TCF 2019 showcases Temenos Infinity and Temenos T24 Transact, our new cloud-native, cloud-agnostic, digital front-office and core banking products offering unprecedented scalability, agility and the resilience required to deliver innovative products and experiences fast at a significantly lower TCO, writes Carl Robertson
Digital Banking Reloaded is the theme of this year’s TCF. It’s about how new technology is enabling innovation and cutting risk. Technologies such as mobile, APIs, cloud, machine learning and artificial intelligence mean banks can develop and test new ideas and launch at low cost highly personalised products and client experiences in minutes not months. Together, these technologies are ushering in an age of creativity when anyone can become an innovator. Digital banking reloaded delivers technology so powerful banks are only limited by their own creativity.
But it’s not just technology that is changing the game and opening up opportunities for growth. Regulation is ripping up the rulebook too. Open banking, for example, allows third parties into the banking value chain. No longer are banks end-to-end kings of that chain; instead they must build their own ecosystem to deliver the best customer experience at the best cost.
Together, technology and regulatory change have pivoted banks in a new direction, one that demands they rethink their strategies and even their very culture. Today is not business as usual. Tomorrow will be different again. The big question is - are banks ready? Are they ready to rethink their business, to be bold, courageous and creative? TCF 2019 will show how new technology gives them the freedom and power to continuously innovate to keep them not just in the game but ahead of the game.
New business models, new entrants, new regulations mean banks need to work harder to meet the needs of their clients profitably. The new technology now allows them to differentiate themselves and find ways to enhance customers’ lives. This is real-time, highly personalised banking delivered using APIs via apps in conjunction with third parties. It’s these technologies, along with cloud, mobile and AI, that will allow banks to turn amazing ideas into winning products and customer experiences fast.
Combining the customer data banks already have with AI and advanced technology, along with the scalability of the cloud, they will be able offer far more personalised services than ever before. What’s more, they’ll be able to do it in real time. This opens up the prospect of satisfying the market of one, creating products specifically tailored to each individual client. This is highly personalised, truly differentiated banking and is only possible thanks to the new technology.
With all this in mind, we at Temenos have rethought our solutions. The resulting products herald the new age of digital banking. They make it far easier for participants to embark on truly ambitious and creative digital projects. They give banks the power to innovate at low risk, to meet new challenges thrown up by regulation and new competition faster than ever before – in minutes and hours rather than weeks and months - and at low cost. It’s an era of continuous innovation in the face of continuous change, enabling them to deliver their own differentiated strategy.
Temenos Infinity is a breakthrough digital front-end that is independently deployable, giving banks total freedom over their technology choices. Temenos T24 Transact is the most complete core-banking platform on the market, leveraging the most advanced cloud-native banking technology available. Both take full advantage of open APIs to maximise flexibility. They amount to the next logical step in our 25-year story of leading innovation, and they leverage all the functionality we have developed during that time for more than 3,000 banks in more than 150 countries. As a result, they are the most technologically advanced and functionally rich products in the world.
When it comes to the customer experience, arguably more important today than ever, Temenos Infinity is an independent, omni-channel digital banking product that helps banks transform multiple siloed banking channels and legacy applications into fast, consistent frictionless customer journeys. Its open API-first design allows it to sit on top of any digital or legacy back end and enables banks to connect easily with a wider ecosystem of financial and non-financial providers to make innovation simpler and bring products to market faster.
Temenos T24 Transact takes all the capabilities of Temenos T24 core banking and presents them on a new, cloud-native and cloud-agnostic platform. Being cloud-native ensures that a bank’s software is constructed so that it is scalable, easily adapted and updated. This is as important for timely upgrades as it is for launching new services. Temenos T24 Transact makes the days of the annual upgrade a thing of the past, cutting risk and speeding up time to market.
Being cloud-native and cloud-agnostic means banks can also benefit from the highest levels of security and multi-cloud resilience, the ability to rapidly and elastically scale, cutting the total cost of ownership by up to 10 times. New products and services – perhaps from fintech partners – can be added in the morning and deployed by the afternoon, allowing banks to meet new competition, new regulation and changing customer needs fast.
Both Temenos Infinity and Temenos T24 Transact can be deployed on premise, in a customer cloud or managed by Temenos cloud – and together they represent the next age in digital banking. It’s an age when banks will be in control of their technology, its output and the pace of change. They will have total technological independence to choose the vendors, fintechs, developers and other third parties that will help them deliver their strategy. They will have unlimited potential to be bold, creative and courageous. It’s digital banking reloaded.
Both Temenos Infinity and Temenos T24 Transact will be in action at TCF 2019. Book your place at one of the demonstrations and see first hand what the future of digital banking looks like.
Carl Robertson is Temenos chief marketing officer