Because everyone deserves a better, fairer way to look after their money.
Volt Bank (Volt) is the first retail challenger bank launched since the 2000s and was granted its banking licence in January 2019. Its mission is simple; to empower customers to master their money through access to education and new technologies.
The bank is focused on delivering a simpler, better and fairer banking experience for Australians. In the months ahead, it will launch savings accounts followed by transaction accounts, foreign exchange, personal loans, home loans and term deposits.
Breaking down barriers to entry
Once upon a time, starting a new bank in Australia was considered impossible. The capital required to invest in software, data centres and other technological infrastructure made the risk too great.
This is no longer the case.
Volt has subscribed to and on-boarded the Temenos software-as-a-service cloud offering which is run via Microsoft Azure Cloud. Temenos provides a managed service for the software, along with the infrastructure, enabling the bank to scale up or down as and when required.
Volt is differentiating itself with a data-driven customer experience and Temenos provides the back-end technology that make this possible.
Technology and Data, the weapons of choice in the Challenger Bank wars
Being an online retail challenger bank, Volt needs to be highly efficient and offer low fees. It also needs to be very effective in terms of delivering the right experience to the right customer at the right time at the right price point.
Data analytics, seamlessly integrated with customer-centric core transaction processing, delivered via a cloud service, will drive continuous value-based engagement with customers, while eliminating any manual intervention in the operational process. It’s how the bank will build trust and speed as it provides a mobile-led, simple, personal and fair experience for its customers.