Bank of Queensland (BOQ) has gone live with retail banking services on Temenos Banking Cloud for customers served by BOQ and Virgin Money. Since going live, BOQ has completed over four million transactions on the new platform. The modernization project with Temenos simplifies BOQ’s technology landscape by consolidating several legacy systems into a single platform for retail and business banking. BOQ Group will migrate all of its banking operations across three banking brands—leading regional bank BOQ and challenger banks Virgin Money and ME Bank.
Temenos provides the world’s leading open platform for composable banking, allowing banks and financial institutions to easily assemble, test, and extend broad banking capabilities. Using Temenos’ cloud-based platform enables BOQ to offer superior customer propositions with personalized offerings at a fraction of the cost of its legacy systems, building a competitive advantage and a low cost-income ratio.
“We are modernizing our technology from back to front to give us the flexibility and agility of a neobank, while leveraging the scalability and long-term investment of an established institution with 148 years in banking. This will provide our customers with compelling experiences, fast transactions and cutting-edge features. By leveraging the Temenos platform and the benefits of the cloud, we are attracting new customers and driving growth, ultimately improving our competitive advantage.”Rod Finch, Chief Product & Transformation Officer, Bank of Queensland