MyLife MyFinance, the banking business that Challenger bought from Catholic Super, has used Temenos’ banking software to launch its digital platform.
The new system will reportedly replace MyLife MyFinance’s legacy systems and will enable the bank to reduce its loan document preparation time from one hour to five minutes.
Challenger indicated it had bought the bank for $35 million in December, when it was granted an authorised deposit-taking institution (ADI) licence from APRA.
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The investment manager had signalled it would be expanding its offerings to the retiree market with the transaction, which is still subject to APRA and Treasury approval.
