Australian digital bank Alex has implemented the cloud-based banking software of Temenos to cater to the digital preferences of millennial and gen-Z consumers.

The digital bank, which launched in 2018, acquired authorised deposit-taking institution (RADI) licence in 2019. It is now planning to enter the Australian home-lending market in the next six months.

The Temenos Banking Cloud will enable the bank to create an efficient cost structure and offer better value lending products and services to retail customers, the technology vendor said.

Alex has been leveraging the Temenos platform to process around 10,000 loan applications in the past six months. The application is said to on average three minutes to fill out and three seconds to process.

Using Temenos’ pre-configured Australia Model Bank methodology Alex’s platform applies localised functionality to offer new products and services.

Alex CEO Simon Beitz said: “We are thrilled to launch to market as Australia’s newest digital bank, powered by The Temenos Banking Cloud. Temenos’ AI-driven digital banking platform provides the perfect foundation for Alex – a bank that is both digital and human.”

Temenos president international sales Jean-Paul Mergeai said: “Temenos is proud to support Alex on its journey to make banking human in Australia. Temenos technology supports more than 70 challenger banks worldwide, helping them scale fast and grow profitably while providing differentiated digital banking services to their customers.”