All across the financial services sector, organizations are competing to find the next big innovation. 77% of financial institutions globally are increasing their innovation efforts, with digitization as a driving force. As a result, it’s no longer a question of whether to digitize, it’s a question of which area to digitize next to anticipate and meet rising customer demands.
On your journey to innovation, investing in the right technology is critical. Get it wrong, and you could damage profit margins and lose customers. But choose correctly, and you hit upon game-changing improvements that increase your market share.
Although this sounds risky, new developments in cloud computing are helping banks explore new technologies without big commitments—so they can pivot quickly to something else if and when they need to – and this is Composable Banking Services.
A multitude of banks are already using Composable Banking Services to drive innovation and build revenue. One such bank is Garanti BBVA International. Thanks to Temenos’ composable banking platform, they became one of the first Netherlands banks to use the public cloud for processes and client databases. This gave them greater business agility, better operations, and lower costs – a perfect environment to bring innovation to market faster.
Innovate and adapt, without the risk
With Composable Banking Services, you can access different digital capabilities on demand, directly from the cloud.
To minimize risk, you can choose from pre-built, ready-to-run banking capabilities, as well as a huge range of third-party products. Our white paper offers more detail on these. Composable Banking Services are also supported to ensure compliance with local regulations in their available countries.
Composable Banking Services come with three main benefits:
- Time to innovate
- Your development teams can launch new services and products in days. These services are built on industry-standard software, and can run in any cloud environment, meaning you don’t need to create new delivery mechanisms for each innovation.
- Agility and scalability
- Each capability is an independent entity, able run without relying on anything else. This means you can deploy them (and withdraw them) quickly. And they can be scaled up and down automatically in line with changing demand.
- Control over costs
- Development costs often spiral out of control when launching new customer-facing innovations. That’s not the case with Composable Banking Services. These give you far more control over your budget since you choose from capabilities that already exist, and you only pay for what you need and use.
Temenos’ EVP & Global Head of SaaS and PartnerEco system, Ross Mallace, is a huge advocate of the transformative impact Composable Banking Services are having on banks today:
“With Composable Banking customers have countless tools at their disposal to craft the perfect solution for their banking firm. Through constant learning, we realise the further potential in our capabilities and get to celebrate the success of our customers.”
Added assurance and security from Microsoft
Temenos has also partnered with Microsoft to ensure that our Composable Banking Services run on the most flexible and secure cloud platform out there.
As described by Peter Hazou, Business Strategy Leader of Worldwide Financial Services at Microsoft, this offers significant advantages for our banking customers:
“Our partnership with Temenos creates solutions that enable banks to evolve their services and systems. Temenos’ Composable Banking solution provides the client with a sandbox of ready-to-use components that can future-proof solutions, to best fit their customer’s needs. While the additional value of Microsoft Cloud provides a solid backbone for scalability and agility.”
Download our newest whitepaper to gain more insights in how the Temenos Banking Cloud and our Composable Banking Services can help you to innovate faster at reduced costs.