Geneva-based banking software provider Temenos announced that the Bank of Queensland (BOQ) has launched retail banking services on Temenos Banking Cloud.

The service is said to be applicable for customers served under the BOQ, Virgin Money and ME Bank brands.

According to Temenos, BOQ has crossed over four million transactions since the platform was launched.

The cloud-based Temenos platform is said to enable BOQ to provide superior customer propositions with personalised offerings for a small fraction of the cost of its legacy systems, creating a competitive advantage and a favourable cost-to-income ratio.

Bank of Queensland chief product and transformation officer Rod Finch said: “We are modernising our technology from back to front to give us the flexibility and agility of a neobank, while leveraging the scalability and long-term investment of an established institution with 148 years in banking.

“This will provide our customers with compelling experiences, fast transactions and cutting-edge features. By leveraging the Temenos platform and the benefits of the cloud, we are attracting new customers and driving growth, ultimately improving our competitive advantage.”

Through the unification of 40 systems into a single platform for retail and business banking, the modernization project with Temenos streamlines BOQ’s technology landscape, claims the company.

As a part of the project, BOQ will migrate all of its banking operations across three banking brands.

Temenos president and global head of field operations Erich Gerber said: “The Australian banking market is going through unprecedented change as regulators look to drive innovation and competition, and banks navigate bringing personal relationships into the digital age.

“With Temenos Banking Cloud, we are putting banks in control of their business models and innovation cycles, giving them the agility and speed to build great products and profitable business.”

BOQ Group is expected to gradually implement the Temenos Banking Cloud across all of its retail banking business lines, with business banking and lending to follow.