Australian Digital Bank Alex Goes Live on Temenosby Fintechnews Switzerland August 6, 2021
Swiss banking software company Temenos 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.
With Temenos’ SaaS technology, Alex said that it 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 reportedly 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 localised 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.
Simon Beitz, Chief Executive Officer, Alex commented,
“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:
“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.”