Bank of Queensland (BOQ) has launched a new cloud-based core banking system, powered by banking technology provider Temenos, for its retail operations under the BOQ and Virgin Money brands.
Work has now begun on migrating BOQ’s ME Bank (Members Equity Bank) brand to the new cloud platform. It has already been running the main Temenos software as well as a number of auxiliary applications for almost a decade.
The latest commissioning is part of BOQ’s multi-year transformation. Eventually, all retail and business banking transactions and lending across all three banking brands – BOQ, Virgin Money and ME Bank – will transition to Temenos’ systems, simplifying and consolidating the technology landscape.
“Using Temenos’ cloud-based platform enables BOQ to deliver superior customer propositions with personalized offers at a fraction of the cost of its existing systems, creating competitive advantage and low cost- income,” says the supplier.
BOQ has already completed more than four million transactions on the new platform.
It is understood that among the bank’s legacy technologies are Fiserv’s Signature Core Banking System (retail) and Nucleus Software’s FinnOne (loan).
“We are modernizing our technology from the ground up 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 of experience. in the banking industry,” comments Rod Finch, chief product and transformation officer. to BOQ.
Virgin Money Australia joined the BOQ family in 2013 through a $40 million acquisition deal. Under the agreement, BOQ has the rights to the Virgin Money name in Australia for four decades while paying royalties to the Virgin Group, and Virgin has a seat on BOQ’s board of directors. Virgin Money offers a wide range of consumer banking products through digital channels and has approximately 150,000 customers.
ME Bank was acquired in 2021 for $1.3 billion and nearly doubled BOQ’s retail banking business.