Temenos, the banking software company, is accelerating its leadership in the cloud by introducing the next-generation in SaaS, The Temenos Banking Cloud. This combines the industry’s most complete banking services, covering all segments and all geographies, with a Sandbox for fast innovation and the Temenos MarketPlace for fintech collaboration, all powered by a new AI-enabled engine to drive banks’ business growth and accelerate time to market.
„With Temenos Banking Cloud, banks now have the power to self-provision always-on banking services and scale instantly and securely while dramatically reducing the cost of operations to 10% of legacy systems,” according to the press release.
Max Chuard, Chief Executive Officer, Temenos, said:
“Banks face huge challenges – fierce competition, rising customer expectations, cost pressures. Research shows that for quite some time 70% of banks cannot cover their estimated cost of capital. Banks can no longer wait; they need a new approach to run their business and develop banking products.
Building on over 10 years of cloud leadership, $1 billion in R&D investment and the experience of over 700 SaaS customers ranging from global banks to over 70 challengers, we are delivering the next-generation in SaaS, The Temenos Banking Cloud.
The Temenos Banking Cloud is for both digital-first banks that want to launch in weeks as well as large or complex banks that want to acquire distinct capabilities, launch products fast and progressively migrate customer bases that are serviced by legacy systems.
We are putting banks in control of their business models and innovation cycles, giving them the agility and speed to build great customer products and profitable businesses. With The Temenos Banking Cloud, we empower banks to digitally transform and massively scale faster than ever.”
The Temenos Banking Cloud removes the complexity, enabling banks to concentrate on their customers rather than their technology.
„With the touch of a button, banks can turn on new banking services, scale instantly, build new applications, plug into the richest fintech marketplace, and proactively manage usage and service health,” the company says.
The Temenos Banking Cloud gives banks the freedom to innovate faster, move from a CapEx to an OpEx model and benefit from a lower total cost of ownership. Varo Bank, using Temenos SaaS, estimates that it services customers at 25% of the total costs incurred by a traditional bank.
Banks using The Temenos Banking Cloud have benefited from instant and massive scalability. A European challenger bank opened over 600K accounts in 3 months. While a global digital disruptor saw a staggering number of over 20M loan applications processed within 9 months. They are already adding over 100K new loans per day which is expected to reach 200K loans per day. Over 700 financial institutions use Temenos SaaS such as Al Ain Finance, Alpian, Flowbank, Flowe, Itau, Orange Bank.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
