Banco del Sol, the digital bank of Grupo Sancor Seguros, has gone live with Temenos Transact as its core banking system.

Banco del Sol

Banco del Sol has undergone a revamp with Sancor Seguros

The bank has also opted for Temenos’ Analytics and Financial Crime Mitigation platforms. Temenos says the lender needed “an enhanced digital experience for consumers and businesses”.

“We have a firm focus on retail customers but we will soon expand into small and medium businesses,” says Sebastián Pujato, CEO, at Banco del Sol.

“Temenos’ trusted cloud-native core enabled us to launch our bank quickly and innovate faster at a reduced cost.”

“Banco del Sol will disrupt the established market and offer innovative services with the Sancor Seguros’ ecosystem group,” says Pujato.

The CEO told local publication Infobae Economico in August that his firm would be among the top 10 banks in Argentina by 2025.

Gonzalo Mezzadra Fernandez, chief digital officer at the bank, says they picked Temenos due to the vendor’s experience with start-ups and banks.

“As a challenger bank, it is critical to think about how we can grow our business, and we believe we are positioned for great success.”

Top 10 in five years

Banco del Sol is a digital banking arm of Sancor Seguros, Argentina’s largest insurance group. It calls itself a bank “in permanent transformation” and claims that new users van set up an account in less than two minutes via its app.

Originally founded in 1993, Sancor Seguros picked up the brand in 2018. It bought 75% of the business, which at the time had revolved around consumer credit. It has invested more than $60 million in its subsidiary since.

The bank hopes to attract a chunk of Sancor Seguros’ 7 million customers over the next few years. It plans to have checking accounts, investment options and insurance products by 2021.

Enrique Ramos O’Reilly, managing director for Latin America at Temenos, says his firm has “a strong commitment to the region and to the Argentinian market.”

The vendor announced another go-live earlier this week, at US-based Varo Bank.

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