Temenos Launches Next-Generation Front Office Suite
Temenos unveils its comprehensive Front Office Suite for banks aiming to rapidly achieve deep customer intimacy
DUBLIN, Ireland at the 2018 Temenos Community Forum – May 23, 2018 – Temenos (SIX:TEMN), the banking software company, today launched its Temenos Front Office Suite, unleashing the full potential of digital services for banking customers across the retail, corporate and wealth segments. An open, omni-channel, data-driven solution, Temenos Front Office Suite equips banks to offer consistent, personalized and responsive digital banking journeys to their customers and prospects irrespective of the bank’s core banking solution. Temenos Front Office Suite runs on the same technology platform as its market-leading Temenos T24 Core Banking software. This enables banks to selectively augment their legacy systems with Temenos’ core banking rich functionality such as cash management, enhanced charging and interest processing.
More than 300 clients already run Temenos’ front office software including Banque Raiffeisen, Metro Bank, MyState and KBC. Temenos was cited as a Leader by top analyst houses such as Forrester[1] and Ovum[2] and ranked the market’s leading software provider in the digital banking and channels category in the IBS Intelligence Sales League Table 2018
Sampath Bank, the third largest private bank in Sri Lanka and one of the most innovative banks in the Asia-Pacific region, has just selected Temenos Front Office Suite to run on a third-party core banking system, in order to offer its customers innovative products and services, especially targeted at millennials.
Temenos Front Office Suite ensures rapid time to value for banks wishing to renovate their front office irrespective of their core banking technology. Banks can implement the Temenos Front Office Suite as an independent solution or as part of a full front-to-back progressive renovation program.
Temenos Front Office Suite helps banks provide tailored advice, products and services as and when the customer requires, leading to deeper, more satisfying customer relationships yielding tangible monetary benefits such as reduced churn, improved cross-sell and revenue growth. Furthermore, Temenos with its out-of-the-box API’s, enables banks to not only comply with emerging regulations such as open banking and the Revised Payments Services Directive (PSD2), but also to aggregate third party bank data and build digital ecosystems.
Dharmesh Mistry, Chief Digital Officer, stated:
“Temenos is the leader in providing upgradable, packaged banking software. With our software, banks benefit from the collective best practices of our 3000 customers, and 20% investment of our revenues in R&D, the highest in the industry. We believe that banks can only become truly digital when they transform their operations front-to-back and we are the best provider to help them realize their digital vision with our combined Front Office Suite and core banking capability on the same technology platform. However, many banks want deeper customer intimacy as an immediate benefit. Temenos Front Office Suite will help us address the needs of these banks – we estimate a total market potential of 3.2bn USD[3] for banking channels and front-office third party software globally.”
Jost Hoppermann, Vice President and Principal Analyst, Forrester, wrote in The Forrester Wave™:Digital Banking Engagement Platforms, Q3 2017:
“Temenos stands out with broad and rich banking capabilities…Temenos is a good fit if you are looking for broad banking capabilities with good channel support, rich analytics, a solid apps builder…”
In conclusion, Temenos Front Office Suite combines Temenos Channels, Front-Office, Analytics and Risk and Compliance, incorporating real-time event-based marketing and AI capability. Furthermore, it includes the recently launched Temenos Origination solution, for frictionless customer onboarding and product origination across all channels. The Suite is available on premise and as well as Software as a Service on Temenos Cloud.
[1]The Forrester Wave™: Digital Banking Engagement Platforms, Q3 2017
[2]Ovum Decision Matrix for Digital Banking Platforms
[3]Temenos estimates based on Gartner, IDC, Celent, Ovum data