Lender unveils timeline to neobank's launch

One of “best known brands on the globe” intends to have its digital bank built and live before end of year

Lender unveils timeline to neobank's launch


By Madison Utley

An established financial services provider has shared the timeline for its plans to launch a neobank, intending to have it built and live before the end of 2020.

Virgin Money Australia has ambitions to become “one of Australia’s leading digital challenger banks”, having partnered with Deloitte Digital and global banking software company Temenos following the successful completion of a proof of concept last year.

“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 $3bn to effectively compete in the Australian market with challenger and incumbent banks alike,” said Greg Boyle, Virgin Money Australia CEO.

“We are at the beginning of an exciting journey as we build an industry-leading digital bank that will be beautifully simple and rewarding. We are committed to delighting our customers by providing a seamless, end-to-end experience across all channels."

The bank will consolidate Virgin Money Australia’s range of product lines onto a single platform, creating a centralised, digital-first experience for its customers.

Deloitte digital banking partner Brad Milliken said, “By leveraging one of the best known brands in the globe and Deloitte Digital’s global technical prowess, business acumen, advisory services and regulatory expertise we are working with Virgin Money and Temenos to imagine, make and run the bank of the future.

“In order to get in 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.

“This includes the designers and technologists delivering the core banking platform and native mobile apps, the process engineers who are designing and implementing the back office, and our risk and regulatory experts who are supporting the bank in engagement with the relevant regulatory bodies to work on this very exciting Virgin Money project with Temenos, Virgin Money Australia’s core banking platform provider.”

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