The Bank of Queensland has selected Temenos as the core banking supplier for its $440 million full stack tech rebuild.
The Australian bank is moving at a lick on its digital transformation strategy, having first unveiled plans for a five-year tech overhaul to investors just last month.
The Temenos SaaS core will initially be deployed at BoQ subsidiary Virgin Money, creating a plug-and-play environment which will enable the brand to move beyond its basic credit cards, mortgage and insurance products to offer savings accounts and real-time debit transactions.
The project, implemented in conjunction with Deloitte Digital, will consolidate Virgin Money's range of retail banking products onto a unified, cloud-based platform.
Greg Boyle, Virgin Money Australia CEO says: “Virgin Money Australia is uniquely positioned to build on our existing relationships with more than 200,000 loyal customers and a home loan portfolio that has quickly grown to more than $3 billion to effectively compete in the Australian market with challenger and incumbent banks alike."
Assuming a successful implementation, Bank of Queensland intends to migrate its retail banking business onto the new digital platform at a later date.