GENEVA, Switzerland – March 20, 2020 – Temenos (SIX: TEMN), the banking software company, today announced it has been awarded ‘Technology Provider of the Year’ at the 20th annual FStech Awards. Temenos’ commitment to innovation and growing global footprint impressed judges from key financial institutions, including Nationwide and Deutsche Bank. The panel selected Temenos as the category winner out of ten competing vendors, agreeing that the business had ‘the most successful year in serving the financial services sector’ in 2019.
FStech recognized Temenos as the banking software company with the winning combination of the most advanced cloud technology and the richest, broadest banking functionality. In early 2019, Temenos launched cloud-native, cloud-agnostic Temenos Infinity and Temenos Transact, bringing to market the leading products for the new era of banking for both distribution and manufacturing. By benchmarking its banking software at the end of 2019, Temenos proved its ability to handle over half the world’s banking transaction volumes.
Temenos’ leadership in innovation also differentiated it from the competition. Through the strategic acquisition of Logical Glue, Temenos is embedding the most advanced next-generation Explainable AI (XAI) into all its banking products. Temenos also acquired Kony, the SaaS digital banking leader in the US, which accelerated Temenos Infinity and significantly enhanced Temenos’ scale and capabilities in the US. Furthermore, Temenos held its biggest ever Innovation Hackathon to date, using its vast ecosystem of open APIs which are available on Temenos Base Camp.
Temenos showed dedication to helping banks achieve tangible business value from their IT investment. In 2019 Temenos unveiled the results of its Value Benchmark, a strategic, survey-based program providing in-depth analysis of how software capabilities impact a bank’s profitability. According to the findings, Temenos’ software enables its top-performing clients to achieve cost-income ratios of 26.8%, half the industry average, and returns on equity of 29%, three times the industry average.
Steen Jensen, Managing Director – Europe, Temenos, said:
“We are thrilled to be recognized as this year’s ‘Technology Provider of the Year’. Temenos’ growth shows that we are the technology partner of choice, helping banks accelerate their digital transformation. A key factor in this is our relentless investment in technology – we are proud to be the only banking software company to invest 20% of its revenues in technology, the highest in the industry. This means we retain a laser focus on product development and last year we demonstrated this by enhancing Temenos Infinity, Explainable AI and our cloud and SaaS capabilities. Temenos has experienced incredible growth and success over the years and we are excited to build on this momentum and continue to serve and benefit the banking industry.”
The FStech Awards celebrate technology excellence and innovation within the UK and EMEA financial services sector. The winners were announced at the 20th annual awards ceremony on 19 March 2020.