T24 implemented as a single integrated banking platform for Banque Raiffeisen Luxembourg
Full automation of operations results in major efficiency gains and improved customer experience
GENEVA, Switzerland – 17 July 2013 – Temenos (SIX: TEMN), the market leading provider of mission critical solutions to the financial services industry, today announces that Banque Raiffeisen, Luxembourg, has gone live on T24, its award-winning core banking system, as part of the bank’s transformation programme to move away from legacy mainframe-based applications to a modern, scalable system.
Banque Raiffeisen selected T24 to provide a centralised, front-to-back office core banking platform. The bank required a single, integrated core banking platform that would allow new and innovative products to be launched in the quickest possible time, to assist in further developing its private banking offering, and to optimise internal processes to ensure banking best practice.
In implementing T24, Raiffeisen has achieved an impressive level of automation through its entire operations resulting in a major efficiency gain for the whole bank at the same time as greatly improving the customer experience. With T24, Raiffeisen interfaces to the full range of external retail devices and payment systems together with full automation of the credit process from simulation to approval and the input of the credit. T24 also provides full automation of the large and diversified credit offering including leasing, the core of its business, as well as a single front office screen providing access to all customer information and all retail transactions to support the client activities in the agencies.
Raiffeisen is a Luxembourg cooperative bank, established in 1925, with a network of 46 points of sale, making it one of the largest retail banks in the country. To private and professional clients living or working in Luxembourg, Raiffeisen offers a comprehensive range of products and services in every day banking, loans and mortgages, insurances, savings and investments. It also has a dedicated offering for small and medium enterprises and is very active in private banking.
Jean-Michel Hilsenkopf, Temenos Regional Director for Europe, said:
We are delighted that Banque Raiffeisen has gone live with T24 as the platform for its operations. It is already enjoying the significant efficiency improvements that come from running a modern, integrated system. With increased flexibility and product building capabilities, Raiffeisen has the infrastructure to deliver best-in-class customer experience and to out-innovate its peers. We look forward to working in partnership with Raiffeisen to ensure it continues to achieve great results with T24.
Jean-Luc Martino, CIO Banque Raiffeisen Luxembourg commented:
The success of the implementation is testament to the relationship between Banque Raiffeisen and Temenos. We are delighted to be running a single, fully automated, integrated system which not only provides gains in efficiency but also improves the experience for our customers.
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is the market leading provider of banking software systems to retail, corporate, universal, private, Islamic, microfinance and community banks, wealth managers, and financial institutions. Headquartered in Geneva with 59 offices worldwide, Temenos software is proven in over 1,500 customer deployments in more than 140 countries across the world. Temenos’ products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ expertise around the globe. Temenos customers are proven to be more profitable than their peers: in the period 2008-2010, Temenos customers enjoyed on average a 30% higher return on assets, a 46% higher return on capital and an 8.5 percentage point lower cost/income ratio than banks running legacy applications.