Virgin Money Australia has tapped cloud banking provider Temenos to create personalised digital banking services.
The digital bank recently launched in Australia with the aim of becoming a new kind of bank for millennials – one that embraces simplicity and minimises financial complexity.
Through Temenos’ cloud platform, Virgin Money has introduced credit cards, transaction and savings accounts, as well as a loyalty programme and personal financial management tools in a single app.
Greg Boyle, CEO of Virgin Money Australia, said: “With Temenos, we aim to set the new standard for Australian banking-customer relationships. The Temenos Banking cloud makes it easier to integrate with third parties and we have an agile platform that easily scales up or down depending on business demands.
“With all the banking technology we need at our fingertips and all managed in the cloud by Temenos, we can focus our energy on what matters most – delivering the amazing digital banking experience our customers will love.”
The next phase of the digital bank is underway, which includes new products such as home loans and new deposit options.
Virgin Money and Temenos
Temenos’ solution allows Virgin Money to collaborate and extend its banking services with other fintechs and developers.
In addition, Temenos hopes to enable Virgin Money to launch products faster and scale based on customer demand. The bank can further test and iterate products in rapid innovation cycles to deliver experiences that truly delight its customers.
Max Chuard, CEO of Temenos, said: “We are proud to partner with Virgin Money Australia to power its ground-breaking digital bank. With The 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 customer products and profitable business.
“It is incredible what Virgin Money Australia has achieved in such a short timeframe. The pace of innovation reflects the passion and commitment of the Virgin Money team and shows what is possible with an agile cloud-based solution.”
Virgin Money’s Australia launch is part of the Bank of Queensland (BOQ), which plans to move a number of its other retail brands onto the Temenos platform. BOQ’s stated long-term goal is to leverage the Temenos platform to achieve its overall digital transformation.
Chuard added: “We look forward to building on this success to support the digital bank in its continued evolution and with Bank of Queensland as it seeks to leverage The Temenos Banking Cloud across its retail brands.”