Bank of Queensland’s cloud-based banking systems process 4 million transactions

Bank of Queensland says its cloud-based digital core banking systems have processed almost four million customer transactions since going live in mid-2021.

The digital transformation update has seen Bank of Queensland (BOQ) and Virgin Money Australia (VMA) attract a younger population (25% and under 35) by using new applications.

CEO and Managing Director of BOQ George Frazis said the bank is making steady progress in digitizing its operations and building its new cloud-based digital bank.

“Since 2019, we’ve been simplifying and modernizing our business to improve the experience for our customers and bankers,” Frazis said.

“Already Virgin Money Australia and BOQ’s transaction and savings functions are now running on our new digital cloud banking, and work is underway to move ME Bank deposit transactions to the new cloud platform.”

“We are modernizing our core processes and digitizing end-to-end, which will give us the flexibility of a neobank but with the scale, strong capital position and proven brands of an established institution with 148 years of experience. in the banking sector.

“This will provide a compelling competitive advantage over existing players and new entrants.”

In April, the myBOQ app was launched, offering new features such as Instant Osko Payments, PayID, Savings Round Up, Bill Tracking and In-App Live Chat.

Opening a transaction account at BOQ or Virgin Money now only takes five minutes with the app.

Fifty-six percent of customers using the myBOQ app were existing BOQ customers who migrated themselves to take advantage of the platform.

Frazis said the bank is simplifying its operations with the goal of halving the number of IT systems over the next few years.

“Rather than simply shifting our business to work around legacy systems, we’re building two core linked platforms, one for our retail and one for our business customers, that can serve our multiple brands and drive greater efficiencies” , did he declare.

BOQ enlisted platform provider Temenos to move all brands and retail systems to its single central cloud-based platform.

For more complex business customers, they will be served on the latest on-premises Temenos platform.

“Our strategic partnership with Temenos is crucial to realizing our vision of transformation. By using a ‘banking as a service’ model, we can achieve rapid transformation while maintaining high levels of customer service and strengthening relationships with the communities where we operate,” Frazis concluded.


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