BOQ subsidiary Virgin Money Australia has announced it will partner with Deloitte Digital and global banking software platform Temenos, to “build a new digital bank”, which is expected to launch later this year.
According to Virgin Money, Temenos will be tasked with delivering the AI platform that would provide front-to-back software as a service (SaaS) capability for the new digital bank.
As part of the project, Virgin Money would consolidate its range of product lines onto a single Temenos-powered platform, aimed at improving the client onboarding experience.
Virgin claimed that Temenos’ AI platform would also offer preconfigured, country-specific functionality that will enable bank to “rapidly go live”.
Meanwhile, Deloitte Digital would be charged with assisting with the “configuration, integration and build out of Virgin Money Australia’s digital ecosystem”.
The announcement comes just a week after BOQ unveiled its new long-term strategy, which included investment in the Virgin Money’s “transformation”.
Following the announcement, Greg Boyle, Virgin Money Australia CEO said: “We are at the beginning of an exciting journey as we build an industry-leading digital bank that will be beautifully simple and rewarding.
“We are committed to delighting our customers by providing a seamless, end-to-end experience across all channels.
“By working with Deloitte Digital and Temenos to deliver Virgin Money Australia’s new digital bank, we’ve selected partners that have a strong capability and a proven track record in delivering.”
Brad Milliken, Deloitte Digital Banking partner added: “We are bringing the full power of Deloitte to the table to deliver on the bold proposition that Virgin Money has put forward.”
“By leveraging one the best-known brands in the globe and Deloitte Digital’s global technical prowess, business acumen, advisory services and regulatory expertise we are working with Virgin Money and Temenos to imagine, make and run the bank of the future.”
Mr Milliken said Deloitte has formed a team of more than 100 to drive Virgin Money’s transition.
“This includes the designers and technologists delivering the core banking platform and native mobile apps, the process engineers who are designing and implementing the back office, and our risk and regulatory experts who are supporting the bank in engagement with the relevant regulatory bodies to work on this very exciting Virgin Money project with Temenos, Virgin Money Australia’s core banking platform provider,” he said.
Reflecting on Temenos’ new partnership with Virgin, CEO Max Chuard, commented: “We are delighted to be chosen by Virgin Money Australia as their technology partner of choice to support them on their digital banking initiative and growth plans.”
“As one of the most innovative brands in banking, Virgin Money Australia sets the bar high for customer experience with its digital-first strategy,” he said.
“To offer superior, hyper-personalised digital experiences and drive operational efficiencies, Virgin Money has selected cloud-native, cloud-agnostic Temenos Infinity and Temenos Transact to power its digital transformation.
He concluded: “We’ve seen great momentum in the Australian market from challenger banks to established institutions and we’re excited to continue working with financial institutions to challenge the status quo.”