With digitalization strongly impacting the banking and finance industry in the last few years, it has become imperative for banks to upgrade their core banking systems to remain competitive in the market. Transforming the core banking completely can be high on budget and difficult to implement. What exacerbates the problem is that the idea of core replacement is a major deterrent to many institutions as they function on legacy systems. “Banks need to replace their core banking systems, as time is running out for them to grasp the advantage they have over challengers and disruptors,” asserts David Arnott, CEO, Temenos.
With growing market demands, customers expect financial institutions to play the role of infomediary and help them make better financial decisions which can be possible only through real-time, integrated systems. Most financial institutions, however, struggle to achieve scalability in their operations due to their archaic systems. Temenos is a company adept in tackling the challenges of core banking and specializes in creating software solutions that assist banks in addressing the needs of the financial institutions.
Having served over 600 financial institutions over a period of 15 years, Temenos provides core banking platform that brings leading-edge technology enabled with robust functionality. The integrated and real-time platform combats the risks and complexities of running a financial institution on inadequately-documented applications. With embedded intelligent analytics in the core system, Temenos’s platform optimizes performance, enriches customer interaction, and improves business decisions. The platform also enables financial institutions to offer relevant financial products to their customers at the right time. Further, it has the ability to operate in any software stack and is linearly scalable. Moreover, it also curtails the TCO significantly as it can be deployed on-premise or on a shared infrastructure without requiring any modification of the existing infrastructure.
Furthermore, the Temenos core banking platform helps in personalizing the products to suit the needs of individual customers.
Temenos core banking platform, the flagship solution of the market, amalgamates leading-edge technology with robust functionality and is encapsulated in an easily upgradable application
It also accelerates rolling out new products and services in the market, thereby effectively reducing the time to market.
With a group of dedicated specialists with extensive domain knowledge and an acute understanding of the changing facets of the banking industry, Temenos has assisted various financial institutions with best-of-breed solutions. For instance, Metro Bank’s founders were constantly endeavoring to find a cost-effective and exceptional IT platform to supply the bank’s operations on an outsourced basis. The bank wanted to implement a technology that operated on a paid-per-account-per-month basis as the model did not exist in the UK when Metro Bank was conceived. Coming to the rescue, Temenos was able to offer Metro Bank a Software as a Service (SaaS) model– where a vendor hosts an application on behalf of a customer and provides access to the internet, in exchange for a monthly or quarterly rental.
With the objective to take their technology prowess to the next level, Temenos invests heavily in R&D, perpetually innovating software that is based on customer requirements to build a future-proof core system that can defy obsolescence. Recently, the company helped Baxter Cadet Union in successfully implementing the Lifecycle Management Suite in collaboration with Microsoft Azure. Temenos is looking forward to building stronger collaboration in the future to facilitate seamless and highly efficient core banking.