Temenos (SIX: TEMN), the global provider of banking software, today announces that ME Bank has selected Temenos software to underpin its technology transformation program.
ME Bank is the only Australian bank that is 100 per cent owned by Australia's leading industry super funds and provides a genuine alternative to the major banks - a fairer way to bank.
ME Bank uses technology to deliver banking products and services efficiently and has selected Temenos software as a core part of its four-year business transformation program, which will provide an exemplary information technology platform for its business. With no branches, the bank has adopted an innovative 'workplace banking' approach, whereby mobilised bankers conduct banking services onsite within members' workplaces. Temenos software will support the bank's aim to significantly increase customer numbers over the next three years, challenging the traditional banking landscape.
ME Bank's transformation program includes core system replacement with TEMENOS T24, introducing an anti-money laundering system with Temenos AML, and deploying a business analytics solution, Temenos Insight. This program is key to the bank's wider strategic IT transformation. The program will be implemented in four phases and is scheduled to be completed by June 2015.
Kathryn Hawkins, Chief Information Officer, ME Bank, said the bank's transformation program - which is underpinned by Temenos software - will enable the bank to service a growing customer base, offer innovative products and meet the changing needs of its customers.
Hawkins commented: "Supreme ease-of-use and efficient performance are key goals as we implement the multi-million dollar transformation of our technology platform. The new system will reduce operating costs, improve customer experience and speed up the delivery of new products. Our customers will enjoy an improved and faster interaction with ME Bank. There will be more self-service options, better stability and ultimately more products as we'll have the capability to deliver these even faster."
Hawkins continued: "In years to come ME Bank staff will all be working on a state-of-the-art technology platform that positions us for future growth."
David Arnott, CEO, Temenos said: "Temenos technology is an excellent fit for ME Bank and we are very excited to be working together. ME Bank is challenging Australia's traditional banking landscape, and its growth plans are underlined by a unique and compelling proposition for the Australian market."
Arnott continued: "Temenos has a history of supporting banks which have successfully challenged their banking industry - Metro Bank in the UK, BforBank in France, and Techcombank in Vietnam, for instance, are all examples of banks that have leveraged technology investment to create a differentiated and highly successful business model to disrupt their marketplace. We look forward to supporting ME Bank's strategy and helping it to achieve its growth targets."