Virgin Money teams with Temenos & Deloitte Digital to launch new bank

Deloitte Digital, Temenos and Virgin Money Australia plan to build a new digital bank that they hope will be ready for business before the end of the year.

Temenos is responsible for delivering the banking platform and SaaS capabilities, while Deloitte Digital will assist with the build, configuration and integration of Virgin Money Australia’s digital ecosystem.

Virgin Money Australia states that its new digital bank will run on a single, upgradeable platform with a simplified business model, thanks to Temenos’ Transact and Infinity solutions.

The bank will first consolidate its product lines into a single platform. Virgin Money Australia will then offer the digital banking experience to new and existing customers across digital touch points.

“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,” adds Virgin Money Australia CEO Greg Boyle.

He says that Virgin Money Australia currently has more than 200,000 customers on its books, and a home loan portfolio worth more than $3 billion. Boyle believes these figures illustrate how Virgin Money Australia can effectively complete in the Australian market, alongside incumbent and challenger banks.

According to Deloitte Digital Banking partner Brad Milliken, Deloitte provided a team of more than 100 professionals across Asia and Europe, including designers and technologists, to develop Virgin Money’s new bank service.

“We are working with Virgin Money and Temenos to imagine, make and run the bank of the future,” he says.

Last year the three companies successfully developed a proof-of-concept for the idea of a digital bank. Virgin Money Australia says it wants to become one of Australia’s ‘leading’ digital challenger banks.

Temenos CEO Max Chuard says, “Virgin Money Australia sets the bar high for customer experience with its digital-first strategy.”

“We’ve seen great momentum in the Australian market from challenger banks to established institutions and we’re excited to continue working with financial institutions to challenge the status quo.”

Temenos was recently named as a Leader for Worldwide Integrated Payment Platforms by IDC in the ‘IDC MarketScape: Worldwide Integrated Payment Platforms 2019-2020 Vendor Assessment’.

“The Temenos Payment platform was engineered from the ground up as a modern, open solution that is consistent across any deployment model”, the report says.

“[Temenos] is notable for its flexibility in how banks can use Temenos Payments in their digital transformation strategy.”