BOQ makes steady progress in digitising its operations
BOQ Group is making steady progress in digitising its operations and has processed nearly four million customer transactions through its new cloud-based digital core banking systems since they were commissioned in mid-2021.
“Already, the Virgin Money Australia and BOQ transaction and savings functions are now operating on our new cloud digital bank, and work is underway to shift ME Bank deposit transactions to the new cloud platform,” says BOQ Group CEO and managing director, George Frazis.
“We are modernising our core and digitising processes 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 in banking. This will provide the group with a compelling competitive advantage over both existing players and new entrants.”
The group reports that the myBOQ app was launched in April, providing new features such as instant Osko payments, PayID, Savings Round Up, bill tracker and live in-app chat. Opening a transaction account at BOQ or Virgin Money now takes under five minutes with the app.
The group has also found that 56 per cent of customers using the myBOQ app are existing BOQ customers who have self-migrated to take advantage of the best-in-class technology.
Frazis says the bank aims to halve its number of IT systems over the coming years.
“Rather than simply shifting our business to work around legacy systems, we are building two related core platforms, one for our retail and one for our business customers which can service our multiple brands and will drive greater efficiencies,” he says.
BOQ Group has partnered with global platform provider Temenos to move all retail brands and systems to its single cloud-based core platform. More complex business customers will be serviced on the latest Temenos on-premises platform.
“Our strategic partnership with Temenos is crucial to meeting our transformation vision. By using a ‘banking-as-a-service’ model, we can achieve rapid transformation while still maintaining high customer service levels and strengthening relationships with the communities where we operate,” says Frazis.