MyState Bank has adopted Temenos Infinity to facilitate its mobile and internet banking expansion into Australia.
Temenos’ digital banking platform, which is powered by the Temenos Banking Cloud, will help MyState Bank accelerate growth by streamlining digital onboarding and origination, as well as making banking faster and easier to use.
With a desire to expand its national footprint and a competitive banking environment, MyState Bank has turned to Temenos Infinity to deliver end-to-end digital customer journeys that is expected to 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, make instant payments and manage their spending and saving with AI-enabled tools – all via use of a simple interface.
MyState Bank will access Temenos Infinity using The Temenos Banking Cloud, Temenos’ next-generation SaaS. 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, added: “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.”