MyState Bank Selects Temenos for its Digital Banking Expansion in Australia
- Digital banking , Payments , Banking
- 04.11.2021 11:15 am
Temenos Infinity will power new AI-enabled digital banking services for MyState Bank’s retail and small-to-medium enterprise (SME) customers to deliver a fast and frictionless user experience
Temenos (SIX: TEMN), the banking software company, today announced that MyState Bank in Australia has selected Temenos Infinity powered by The Temenos Banking Cloud to transform its mobile and internet banking. Temenos’ digital banking platform will help MyState Bank accelerate growth by streamlining digital onboarding and origination, as well as making banking faster and easier to use.
Headquartered in Hobart, Tasmania, MyState Bank is a respected and established challenger brand with approximately AU$6b in assets, 350 employees, and 150,000 customers. Earlier this month, MyState Bank placed sixth in the Australian Financial Review (AFR) BOSS Innovation Awards for the banking, superannuation and financial services category. More than 700 businesses competed for the AFR BOSS awards in 10 categories.
With a desire to expand its national footprint and a competitive banking environment, MyState Bank has turned to Temenos Infinity to deliver seamless, end-to-end digital customer journeys that will differentiate its offering and accelerate customer growth.
Like most banks, MyState has seen an uptick over the past 12-months in demand for its internet and mobile banking, with 71% of customers registered for internet banking and 94% of transactions digitally completed.
With the shift to digital channels, the customer experience is the new battleground. According to an Economist Intelligence Unit report for Temenos, four in five bankers believe that banks will seek to differentiate on customer experience rather than products. Improving customer experience and engagement, including personalisation and intimacy, was the top strategic priority of 30% of banking executives surveyed.
For MyState Bank, Temenos Infinity will enable retail and SME customers to open a new account in minutes, make instant payments and manage their spending and saving with AI-enabled tools – all via a simple, intuitive interface.
MyState Bank will access Temenos Infinity using The Temenos Banking Cloud, Temenos’ next-generation SaaS. More than 3,000 financial services institutions worldwide rely on Temenos’ modern, open, cloud technology. The Temenos Banking Cloud enables banks and businesses to consume, manage and maintain banking services in a secure, continually evolving, self-service platform.
Melos Sulicich, Managing Director and CEO, MyState Limited, commented: “Replacing our digital banking platform with Temenos Infinity will enable us to design and deliver exceptional customer experiences with a human touch. In evaluating new digital banking platforms, Temenos impressed us with the modern, fast, frictionless user experience as well as its track-record with other leading banks in Australia. MyState’s growth strategy is to scale-up via a strong digital and AI-enabled offering across the country. The Temenos platform will ensure a world-class user experience, providing easy and convenient access to all our digital banking services.”
Jean-Paul Mergeai, President – International Sales, Temenos, commented: “We are delighted to be selected by MyState Bank to transform its digital banking services. Temenos is seeing strong demand in the Australian market with incumbent and challenger banks choosing our digital banking platform and the Temenos Banking Cloud. With Temenos, MyState Bank can lead the way in digital customer experience while benefiting from an open, cloud banking platform to drive rapid innovation.”
Temenos Infinity is the world’s best-selling digital banking platform (IBS Intelligence Sales League Table 2021) used by over 650 financial institutions, from global tier one banks to digital challengers. The platform is rated as the only ‘best-in-class’ solution in the Aite Matrix Evaluation: US Digital Banking Engagement of Core Banking Providers 2021. It was also recently named a leader in two key reports – The Forrester Wave™: Digital Banking Engagement Platforms and Digital Banking Engagement Hubs evaluations for Q3 2021.