MyLife MyFinance goes live with Temenos’ SaaS platform

By Megha Bhattacharya

Temenos announced that Australian bank MyLife MyFinance has gone live with its front-to-back digital banking platform delivered as Temenos SaaS. The bank will be leveraging the company’s Country Model Bank methodology to replace legacy systems, simplify processes and boost customer experience.

Temenos cloud technology allows MyLife MyFinance to create hyper-efficient cost models for its suite of products. The reduced costs from Temenos SaaS will enable MyLife MyFinance to deliver more competitively priced products to its customers.

Zvonko Balic, Chief Technology Officer, MyLife MyFinance, commented, “With Temenos’ SaaS digital banking platform we have simplified our systems and can now provide an end to end solution to meet customer needs. This includes a streamlined customer onboarding experience. Transformations are inherently challenging and add to this the complexity of adapting to new ways of working due to COVID-19, and the challenges only increased. I am proud of our team and our partners including Temenos, who have worked to help support our business and technology transformation.”

The bank will be utilising Temenos Infinity and Analytics for increasing automation and straight-through processing as well as for completing conditional decisions for 90% of applications.

Recently, Temenos announced that Santander International has selected the former’s SaaS platform, implemented by Syncordis, to boost its core banking platform transformation. Syncordis will help Santander International to transform its banking, savings and mortgage products IT infrastructure from an on-premise solution to a cloud-native Temenos SaaS. This will enable Santander International to benefit from the security, resilience and elastic scalability of the Microsoft Azure cloud.

Jean-Paul Mergeai, President – MEA & APAC, Temenos, said, “Cloud-native technology is helping banks create hyper-efficient cost structures, enabling them to pass on the benefits to their clients in terms of a better banking service. Banks who have embraced modern technology can now run their operations at 10% of the cost of their legacy technology stack. As a Temenos customer, MyLife MyFinance can focus more of its IT spend on growth and innovation rather than on maintenance. The bank will be more agile in its ability to launch new products more quickly and onboard more customers and originate more products and services digitally. We are delighted that MyLife MyFinance has completed its digital transformation journey with us.”