ME Bank has settled with Switzerland-based vendor Temenos as its core banking software provider.
The bank is currently one third of the way through a four-year, AU$57 million technology-transformation project. It has already rolled out a fleet of mobile bankers that go directly to customers, and is preparing to deploy its own private cloud. ME Bank has also revealed plans to implementas part of its strategy to have no retail branches.
Temenos' banking software will be the core of the transformation project, according to ME Bank. The bank will replace its core system with Temenos T24 CRM and product lifecycle-management software platform, an anti-money-laundering system, and a business analytics offering.
Working with the vendor's software will help ME grow its customer base, reduce operational costs, and speed up delivery of new products, according to ME Bank CIO Kathryn Hawkins.
"There will be more self-service options, better stability, and ultimately more product, as we'll have the capabilities to deliver these even faster," she said in a statement.
ME Bank is owned by Australian Industry SuperFunds, and its customer base of 250,000 consists of members of these funds.
In September, it was revealed that NAB had selectedof its new core banking platform.