MyLife MyFinance goes live on cloud hosted Temenos technology

Australian bank MyLife MyFinance has completed its implementation of a Temenos digital banking solution in the cloud.

Temenos says the Aussie bank can now focus on new products

Temenos says the new “front-to-back system” will simplify the process, enhance the customer experience, and replace outdated legacy systems.

The Temenos Software-as-a-Service (SaaS) package includes the vendor’s flagship core banking system, Transact. The core sits alongside Temenos’ Infinity digital system and an analytics module.

MyLife MyFinance offers savings and lending services across its home country, and holds around AUD 179 million ($136.5m) in assets.

The bank is currently in the middle of a takeover with investment manager Challenger Limited which agreed to purchase it last December.

“With Temenos’ SaaS digital banking platform, we have simplified our systems,” says Zvonko Balic, chief technology officer at the bank.

“I am proud of our team and our partners including Temenos, who have worked to help support our business and technology transformation.”

Digital milestone

MyLife MyFinance general manager, Mark Sawyer, adds: “Innovation means finding ways to create the best possible outcomes for our customers.

“We partnered with Temenos to create an ecosystem of innovative fintech solutions to improve our service levels and simplify processes.

“We’re excited to have reached this milestone of our digital transformation journey, and for our customers to experience the benefits.”

Temenos SaaS has seen a handful of takers in the past few months. These include Santander International
, Swiss neobank Alpian
, and Irish credit union Croí Laighean

“Cloud-native technology is helping banks create hyper-efficient cost structures,” says Jean-Paul Mergeai, president for MEA and APAC at Temenos.

“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.”

Related: US core banking vendor Nymbus sets up new business for credit unions

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Originally posted at AnalyticsWeek