Australian challenger Alex goes live on Temenos
Alex, Australia’s newest digital bank, has gone live on Temenos and its Banking Cloud product.
Alex will be based on Temenos’ Banking Cloud product
The Brisbane-based challenger was granted a restricted banking licence by the Australian Prudential Regulation Authority (APRA) last month.
Alex CEO, Simon Beitz, says Temenos’ AI-driven platform “provides the perfect foundation” for the firm as it looks to scale and build out its product portfolio.
Founded in 2018, Alex has so far largely been operating as a neolender, offering online personal loans.
Temenos’ tech has already supported the bank to process almost 10,000 loan applications in the last six months.
The banking technology company says its Software-as-a-Service (SaaS) digital banking platform will allow Alex to simplify and automate its loan application processes and offer improved customer credit options.
Banking Cloud combines the Temenos Infinity onboarding and channels services and the Temenos Transact retail lending banking service.
With its new banking licence, Alex will now look to utilise Banking Cloud to expand the scope of its services from personal lending to deposits.
Temenos adds its packaged banking services will also enable “the quick launch of Alex’s savings business line”.
Alex is aiming to qualify and apply for a full ADI licence from APRA to be able to offer a full suite of digital banking services.
