Friday, 2 June 2023

Alex Bank goes live with term deposits on Temenos Banking Cloud

5 min read

Temenos announced that Alex Bank launched its fixed-term deposits, following a rapid deployment where both companies partnered to design, test and implement over less than four months.

This expands its product portfolio, including personal loans and savings accounts – all on the Temenos Banking Cloud. As the Australian banking landscape continues to evolve, the founders of Alex Bank are challenging the status quo by restoring fairness to the banking industry with their simple products, offering competitive rates and returns, doing away with unnecessary or hidden fees and complex conditions.

Leveraging Temenos, Alex Bank has been offering personal loans with applications that can be completed in three minutes or less and savings accounts, which lead the industry in terms of speed and simplicity.

In December 2022, Alex Bank was granted an unrestricted licence, allowing it to expand its product portfolio to term deposits. At the same time, Alex Bank added collateral management through Transact, enabling security to be registered on personal loans, further enhancing Alex Bank’s lending offering.

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 artificial intelligence (AI), automates processes and generates fast and simple customer journeys.

The agility and scalability of the cloud means that Temenos can scale alongside Alex Bank, as it reaches its targets while maintaining reliability and security. Temenos’ SaaS solution gives Alex Bank total control to deploy banking services that are easy to consume, configure and integrate with external applications, as it continues to grow its product portfolio and customer base.

Simon Beitz, CEO of Alex Bank, commented: “We are thrilled to have received our unrestricted banking licence and launched our term deposit product to market. The Temenos Banking Cloud has been key to going to market fast and delivering experiences that are simple, streamlined and tailored to our customers’ needs. In just under three months since launch, we are achieving healthy flows of deposits to match our fund lending."

This allows Alex Bank to rapidly grow its balance sheet and improve our cost of funds and margin. Ultimately benefiting our customers as we pass these savings through. In addition, to date, we have approved thousands of personal loan applications, worth over $55 million. "With Temenos, we can bring together the benefits of technology combined with the power of human connection.”

Craig Bennet, managing director in Asia-Pacific, Temenos, said: “Temenos has been proud to partner with Alex Bank having recently been awarded their Australian Banking licence with an expanding range of business lines. Temenos' open platform for composable banking helps more than 3,000 financial institutions deliver value to their customers. Leveraging cloud-native technology, open application programming interfaces (APIs), and leading banking capabilities, Alex Bank is growing fast to offer Australians banking services that will positively impact their daily lives.”


Re-disseminated by The Asian Banker

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