Alex Bank goes live with Term Deposits on Temenos Banking Cloud

By Leandra Monteiro

Temenos announced that Alex Bank launched its Fixed Term Deposits following a rapid deployment where Temenos and Alex Bank 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.

Leveraging Temenos, the 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, the Bank was granted an unrestricted license, allowing it to expand its product portfolio to Term Deposits. At the same time, the Bank added collateral management through Transact, enabling security to be registered on personal loans, further enhancing Alex Bank’s lending offering.

Simon Beitz, CEO, Alex Bank, commented, “We are thrilled to have received our unrestricted banking license and launched our Term Deposit product to market. 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.

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.”

Temenos Banking Cloud has provided the 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.

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.

Craig Bennet, Managing Director – Asia-Pacific, 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. Temenos open platform for composable banking helps more than 3,000 financial institutions deliver value to their customers. 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.”