Redefining Best-in-Class Banking: Temenos Infinity Mobile Banking App Gets Highest “Leader” Rating from Centric Digital
In the fast-paced world of technology, the idea of minimum viable product (MVP) is a common application development technique to rapidly deliver a new product with sufficient features. However, we’ve taken a completely different approach to how we deliver solutions.
We believe the MVP product approach doesn’t serve banks and credit unions well, especially as they strive to differentiate themselves in a highly competitive market and meet the ever-increasing expectations of their customers and members.
Instead, we are redefining what best-in-class banking represents and have made the necessary investments in innovation and people to deliver industry-leading products out-of-the-box. To see how we measure up against the highest industry standards, the Kony DBX mobile banking app, now part of Temenos Infinity, completed a rigorous Centric Digital evaluation.
Using its Dimensions™ platform, Centric Digital tracks over 15,000 worldwide brands across industries to create a framework of 5,000 best practices, against which other companies can be measured. The Temenos Infinity mobile banking app was measured against its peers in a subset of 250 best practices – no small “final exam,” to say the least.
I’m pleased to say we passed with flying colors. When stacked up against the best of the best across the spectrum of large multi-national banks to smaller regional banks and credit unions, the Temenos Infinity mobile app received a total score of 904 out 1,000 possible points—earning Centric Digital’s highest possible ranking of “Leader”. I want to acknowledge and thank the dedicated Temenos employees who earned this incredible distinction. From our talented team of engineers to those in the back office, I applaud this accomplishment.
Megan Galbraith, Chief Revenue Officer of Centric Digital, summed up our performance this way: “In the financial services world, it’s a challenge for some of the bigger players to adopt innovation around digital. “(But), for the Temenos team – because they are more lean and more of a digital-first company – have done very well in their ability to truly engage with their customers and their product development, as well as understand that third-party evaluations through best practice assessments like Centric’s enable them to have that transparency of how they are doing and what they want to do better.
“What makes Temenos a leader in the space,” she continued, “is the best-in-class experience they provide to the end-users for their clients. The app provides a best-in-class end user experience on par with best-in-class across industries – not just financial services – which is important,” said Galbraith.
The app’s post-launch score of 904 didn’t come without a massive amount of effort. It follows a pre-launch evaluation that Centric Digital performed in April 2018, measuring the Temenos Infinity banking platform in five core areas: Experience, Product, Channel, People and Process. That process identified both gaps and opportunities for inclusion in the digital banking platform roadmap.
The results of that first, pre-launch evaluation was a score of 891 – also within the “Leader” category, but that wasn’t good enough for our team. Our goal is to deliver the most innovative, flexible and secure digital banking experience in the world, so we went back to work. We implemented many of Centric Digital’s recommendations and honed the overall system to make it even more intuitive, powerful, and frictionless.
We optimized the App Store listing, expanded notifications—and made those settings more flexible, deepened app content, and integrated core features to other devices and channels.
With these improvements in place, Centric Digital’s post-launch assessment looked at our full ecosystem of digital capabilities and determined that Temenos exhibits best practices across the following capabilities:
- Front-end functionalities such as navigation
- Responsive design and content layout
- Temenos’ organizational ability to sustain a high level of excellence in the evolution of the platform
- Digital skill sets, adaptive organizational culture and governance
Every adjustment we made between the two evaluations had the end user in mind – and that strategy has paid dividends not only to us, but to our customers. Temenos is quickly becoming the de facto choice for digital banking across the globe.
Jeffery Kendall is Executive Vice President of North America Sales and Distribution, Temenos, the world #1 leader in banking software.