Bank of Queensland Goes Live on Temenos Banking Cloud enabling the creation of outstanding digital experiences and helping customers reach their financial goals
Temenos recently announced that Bank of Queensland (BOQ) has gone live with their retail banking services on the Temenos Banking Cloud.
Temenos’ Banking Cloud is a open, composable banking platform that allows banks and financial institutions to combine, test, and extend broad banking services
BOQ has begun moving its ME brand to the Temenos Banking Cloud and has completed over four million transactions since going live.
It’s a competitive advantage for the company because its legacy systems are costly and labor-intensive. However, using a cloud-based system allows it to offer customers personalised services at a fraction of the cost.
With the help of Temenos, BOQ Group aims to streamline its technology architecture by consolidating several legacy applications into a single platform for retail and business banking.
BOQ Group will migrate all of its banking activities across three banking brands— BOQ, Virgin Money, and ME Bank—as part of the modernization initiative.
Temenos Banking Cloud will be deployed across all retail banking sectors in a phased manner, with business lending and banking to follow.
Rod Finch, Chief Product & Transformation Officer at Bank of Queensland, says we are modernizing our technology from back to front in order to function like a neobank, leveraging the scalability and longevity of an established financial institution with 148 years of experience in banking.
“We will provide our clients with engaging experiences, fast transfers, and cutting-edge functions by leveraging Temenos technology and the advantages of the cloud.
“By attracting new customers and increasing revenue, we will enhance our competitive position.” says Finch
According to Erich Gerber, President and Global Head of Field Operations at Temenos, the Australian banking industry is experiencing revolutionary transformation as regulators push for innovation and competition, as well as banks adapting to the digital age.
Gerber says Banks can now control their business models and innovation cycles with Temenos Banking Cloud, allowing them to build outstanding products and profitable businesses.
“We are pleased to have delivered this major milestone with Bank of Queensland, and we look forward to continuing to expand upon these successes,” says Gerber
Temenos will help BOQ Group create unique digital offerings, innovate faster, and address customer demand as a result of its agility, scalability, and extensibility.
