White Papers and Reports

The Future of Retail Banking and the Case for Digital Transformation

The widespread uptake of disruptive new technologies is exacerbating the pressures facing retail banking today, thereby driving a fundamental change in the structure of the industry: the digital-driven disintermediation of the banking value chain.

The widespread uptake of disruptive new technologies is exacerbating the pressures facing retail banking today, thereby driving a fundamental change in the structure of the industry: the digital-driven disintermediation of the banking value chain. The COVID-19 pandemic has rapidly changed consumer mindsets and circumstances driving banks to both accelerate and scale digital transformation and customer experience across complex product and customer journeys. Many incumbent banks are not equipped for this change because of the limitations of their complex legacy-based IT systems. Although banks have been investing heavily in digital and cloud technologies in recent years, they have been reluctant to embark on core system modernization.

At Temenos, we believe that true digital transformation requires banks to replace their core processing systems progressively with a cloud-native intelligent banking platform designed for seamless scale and digital agility fostering continuous innovation and a cost 10X lower than today. Without such a modern platform, it will no longer be possible to compete effectively in the industry. The good news is that such transformations can now be executed easily and with acceptable levels of risk, because of the Cloud and SaaS intelligent banking platforms coming into the market, built on API-first, microservices and DevOps principles offering automated migration and deployment.

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