Bank of Queensland relies on Temenos Banking Cloud » Investors Plus

BOQ Group is completing the next phase of its multi-year transformation that will enable it to create exceptional digital experiences and help clients achieve their financial goals

GENEVA–( BUSINESS WIRE )–Temenos (SIX: TEMN), today announced that Bank of Queensland (BOQ) has launched retail banking services on the Temenos Banking Cloud for its customers served under the BOQ and Virgin Money brand offerings. Work on the migration of BOQ’s ME brand to Temenos Banking Cloud has started. Leveraging Temenos’ cloud-based platform enables BOQ to offer superior customer solutions with personalized offers at a fraction of the cost of their legacy systems, building a competitive advantage and low cost-to-income ratio. Since going live, BOQ has processed more than four million transactions via the new platform.

The modernization project with Temenos simplifies BOQ’s technology landscape by consolidating 40 systems on a single platform for consumer and business customers. As part of the project, BOQ Group will migrate all its banking activities across three banking brands – leading regional bank BOQ and challenger banks Virgin Money and ME Bank. BOQ Group is gradually rolling out Temenos Banking Cloud across all retail banking divisions, including business banking and lending.

Temenos provides the world’s leading open composable banking platform that enables banks and financial institutions to easily assemble, test and extend comprehensive banking functions. Temenos Banking Cloud offers Temenos’ unique breadth of front-to-back banking services. The combination of agility, scalability and extensibility will help BOQ Group create unique digital offers, innovate faster and meet changing customer expectations.

Rod Finch, Chief Product and Transformation Officer, Bank of Queensland commented: “We are modernizing our technology from the back to the front to give us the flexibility and agility of a neo-bank, while leveraging the scalability and long-term investment of an established institution with 148 years of banking experience. This will offer attractive benefits, fast transactions and state-of -the-art features for our customers. By leveraging the Temenos platform and the benefits of the cloud, we attract new customers and drive growth, ultimately improving our competitive advantage.”

Erich Gerber, President and Global Head of Field Operations, Temenos said: “The Australian banking market is undergoing an unprecedented transformation as regulators seek to drive innovation and competition and banks strive to establish personal relationships in the digital age. With Temenos Banking Cloud, we enable banks to take control of their business models and innovation cycles, giving them the flexibility and speed to build great products and profitable businesses. We are delighted to have reached this milestone with Bank of Queensland and look forward to continuing to build on these achievements.”

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About Temenos

Temenos (SIX: TEMN) is the world’s leading open platform for composite banking, creating new opportunities for over 1.2 billion people around the world every day. We support over 3000 banks in more than 150 countries, from the largest to challengers and community banks, by helping them create new banking services and cutting-edge customer experiences. Temenos’ open platform enables our high performing clients to achieve three times the return on equity and half the cost/income ratio of the industry average.

Visit www.temenos.com for more information.

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Contact persons

Jessica Wolfe and Scott Rowe
Temenos Global Public Relations

Phone: +1 610 232 2793 & +44 20 7423 3857

Email: press@temenos.com

Alistair Kelly
Newgate Communications to Temenos

Phone: +44 20 7680 6550

Email: allnewgatetemenos@newgatecomms.com

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