Temenos stated that the Bank of Queensland (BOQ) has launched retail banking services on Temenos Banking Cloud for consumers covered by the BOQ and Virgin Money brands. The migration of BOQ’s ME brand to Temenos Banking Cloud has started.
By utilizing the cloud-based Temenos platform, BOQ is equipped to provide exceptional customer propositions with customized services for a small fraction of the cost of its legacy systems, creating a competitive edge and a favorable cost-to-income ratio. Since the new platform went online, BOQ has executed more than four million transactions on it.
Rod Finch, Chief Product & Transformation Officer, Bank of Queensland, stated, “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.”
The BOQ technology environment is made simpler by the modernization project with Temenos, which unifies several legacy systems into a single platform for both retail and corporate banking. As part of the strategy, BOQ Group will consolidate all of its banking activities into three banking brands: challenger banks Virgin Money and ME Bank and established regional bank BOQ. The Temenos Banking Cloud is being gradually rolled out by BOQ Group across all retail banking business lines, with business banking and lending to follow.
Temenos offers the top open platform for composable banking in the world, making it simple for banks and financial institutions to put together, test, and expand a wide range of banking capabilities. Temenos Banking Cloud offers the widest range of front-to-back banking services available. By combining agility, scalability, and extensibility, BOQ Group will be able to develop distinctive digital solutions, innovate more quickly, and meet shifting client expectations.
Erich Gerber, President and Global Head of Field Operations, Temenos, commented, “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.”