Temenos has 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 earlier this year.
The new digital bank was built to disrupt the Australian retail banking market with fast, simple, fairer and more human banking to address the digital preferences of millennial and gen-Z consumers.
Simon Beitz, CEO, Alex, said: “Temenos’ AI-driven digital banking platform provides the perfect foundation for Alex – a bank that is both digital and human. 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.”
Temenos technology has 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.
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.
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