Temenos has announced that Bank of Queensland (BOQ) has launched retail banking services for its clients served under the BOQ and Virgin Money brands in Temenos offering banking cloud.
The work for the migration of BOQ’s ME brand to the Temenos Banking Cloud has started. Leveraging Temenos’ cloud-based platform enables BOQ to offer superior customer solutions with personalized offerings at a fraction of the cost of their legacy systems, building a competitive advantage and low cost-income ratio. Since going live, BOQ has processed more than four million transactions via the new platform.
The modernization project with Temenos simplifies BOQ’s technology landscape by consolidating 40 systems onto a single platform for consumer and business customers. 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 gradually rolling out the Temenos Banking Cloud across all retail banking businesses, with business banking and lending to follow.
Temenos provides the world’s leading open composable banking platform, enabling banks and financial institutions to easily assemble, test and extend comprehensive banking capabilities. The Temenos Banking Cloud offers Temenos’ unparalleled breadth of front-to-back banking services. The combination of agility, scalability and extensibility will help BOQ Group create unique digital offerings, innovate faster and meet changing customer expectations.
Rod Finch, Chief Product and Transformation Officer, Bank of Queensland, commented: “We are modernizing our technology from the back-to-front to give us the flexibility and agility of a neobank, while maintaining the scalability and long-term investments of an incumbent at 148 years old Use banking experience. This will offer attractive benefits, fast transactions and state-of-the-art features to our customers. 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 undergoing unprecedented transformation as regulators seek to drive innovation and competition, and banks strive to establish personal relationships in the digital age. With the Temenos Banking Cloud, we empower banks to take control of their business models and innovation cycles, giving them the agility and speed to build great products and profitable businesses. We are delighted to have reached this milestone with the Bank of Queensland and look forward to continuing to build on these achievements.”
