Australian Bank selects Temenos for Digital Transformation
Temenos, the banking software company, today announced that MyLife MyFinance has gone live with Temenos’ front-to-back digital banking platform delivered as Temenos SaaS. Using Temenos Country Model Bank methodology, the new front-to-back system simplifies processes, enhances the customer experience, and replaces legacy systems.
MyLife MyFinance is an Australian bank offering its customers a range of savings and lending solutions. Temenos cloud technology allows MyLife MyFinance to create hyper-efficient cost models for its suite of products. The reduced costs from Temenos SaaS will enable MyLife MyFinance to deliver more competitively priced products to its customers.
As a result of the build-and-migrate implementation, MyLife MyFinance has reduced complexity by moving to one central core banking system to store and run all of its processes and data, Temenos Transact. Combined with Temenos Infinity and Temenos Analytics, the end-to-end solution, increases automation and straight through processing (STP), completing conditional decisions for 90% of applications. Temenos’ end-to-end SaaS solution also reduces cost and complexity, and paves the way for innovation. The bank now benefits from secure, scalable technology built to meet Australian requirements today and in the future, including creating an open banking ecosystem to enhance services like customer verification, digital wallets and fraud monitoring, to deliver a differentiated customer experience. The project was completed using a phased approach, supported by Syncordis.
Challenger Limited, an investment management firm, recently entered into an agreement to acquire MyLife MyFinance from Catholic Super. The acquisition is currently subject to approval by the Australian Prudential Regulation Authority (APRA) and the Federal Treasury.
Zvonko Balic, Chief Technology Officer, MyLife MyFinance, commented: “With Temenos’ SaaS digital banking platform we have simplified our systems and can now provide an end to end solution to meet customer needs. This includes a streamlined customer onboarding experience. Transformations are inherently challenging, and add to this the complexity of adapting to new ways of working due to COVID-19, and the challenges only increased. I am proud of our team and our partners including Temenos, who have worked to help support our business and technology transformation.”
Mark Sawyer, General Manager, MyLife MyFinance, said: “For MyLife MyFinance, innovation means finding ways to create the best possible outcomes for our customers. We partnered with Temenos to create an ecosystem of innovative fintech solutions to improve our service levels and simplify processes. Temenos has provided us with a front-to-back digital banking platform. This includes Temenos Infinity and Analytics, an API-first technology that enables integration with third-parties, which can help us generate new innovations in the future. We’re excited to have reached this milestone of our digital transformation journey, and for our customers to experience the benefits.”
Jean-Paul Mergeai, President – MEA & APAC, Temenos, said: “Cloud-native technology is helping banks create hyper-efficient cost structures, enabling them to pass on the benefits to their clients in terms of a better banking service. Banks who have embraced modern technology can now run their operations at 10% of the cost of their legacy technology stack. As a Temenos customer, MyLife MyFinance can focus more of its IT spend on growth and innovation rather than on maintenance. The bank will be more agile in its ability to launch new products more quickly and onboard more customers and originate more products and services digitally. We are delighted that MyLife MyFinance has completed its digital transformation journey with us.”