Australia’s newest digital bank goes live on Temenos

6 august 2021

Temenos, the banking software company, today announced that Australia’s newest digital bank, Alex, has gone live on The Temenos Banking Cloud. Temenos technology powers Alex’s launch as a licensed bank, following the acquisition of its Restricted-Authorized Deposit-Taking Institution (RADI) license from the Australian Prudential Regulation Authority (APRA) earlier this month.

The new digital bank was built on The Temenos Banking Cloud.

„With Temenos’ SaaS technology, Alex has created a hyper-efficient cost structure that enables the bank to offer better consumer credit options, like fast, competitive loans with no upfront, ongoing or hidden fees,” according to the press release.

The end-to-end digital banking platform automates manual loan application processes to generate fast and simple customer journeys. Temenos technology has already supported the bank to process almost 10,000 loan applications in the last six months, „with each application taking the customer just three minutes to fill out,” the company says.

Alex’s front-to-back platform uses Temenos’ pre-configured Australia Model Bank methodology, which applies localized functionality to deliver new products and services faster. This will allow the bank to quickly expand its scope of services from personal lending to deposits now that the bank has received its RADI license.

„The Temenos Banking Cloud is a SaaS banking solution that gives Alex total control to deploy banking services that are easy to consume, configure and integrate with external applications. It combines the Temenos Infinity onboarding and channels services and the Temenos Transact retail lending banking service,” the company explains.

Simon Beitz, Chief Executive Officer, Alex, commented:

We are thrilled to launch to market as Australia’s newest digital bank, powered by The Temenos Banking Cloud. Temenos’ AI-driven digital banking platform provides the perfect foundation for Alex – a bank that is both digital and human. Temenos’ ultra-efficient cloud technology simplifies our business operations so we can focus on our customers’ needs and help them to get more of the things in life they really care about. It also allows us to keep our operating costs at an absolute minimum, so we can pass the benefits of better value, fairer banking services on to our customers.

Jean-Paul Mergeai, President International Sales, Temenos, said:

Temenos technology supports more than 70 challenger banks worldwide, helping them scale fast and grow profitably while providing differentiated digital banking services to their customers. By choosing to run their operations on The Temenos Banking Cloud, Alex will gain control of its business model and innovation cycles. This means having the agility to launch new products and entire business lines fast and without complexity, delivering better value to its customers.”

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Mihai Draghici – CEO PayByFace

„Dupa ce oamenii creeaza un cont PayByFace si au adaugat cardul, selfi-ul si PIN-ul, si au avut un pic de curaj sa se duca sa incerce, daca au incercat o data plata prin recunoastere faciala nu mai folosesc altceva (n.r. ca modalitate de plata). 80% dintre ei numai asta folosesc. Le place la nebunie.” 

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Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?