Australia’s Alex Bank Taps Temenos to Roll Out Its Term Deposits Offeringby Fintech News Singapore May 15, 2023
Australia’s digital bank Alex has gone live with its fixed term deposits offering on banking software company Temenos‘ cloud platform.
Temenos said that it had partnered with Alex Bank to design, test, and implement the new offering over less than four months.
Leveraging Temenos, Alex Bank has been offering personal loans with applications that can reportedly be completed in three minutes or less as well as savings accounts.
In December 2022, Alex Bank was granted an unrestricted license, allowing it to expand its product portfolio to include term deposits.
Temenos Banking Cloud has provided Alex Bank with an end-to-end digital banking platform that combines Temenos’ onboarding and channel services in the front end with core banking for retail customers in the back.
The straight-through processing, embedded with AI, automates processes and generates fast and simple customer journeys.
Simon Beitz, CEO Alex Bank said,
“The Temenos Banking Cloud has been key to going to market quickly and delivering experiences that are simple, streamlined, and tailored to our customers’ needs.
In just under 3 months since launching we are achieving healthy flows of deposits to match fund our lending.”
Craig Bennet, Managing Director – Asia-Pacific at Temenos said,
“Temenos has been proud to partner with Alex Bank having recently been awarded their Australian Banking license with an expanding range of business lines.
Leveraging cloud-native technology, open APIs, and leading banking capabilities, Alex Bank is quickly growing to offer Australians banking services that will positively impact their daily lives.”