Swiss banking software company Temenos has won a new customer for its banking cloud down under.
Australia’s newest digital bank, «Alex», has launched its retail banking services using Temenos’ banking cloud, the Geneva-based banking software company, said in a press release Thursday.
«Alex» is launching as a licensed bank, following the acquisition of its Restricted-Authorized Deposit-Taking Institution license from the Australian Prudential Regulation Authority earlier this month. Previously it was restricted to offering loans.
Three-minute loan applications
Temenos said its technology had already supported the bank to process almost 10,000 loan applications in the last six months, with each application taking the customer just three minutes to fill out.
Looking to Be Disruptor
It added that «Alex» was built on the Temenos banking cloud to disrupt the Australian retail banking market by addressing the digital preferences of millennial and gen-Z consumers.
The banking cloud is a software as a service (SaaS) banking solution that gives «Alex» total control to deploy banking services that are easy to consume, configure and integrate with external applications, Temenos said.
