, which includes new products such as home loans and new deposit options
Temenos has announced that Virgin Money Australia is live on The Temenos Banking Cloud.
As part of Bank of Queensland (BOQ), the launch of Virgin Money on The Temenos Banking Cloud paves the way for other retail brands under the BOQ Group umbrella to transition to Temenos’ cloud-based core banking platform.
BOQ’s stated long-term goal is to leverage the Temenos platform to achieve its overall digital transformation. With Virgin Money, BOQ and ME Bank all operating in the cloud on shared data architecture, the Group can accelerate innovation for its customers.
The Temenos Banking Cloud brings the unmatched breadth of Temenos front-to-back banking services, a sandbox, and the fintech Marketplace, powered by an Explainable AI-enabled engine.
Virgin Money has ambitions to disrupt the Australian banking market with a new kind of digital bank for millennials, one that embraces simplicity and rejects financial complexity.
With Temenos, Virgin Money has created a frictionless and fully integrated digital banking experience, bringing together credit cards, transaction and savings accounts, plus a loyalty program and personal financial management tools in a single, native mobile app. Customers can create a new account in minutes and start saving or spending immediately via the app.
The Temenos Banking Cloud is a SaaS banking solution that gives Virgin Money Australia total control to deploy banking services that are easy to consume, configure and integrate with external applications. Using open APIs, the bank can also collaborate and extend its banking services with other fintechs and developers.
With a digital banking platform and integrated partner ecosystem running in the cloud and delivered as SaaS, Virgin Money Australia can launch products much faster and scale based on customer demand. The bank can also test and iterate products in rapid innovation cycles to deliver experiences that truly delight its customers.
We’ve reported that Virgin Money Australia unveiled a digital banking platform.