Alex building full service digital bank on Azure

Microsoft is helping new Australian digital bank Alex build a full service bank on the Azure cloud platform.

Alex is building its digital bank product on the Azure platform, starting with a personal loan product that launched last year and has attracted around 600 customers.

Using Azure, Alex has built an end-to-end digital process designed to cut down time from loan applications to funding to just three hours.

The loan solution uses the Temenos banking platform, which is also built on Azure. The cloud-based personal loan solution can be accessed from any device, anytime, anywhere.

The product uses biometrics, matching standard identity documents to the applicant confirming and validating identity.

The loan service presently has no fees, late payment fees or charges for repayment of a loan faster than the original term specified.

Alex CEO Simon Beitz said the company’s goal is to disrupt the market with an empathetic, customer-driven banking experience that uses technology to simplify interactions for customers.

“We aim to secure approximately 3% of the prime consumer lending market in Australia. That’s a big, hairy, audacious goal. And to do that, we need partners in technology that are really going to help us scale quickly but also simply and effectively,” he said.

Image credit: ©stock.adobe.com/au/SFIO CRACHO