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 their customers. It also automates manual loan application processes, facilitating 3-minute application times and the delivery of nearly 10,000 loans in the last six months. Using Temenos’ SaaS technology enables the bank to offer better consumer credit options, efficient and competitive loans with no undisclosed fees. Temenos’ packaged banking services will enable the quick launch of Alex’s savings business line.

Australia’s newest digital bank, Alex, focuses on creating a hyper-efficient cost structure and offering better value lending products and services to retail customers. Alex’s front-to-back platform uses Temenos’ pre-configured Australia Model Bank methodology that combines the Temenos Infinity onboarding and channels services and the Temenos Transact retail lending banking service. This will also allow the bank to quickly expand its scope of services to all retail customers from personal lending to deposits.

“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.”

Simon Beitz, Chief Executive Officer