Temenos Community Forum Online 2020

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Temenos’ Community Forum (TCF), in keeping with the current trends, was held online on 29th & 30th April. The purpose of this event, which drew over 5,000 registered attendees from across the banking sector, was to launch a slew of new Temenos banking technology propositions. These products were all designed and produced with the intent to help banks in responding to the current Covid-19 crisis.

Max Chuard, Chief Executive Officer at Temenos gave a statement with regards to this event in which he described the current situation as being a “[challenging time] for small businesses in particular. As the leader in banking software, Temenos is committed to innovation that not only keeps banks and the global economy running, but also helps SMEs and retail customers access funding at a time of financial distress.” As to the products that Temenos were unveiling at the online event, he explained that he was “proud that with our technology we can provide banks with a modern digital banking platform and decision-making capabilities, allowing them to move incredibly fast and compress projects that would usually take months into days.”

The purpose of the Temenos TCF event

The event itself consisted of a number of keynote talks, product launches and demonstrations, along with 49 Q&A sessions with banking technology experts. These consisted of key Temenos employees and also a selection of their partners. Product launches and innovations ranged from cloud to digital engagement technologies and Explainable AI.

Aside from these launches, Temenos viewed this event as a way of bringing together the ‘dynamic’ community that exists with regards to Temenos and their banking services. Through this community of companies within the wider banking industry, Temenos was hoping to explore and debate ‘Solutions for the New Normal’, the role and function of banking in a post Covid-19 world. This new world will require challenges such as digitalisation, personalisation and greater agility to all be addressed.

Temenos, a leader in Online Banking

Temenos AG is a world leader in banking software, with 3,000 banks across the globe, including 41 of the top 50 banks, all relying on Temenos software for their interactions with clients, and to process daily transactions.

Key to their business, is assisting their banking clients in becoming more digital and mobile in today’s hyper-online world. Such as examples include AI-powered front office and core banking, along with payments and fund administration. Temenos aims to provide clients with a flawless customer service platform, whilst also running a frictionless operation behind-the-scenes.

Temenos likes to speak of their own credentials in terms of performance-enhancement, and they are undeniably impressive. In terms of efficiency improvements, their software has allowed their top-performing clients to achieve cost-income ratios of 27% and returns on equity of 29%, both of which are significantly better than industry averages. Their clients are also able to use Temenos products to become more innovative, spending double the industry average on growth and innovation, with regards to their IT budget.

It’s not surprising therefore, that with Temenos’ background and proficiency in the digital space, this was a well-attended event, with many companies hoping that Temenos were going to be able to provide the tools to help them through these trying times.

Products for a Digital Upgrade

Temenos clearly hopes that the solutions that they are providing will aid their clients with their digital transformation process. This would, in turn, make such companies more flexible and capable of handling the range of significant challenges that the Covid-19 outbreak has raised. This, of course, involves the wider banking community, working with partners and suppliers to deliver their solutions to banks, banking solutions, and payment providers around the world.

Temenos CEO, Max Chuard, explains the reasoning behind this slew of new products “As the leader in banking software, we are relentlessly investing in R&D to keep banks running as they assist SMEs, corporate and retail customers at a time of financial distress.” Keen to illustrate this, Temenos were demoing 30 innovative products at this event, with a major focus on Temenos Infinity, their digital front office solution.

This Infinity product solution was highlighted, as it provides companies with ways of managing digital interactions with their customers and clients. Many bank branches are closed across the globe,  with Max Chaurd illustrating this “during this crisis 82% of customer now more concerned about visiting the branch. So 63% are now more willing to try digital applications. These behavioural shifts are here to stay because Coronavirus is changing everything.” With these changes afoot, the importance of such products going forward is clear.

The Covid-19 Response

Temenos Infinity Engage is a product at the core of their approach and offering. Infinity Engage provides customers with a ‘personal digital communication channel’, allowing them to connect with their personal advisors within their bank. They were also now putting AI at the forefront of their offerings, with products focusing on utilising AI in order to provide Urgent Relief Loans, as well as in offering solutions, products, and advice to SMEs.

The Atlantic Bank Case Study

During the event, references were made to a key case study, one which illustrates Temenos’ offering to their banking customers and clients during the current crisis. This particular example involved the US Paycheck Protection Program, a US-variant of a scheme seen in so many currencies during the Covid-19 outbreak, as a way to provide financial support to people who are temporarily out of work, or whose finances had recently been impacted.

Atlantic Union Bank is one bank offering such support to their clients during this pandemic. However, the deadline that had been set for their implementation of this scheme was on 3rd April, and to many it seemed almost impossible that they would be able to set up a product and implement by that date. Temenos were able to assist Atlantic in this instance, setting up a digital-only offering in under 7 days,  making sure that they were in fact ready for the April launch window.

Temenos provided an offering that consisted of an application form, work-flow, and the ability to upload relevant documentation, all in a way that was branded and personalised to Atlantic Bank. Thus, their solution enabled Atlantic to process loans at a rapid and efficient rate, even with the majority of their staff working from home. The end result? 6.5k loan applications processed, totalling around $1.4bn.

The Future of Remote Banking?

Temenos credits this solution and optimal outcome not just down to their tech-powered products, but to the fact that there was a trusted relationship between themselves and their partner (in this case, Atlantic), that went beyond a simple client-vendor arrangement. It also gave them an insight into how banks were going to be able to succeed both during and after the current crisis.

In short, rapid decision making, when paired with an agile tech solution, is the perfect combination to create a modern, future-proof bank. No doubt the evidence and conclusions taken from this particular example would have been informing Temenos products both at this event, and in future launches to come.

Other Notable Products from Temenos
  • Financial Crime. They will be looking to tackle the issue of financial cyber-crime, by providing with banks of all sizes the support that they need. This will be through the Temenos Financial Crime Mitigation SaaS, allowing banks to deal with such problems even when the majority of their staff are working remotely.
  • New banking products. Temenos states that they recognise that the government’s requirement for banks to provide new products to their customers, such as in the form of business finance, payments holidays and loan restructurings. Temenos Continuous Deployment SaaS will help banks to respond to quickly and to flexibly adapt to these changes.
  • Training Opportunities. Temenos has opened up its online learning platform to all bank users for free. This will allow banking users to experience and test new Temenos technology remotely, on a platform that contains 400 learning courses.
  • Fraud management. Temenos are now partnering with Microsoft AI’s technology in order to improve their processing and tackling of new & emerging threats, with regards to AML, KYC, and fraud management.

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