Australia’s Newest Digital Bank Goes Live on Temenos to Champion Fairer, More Human Banking Experiences
August 04 2021 - 7:00PM
Business Wire
- Alex, Australia’s newest digital bank, goes live on The Temenos
Banking Cloud to create a hyper-efficient cost structure and offer
better value lending products and services to retail customers
- Temenos technology simplifies Alex’s loan application journey,
facilitating 3-minute application times and the delivery of nearly
10,000 loans in the last six months
- Temenos’ packaged banking services will enable the quick launch
of Alex’s savings business line so the bank can achieve rapid time
to value and maximize growth and profitability
Temenos (SIX: TEMN), 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 to
disrupt the Australian retail banking market with fast, simple,
fairer and more human banking to address the digital preferences of
millennial and gen-Z consumers. 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.
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.
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. Using The Temenos Banking Cloud, Alex will be able to
simply and cost-efficiently scale its business and bring to market
a portfolio of products to improve the consumer credit and banking
experience for Australians.
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.”
– Ends –
About Alex
Alex was founded in 2018 by seasoned industry professionals
Simon Beitz and Craig Fenwick with a mission to revolutionise
banking in Australia by focusing on what matters to customers –
speed, simplicity, fairness and a more human approach to banking
products and services. Its team of energetic bankers include a
board of diverse and experienced corporate professionals and its
shareholders are some of Australia’s most respected private and
corporate investors.
Alex Bank Pty Ltd ABN 13 627 244 848 ("Alex"), Australian
Financial Services Licence and Australian Credit Licence 510805, is
authorised by the Australian Prudential Regulation Authority
("APRA") to operate under a time-limited and Restricted Authorised
Deposit-taking Institution ("Restricted ADI") licence. Under its
Restricted ADI Licence, Alex does not yet meet APRA's full
prudential framework for an Authorised Deposit-taking Institution
("ADI"). Further information regarding Alex's Restricted ADI
licence is available at www.alex.bank/legal
1 Alex’s initial personal loan product has secured the Finder
Finalist Award for Risk-Based Unsecured Personal Loans, Canstar
5-Star Rating 2020 Award for the Excellent Credit Unsecured
Personal Loan, Mozo Expert’s Choice Award for Best New Personal
Loan and RateCity Gold Award for Excellent Credit Personal
Loan.
About Temenos
Temenos AG (SIX: TEMN) is the world’s leader in banking
software. Over 3,000 banks across the globe, including 41 of the
top 50 banks, rely on Temenos to process both the daily
transactions and client interactions of more than 1.2 billion
banking customers. Temenos offers cloud-native, cloud-agnostic and
AI-driven front office, core banking, payments and fund
administration software enabling banks to deliver frictionless,
omnichannel customer experiences and gain operational
excellence.
Temenos software is proven to enable its top-performing clients
to achieve cost-income ratios of 26.8% half the industry average
and returns on equity of 29%, three times the industry average.
These clients also invest 51% of their IT budget on growth and
innovation versus maintenance, which is double the industry
average, proving the banks’ IT investment is adding tangible value
to their business.
For more information, please visit www.temenos.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210804005065/en/
Media
Jessica Wolfe & Scott Rowe Temenos Global Public
Relations Tel: +1 610 232 2793 & +44 20 7423 3857 Email :
press@temenos.com
Alistair Kellie & Andrew Adie Newgate Communications
on behalf of Temenos Tel: +44 20 7680 6550 Email:
allnewgatetemenos@newgatecomms.com