Billionaire Richard Branson’s Virgin Money, a major financial services brand used by three independent brand-licensees based in Australia, South Africa and the UK, is teaming up with Deloitte Digital and Temenos, a Switzerland-based banking software company.
Through the partnership, Virgin Money plans to establish a new digital bank in Australia before the end of this year. A proof-of-concept (PoC) has already been developed.
Temenos will be offering the artificial intelligence (AI)-enhanced banking platform and it will also provide software-as-a-service capabilities. Big Four auditing firm Deloitte will help out with the configuration, integration of and development of the platform, which will run on Virgin Money Australia division’s digital system.
Greg Boyle, CEO at Virgin Money’s Australia division, stated:
“Importantly, Virgin Money Australia is uniquely positioned to build on our existing relationships with more than 200,000 loyal customers and a home loan portfolio that has quickly grown to more than $3 billion to effectively compete in the Australian market with challenger and incumbent banks alike.”
Boyle added:
“Virgin Money Australia will join up with Deloitte Digital and Swiss global banking software firm Temenos to set up a new digital bank before the year ends.”
He continued:
“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.”
Boyle went on to mention that by working cooperatively with the Deloitte Digital team and Temenos, the companies will establish a new digital bank for Australian consumers.
Temenos is also working with Volt Bank and TSB, one of New Zealand’s largest financial institutions
Max Chuard, CEO at Temenos, remarked:
“We are delighted to be chosen by Virgin Money Australia as their technology partner of choice to support them on their digital banking initiative and growth plans.”
Chaurd also mentioned:
“As one of the most innovative brands in banking, Virgin Money Australia sets the bar high for customer experience with its digital-first strategy.”