Temenos selected as core provider for Bank of Queensland tech rebuild

Temenos selected as core provider for Bank of Queensland tech rebuild

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.

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