Temenos: empowering banks through core modernisation
When it comes to core banking, Temenos has always been a pioneer. From being the first to support non-stop 24/7 banking operations and take a core banking client live on the cloud to offering fully cloud-native solutions on an artificial intelligence (AI) embedded platform, it is a company that thrives on innovation.
William Moroney, Temenos: “Banks need business agility at a whole new level to keep up with market trends”
Trusted by thousands of financial institutions worldwide, it is no wonder that at the latest Banking Technology Awards it won Best Core Banking Provider.
William Moroney, President – International at Temenos, shares insights on the evolution in core banking, enabling a progressive approach to core modernisation, and how Temenos is accelerating the shift to Software-as-a-Service (SaaS) to support banks to stay competitive in the rapidly evolving landscape.
The urgency for modernisation
“Banks need business agility at a whole new level to keep up with market trends. While the wave of neobanks is built from scratch on the latest cloud technology to rapidly deploy new products and experiences, incumbents are held back by complex legacy systems that are unsuited to the demands of the modern digital era.”
“These spaghetti systems have been built up over decades and it is a daunting prospect for banks to try to replace them. The coders who understand them are also becoming fewer and further between. It’s becoming a race against obsolescence for banks.”
Moroney argues that to be successful in the new era of digital banking and AI, you need the right technology and the right platform for business agility, scale and innovation.
“Today’s customers expect better service and faster innovation. With the rise of digital banking, the volume of transactions has skyrocketed. Open banking is spreading around the world creating new opportunities to engage and reach new customers. All this is adding to the pressures on banks to modernise core systems.”
The rise of cloud and SaaS
In response, Temenos has evolved its open platform to allow financial institutions to easily assemble, test and extend broad banking capabilities and combine them with a vibrant ecosystem of fintechs and partner solutions.
Further, by exposing the platform’s underlying banking capabilities as open API, event-driven microservices, Temenos helps banks adopt the latest technology, while benefitting from market leading functionality.
Unlike other providers, Temenos has a single platform on a single code and configuration base for all segments, retail, corporate, private banking and wealth management. This means that every dollar invested in its technology benefits every client. Banks also have freedom in how they deploy Temenos banking solutions, in their own datacenter, or on any private or public cloud, or managed by Temenos as SaaS.
“The market has been changing and so has the way that banks consume software. They are moving to SaaS,” says Moroney. “Temenos is leading the way and today we are proud to serve 700 SaaS clients across five continents.”
Temenos recently launched end-to-end SaaS services for retail, corporate and business banking offering pre-configured products, processes and APIs that a bank can use to turn on the new features with ease and accelerate their modernisation. “This is an amazing accelerator for any bank, whether a start-up or established bank looking to launch products quickly,” says Moroney.
A Leap into the future
Recognising that many banks have not updated their core banking platform for some time, Temenos has embarked on a major new initiative, called Leap, to assist clients to move to the latest version of its software and be ready for the cloud and SaaS.
Temenos Leap leverages 30 years of implementation experience and best practice combined with the power of AI to accelerate traditionally manual and complex areas of migration and testing.
As Moroney explains, Leap gives Temenos core banking clients using older releases the opportunity to modernise by moving seamlessly and quickly to an advanced, API-driven, cloud-native architecture that will help to future-proof their business.
The streamlined process also reduces project costs and lowers risk, meaning total ROI is increased and business benefits can be realised sooner.
“It’s exciting to see the benefits of Leap and how the move to cloud and SaaS is helping our clients to thrive in today’s banking world, expand into new sectors and markets, and stay ahead of their competitors,” Moroney says.
To find out more about Temenos innovations in core banking, cloud and SaaS register for the Temenos Community Forum in Dublin, Ireland, 14-16 May. This is a chance to talk to other banks on their modernisation journey and to interact with Temenos experts.
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