Temenos Banking Cloud will be rolled out across BOQ’s retail banking business lines. Credit: kiquebg from Pixabay.

Bank of Queensland (BOQ) has selected Temenos Banking Cloud for its retail banking services as part of its multi-year transformation.

The partnership with Swiss banking technology provider Temenos is aimed at consolidating several legacy systems into a single platform to simplify the bank’s technology landscape.

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Through the integration, the lender will be able to offer enhanced and personalised offerings to customers at a low cost-income ratio, the technology vendor claimed.  

The plan covers BOQ Group’s three banking brands including regional lender BOQ, and challenger banks Virgin Money and ME Bank.

Initially, Temenos Banking Cloud will be rolled out across the retail banking business lines, with business banking and lending to follow.

Bank of Queensland chief product & transformation officer Rod Finch said: “We are modernising our technology from back to front to give us the flexibility and agility of a neobank, while leveraging the scalability and long-term investment of an established institution with 148 years in banking.

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“This will provide our customers with compelling experiences, fast transactions and cutting-edge features. By leveraging the Temenos platform and the benefits of the cloud, we are attracting new customers and driving growth, ultimately improving our competitive advantage.”

Temenos president and global head of field operations Erich Gerber said: “The Australian banking market is going through unprecedented change as regulators look to drive innovation and competition, and banks navigate bringing personal relationships into the digital age.

“With Temenos Banking Cloud, we are putting banks in control of their business models and innovation cycles, giving them the agility and speed to build great products and profitable business.”

Earlier this week, Temenos allied with North International Bank (NIBank) to digitally transform the bank’s retail banking and private wealth operations.