Australia’s Police Bank has turned to Temenos Retail Banking Services to modernise its core systems in order to deploy new services faster and cost-effectively.
Police Bank started as a police credit union in the early 1960s when a group of police officers had the vision of forming a mutual organisation for the benefit of all officers. It has recently embarked on a multi-year digital transformation journey to build a better, faster, more secure way for its members to access services.
Temenos, headquartered in Geneva, partners with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. It will replace Police Bank’s legacy core systems to accelerate digital transformation and drive efficiency.
Temenos’ flexible and agile core processing engine with powerful analytics delivered as software-as-a-service on Temenos Banking Cloud will also help Police Bank build for change, and quickly design and deliver products that match the needs of its members.
New approach
Greg McKenna, CEO at Police Bank, explains: “As we aim to be Australia’s most member-obsessed bank, we need to look far into the future to build a bank that can partner with our members through every stage of their lives. That means having the means for them to access our services when and how they want.
“The Temenos Banking Cloud gives us instant access to an extensive set of composable banking services to migrate existing products and build on ancillary services in the future, making it better for members to transact with us and our employees to work for us. This will, in turn, fuel growth and strengthen the bank for generations to come.”
According to Craig Bennett, managing director Asia Pacific at Temenos, the banking industry is increasingly seeing that cloud technology is not just a driver of efficiency but an enabler of change.
“We look forward to powering Police Bank’s digital transformation, which will enhance its banking services with highly connected and personaliSed interactions for its members,” says Bennett. “We have experience working with over 200 financial institutions in Australia, and Police Bank builds on our strong momentum as the platform of choice for the region’s pioneering banks.”
