Virgin Money Australia: building a digital bank
Aiming to launch the result before the end of 2020, Virgin is seeking to consolidate its various products into a unified, convenient platform that will provide a thoroughly modern banking experience.
“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,” explained Greg Boyle, CEO, in a press release.
“We are at the beginning of an exciting journey as we build an industry-leading digital bank that will be beautifully simple and rewarding.”
Bringing together digital prowess
Temenos’ contribution to the project will be providing holistic SaaS (software as a service) capabilities and solutions. Experienced in delivering advanced, AI-based solutions, the company will be utilising its agile, secure and scalable services throughout.
Excited to be working with such a forward-thinking company, Max Chuard, CEO of Temenos, said, “As one of the most innovative brands in banking, Virgin Money Australia sets the bar high for customer experience with its digital-first strategy.”
With the technological innovation of the project in-hand, Virgin Money needed an establisher partner which had the breadth and resources necessary to ensure its digital bank comes to fruition in accordance with its vision. That partner was Deloitte.
Brad Milliken, Deloitte Digital Banking partner, remarked that the company’s “technical prowess, business acumen, advisory services and regulatory expertise” would help Virgin draw the roadmap for its exciting development.
“In order to get in the market quickly, we have brought together a team of more than 100 Deloitte professionals from across Australia and Europe, who bring the deep set of capabilities needed to deliver the expanded Virgin Money offering,” he said.
The start of an exciting journey
The proof of concept for Virgin’s digital bank was successfully completed in 2019, meaning it aligns with the company’s vision and ambition to be a thoroughly modern, 21st-century bank.
“With our front-to-back advance AI and cloud technology, we will enable Virgin Money Australia to offer differentiated customer experiences and gain operational efficiencies,” concluded Boyle.
“We’ve seen great momentum in the Australian market from challenger banks to established institutions and we’re excited to continue working with financial institutions to challenge the status quo.”
For more information on business topics in ANZ, please take a look at the latest edition of Business Chief ANZ.