Temenos (SIX: TEMN) today announced that Bank of Queensland (BOQ) has gone live with retail banking services on Temenos Banking Cloud for customers served under the BOQ, Virgin Money and ME Bank brands. Using Temenos cloud-based platform enables BOQ to offer superior customer propositions with personalized offerings at a fraction of the cost of its legacy systems, building a competitive advantage and a low cost-income ratio. Since go live, BOQ has completed over four million transactions on the new platform.
The modernization project with Temenos simplifies BOQ’s technology landscape by consolidating 40 systems to a single platform for retail and business banking. As part of the project, BOQ Group will migrate all of its banking operations across three banking brands – leading regional bank BOQ, and challenger banks Virgin Money and ME Bank. BOQ Group is progressively rolling out the Temenos Banking Cloud across the entirety of the retail banking business lines, with business banking and lending to follow.
Temenos provides the world’s leading open platform for composable banking, allowing banks and financial institutions to easily assemble, test and extend broad banking capabilities. Temenos Banking Cloud brings the unmatched breadth of Temenos’ front-to-back banking services. The combination of agility, scalability, and extensibility will help BOQ Group to create unique digital offerings, innovate faster, and address changing customer expectations.
Rod Finch, Chief Product & Transformation Officer, Bank of Queensland, commented: “We are modernizing 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. 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.”
Erich Gerber, President and Global Head of Field Operations, Temenos, 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. We’re delighted to have delivered this milestone with Bank of Queensland, and look forward to continuing to build on these successes.”
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