Dominic Republic’s first digital bank launches on Temenos Banking Cloud
By Gloria Methri
Temenos has announced the launch of Qik Banco Digital Dominicano on Temenos Banking Cloud, making it the first fully digital bank in the Dominican Republic. As part of the Popular Group, Qik combines more than five decades of banking experience with the operational agility and digital experiences enabled by the Temenos platform.
Grupo Popular, one of the largest financial groups in Latin America, with operations in the Dominican Republic and Panama, has assets of more than $13 billion and more than two million clients. Launching Qik on Temenos Banking Cloud with consultative support from ITSS will enable the bank to quickly establish a presence in the Dominican Republic. It also plans to onboard thousands of people in the first year.
With instant access to packaged banking services via Software as a Service (SaaS) on the Temenos Banking Cloud, Qik can meet the emerging needs of digital customers. Temenos Banking Cloud also allows Qik to take advantage of the benefits of an OpEx model and adapt elastically based on business demand.
The open and flexible platform will empower Qik to rapidly design and deliver innovative products and services. The bank will use Temenos core banking solutions and payment services on a pay-per-use basis, while launching products from debit accounts to savings accounts to personal loans throughout the Dominican Republic.
Arturo Grullón Finet, CEO of Qik, said, “We chose Temenos because its cloud technology has a successful track record across Latin America and we knew it could help us deliver a digital experience that redefines banking, so our customers can bank smarter, happier and better connected than ever before.
Enrique Ramos O’Reilly, Senior Vice President of Customer and Partner Success at Temenos, said, “With the implementation of the Temenos Banking Cloud, Qik can quickly and easily experiment, innovate, and bring new products to market to drive growth and optimize the customer experience. While supporting the group’s sustainable vision by reducing carbon emissions by more than 90% compared to using local infrastructure and applications and offering Qik customers tools to measure and mitigate the carbon impact of their transactions. We are very happy to conclude this project with Qik.”
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