Catholic Super's bank MyLife MyFinance has implemented Temenos' digital banking platform replacing its legacy system.
Temenos said the implementation reduces the bank's complexity by moving all processes and data to one core system, Temenos Transact.
It can also complete conditional decisions for about 90% of the applications via Temenos Infinity and Temenos Analytics which increase straight-through processing and automation, Temenos said.
"For MyLife MyFinance, innovation means finding ways to create the best possible outcomes for our customers. We partnered with Temenos to create an ecosystem of innovative fintech solutions to improve our service levels and simplify processes," said MyLife MyFinance general manager Mark Sawyer.
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"Temenos has provided us with a front-to-back digital banking platform. This includes Temenos Infinity and Analytics, an API-first technology that enables integration with third parties, which can help us generate new innovations in the future. We're excited to have reached this milestone of our digital transformation journey, and for our customers to experience the benefits."
In December 2020, Challenger said it would spend $35 million to buy Catholic Super's banking business, after considering an ADI license for two years.
At the time, Bell Porter's Lafitani Sotiriou said the acquisition would give Challenger the opportunity to offer term deposits, but gain the net interest margin through existing investment methods, rather than through relying on home loans like the major banks do.
He also added Challenger would have the opportunity to expand into other products such as reverse mortgages via Catholic's ADI licence.
Catholic Super's sale of the banking business followed its 2019 partnership with Equipsuper under an extended public offer.
The combined trustee Togethr Trustees said the decision to sell comes after an extensive review of operations and assets, which determined that growing the bank would require additional investment and focus. It has decided to focus on superannuation where it is targeting $50 billion in total assets by 2025.
The acquisition is subject to Treasury and APRA approvals.