First Dominican neobank, subsidiary of Grupo Popular, will bring innovative digital banking to 10 million people of Dominican Republic
Temenos announced that Qik Banco Digital Dominicano has launched on Temenos Banking Cloud, becoming the first digital-only bank in the Dominican Republic. Part of Grupo Popular, Qik combines more than five decades of banking experience with the operational agility and cutting-edge digital experiences enabled by the Temenos platform.
One of the largest financial groups in Latin America with operations in the Dominican Republic and Panama, Grupo Popular has assets of more than $13 billion and more than 2 million clients. The launch of Qik on the Temenos Banking Cloud with consultative support from ITSS will enable the bank to quickly establish a presence in the Dominican Republic, planning to onboard up to thousands of people in the first year.
With instant access to packaged banking services via software-as-a-service (SaaS) on Temenos Banking Cloud, Qik can meet the emerging needs of digital customers with the highest technological, security and service standards, built around the way customers live their daily lives. Temenos Banking Cloud also allows Qik to reap the benefits of an OpEx model (versus CapEx) and elastically scale based on business demand. In addition, Qik will be able to measure, reduce and report on their emissions with BI data, so that they can comply with regulation, address the changing needs of their customers and reach their sustainability targets.
The open and flexible platform will empower Qik to quickly design and deliver innovative products and services. The bank will consume Temenos core banking and payments services on a pay-as-you-go basis, as it launches products from debit accounts to savings to personal loans across the Dominican Republic.
Arturo Grullón Finet, CEO of Qik, said: “We wanted to create a bank with agility, flexibility and state-of-the-art technology to improve the banking experience and create availability to banking services to a larger portion of Dominicans. Our value proposition is focusing on people´s needs to maximize their time and resources, which is the demand of today’s customers. That´s why we chose Temenos, because its cloud technology has a successful track record across Latin America and we knew that it could help us deliver a digital experience that redefines banking so that our customers can bank smarter, happier and more connected than ever before.”
Enrique Ramos O’Reilly, SVP – Customer Success and Partners, Temenos, said: “The banking landscape continues to evolve, with banks adopting new business models to beat the competition and reach new audiences, and fintechs challenging the status quo. Qik brings together the best of both worlds. Leveraging the Temenos Banking Cloud, Qik can quickly and easily experiment, innovate and launch new products to market to drive growth and enhance the customer experience. All while supporting the group’s sustainable vision by reducing carbon emissions by more than 90% compared to using on-premise infrastructure and applications and providing Qik’s customers with tools to measure and mitigate their carbon impact of their transactions. We’re excited to have delivered this project with Qik, and look forward to seeing how they redefine what it means to bank in a world where banking has no walls.”
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