Thursday, 05 March 2020 10:31

Virgin Money Australia to launch digital bank by year-end

Virgin Money Australia to launch digital bank by year-end Pixabay

Virgin Money Australia will join up with Deloitte Digital and Swiss global banking software firm Temenos to set up a new digital bank before the year ends.

A proof-of-concept was implemented successfully last year, a statement said.

Temenos will provide the artificial intelligence-based banking platform and also the software-as-a-service capability. Deloitte will help with the configuration, integration of and building of the new entity which will be based on Virgin Money Australia's digital system.

Virgin Money Australia chief executive Greg Boyle said: “Importantly, Virgin Money Australia is uniquely positioned to build on our existing relationships with more than 200,000 loyal customers and a home loan portfolio that has quickly grown to more than $3 billion to effectively compete in the Australian market with challenger and incumbent banks alike.

“We are at the beginning of an exciting journey as we build an industry-leading digital bank that will be beautifully simple and rewarding. We are committed to delighting our customers by providing a seamless, end-to-end experience across all channels.

“By working with Deloitte Digital and Temenos to deliver Virgin Money Australia’s new Digital Bank, we’ve selected partners that have a strong capability and a proven track record in delivering.”

Temenos has previously partnered with Volt Bank and also with TSB, the seventh largest bank in New Zealand.

Temenos chief executive Max Chuard said: “We are delighted to be chosen by Virgin Money Australia as their technology partner of choice to support them on their digital banking initiative and growth plans.

"As one of the most innovative brands in banking, Virgin Money Australia sets the bar high for customer experience with its digital-first strategy."

Deloitte Digital Banking partner Brad Milliken said: "We are bringing the full power of Deloitte to the table to deliver on the bold proposition that Virgin Money has put forward.

"By leveraging one of the best known brands in the globe and Deloitte Digital’s global technical prowess, business acumen, advisory services and regulatory expertise we are working with Virgin Money and Temenos to imagine, make and run the bank of the future."

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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