Temenos 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 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 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.
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 is proud to support Alex on its journey to make banking human in Australia. 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.”
