BoQ enters phase two of Virgin Money Australia digital transformation – Finance – Strategy – Cloud – Software

Victoria D. Doty

The 2nd section of the Bank of Queensland’s digital transformation is now in improvement, which will affect a broader vary of economic products and solutions in its Virgin Money Australia digital bank.

The BoQ Group is in the early levels of a 5 calendar year, $440 million engineering overhaul, underpinned by a new main banking method from Temenos. The do the job is remaining conducted jointly with Deloitte Digital.

Phase two will deliver home loans, loyalty applications and deposit selections in addition open up banking abilities to the Virgin Money Australia brand name.

The first section, comprising transactional banking products and solutions, rolled out late previous calendar year in a ‘friends and family’ debut of the Virgin digital bank.

Speaking at the bank’s half calendar year final results, BoQ main govt George Frazis mentioned the “prosperous execution of our digital transformation remains a crucial precedence.”  

“For the first time, Virgin Money Australia now delivers transaction and price savings products and solutions supported by an impressive loyalty program and an integrated credit history card featuring shipped through a new indigenous cellular application,” said Frazis.

“Our foundational investment decision in a cloud-primarily based Temenos main retail banking system will, in the potential, give the common system for all BoQ’s retail models.”

Frazis mentioned Virgin Money Australia digital bank is “critical” to the group’s broader strategic transformation, as its prosperous shipping will assist the transition of other retail models on to the new cloud-primarily based main.

“It is a sector leading engineering answer, API-first in structure and has been designed as a cloud-primarily based, scalable answer with an evergreen improve route delivering our prospects with the most up-to-date in innovation,” Frazis mentioned.

“Leveraging a common facts architecture for Virgin Money, BoQ and ME Bank going ahead will enable us to have a common main retail banking system for all 3 models.”

BoQ will increase ME Bank to its roadmap when the $one.325 billion acquisition is comprehensive at the conclusion of the economic calendar year, pending approvals.

ME Bank is currently going through its individual transformation as its looks to exit its facts centres and shift to the cloud.

Given the acquisition is however underway Frazis mentioned BoQ had no remark on proposed methods around the continuation of ME Bank’s existing transformation efforts.

BoQ mentioned it had finished section a single of the deployment of a Microsoft Azure facts system which plays an essential section in the foundation for BoQ’s open up banking program and maximizing BoQ’s facts abilities.

The bank also designed out a broker portal, which presents brokers with on the internet applications for accreditation, coaching, credit history guidelines and pricing.

BoQ described $165 million in income earnings soon after tax in the first half and $154 million in statutory gains, a sixty six {394cb916d3e8c50723a7ff83328825b5c7d74cb046532de54bc18278d633572f} increase in comparison to the earlier calendar year.

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