Update From Max Chuard to the Temenos Community and Invite to TCF Online 2020
I hope you and your families are safe and healthy.
Last month, I wrote to you regarding the unprecedented Covid-19 crisis we are facing. I pledged that the health, safety and wellbeing of all our Temenos Community is our number one priority. I also made it clear that we are focused on supporting you through this difficult time. Everyone at Temenos remains fully engaged in delivering those commitments. I believe that the way a company behaves in a crisis defines them in the years to come.
Today, I want to update you on our progress.
Temenos has adapted with great speed and agility to the current crisis. 98% of our staff are working from home, delivering for our clients around the world. Our Sales team is working back to back with existing and new customers who need our help, because banking continues at pace. We continue to develop our products, maintain our productivity and make industry leading investment in R&D and innovation. And this crisis has clearly shown that we can implement remotely. 75% more projects have gone live on our software compared to this time last year.
We’ve learned a lot about how we can help banks during this period. In the past few weeks, we have conducted research that identified three key areas where banks must respond effectively and immediately. The first is business continuity, seamless business operation despite the disruption is essential. Second is customer engagement, where banks must use digital to meet their customers’ changing needs and preferences. And finally, socio-economic pressures. This means managing the business impact, but also supporting society. Being a partner to Governments on getting vital funding to individuals and businesses.
The next step was turning this research into action. We have rapidly built eight Covid-19 propositions to add real value for banks. They are available immediately and are extremely relevant for today’s unprecedented and very difficult environment. These propositions are AI-driven, and delivered around the Cloud/SaaS model. That means we can deploy them easily and remotely to address banks’ most pressing needs.
This is a great example of our Temenosians’ ability to think differently and show innovation. And I would like to take a moment to guide you through each of the propositions.
- Enhancing customer digital interactions: We are combining our advanced technology with a human touch. Through our digital platform, banking customers can have direct, personal interaction with their trusted advisors. For people who typically bank in branches, that’s so important.
- Temenos XAI – Urgent Relief Loan, Personalization and SME Smart Decisioning: Through our Explainable AI (XAI), we are helping banks identify customers at financial risk, allowing them to offer personalized products in real time. Our XAI is also helping banks to support small businesses, with fast loan approvals and great products.
- Empowering US banks to help small businesses applying for PPP loans: With Temenos Infinity, we are helping the US Paycheck Protection Program. Our technology allows banks and credit unions to get Government funding to small businesses at great speed.
- Temenos Continuous Deployment Fast Track: Our Continuous Deployment is helping banks meet fast changing requirements. For example, where Governments are asking for quick product changes, like payment holidays and loan restructuring.
- Rapidly adapt AML, KYC and fraud management to new emerging threats: Cyber crime is increasing during the crisis, so Temenos has partnered with Microsoft to offer fast access to our Financial Crime Mitigation solution.
- Providing training opportunities for employees: Finally, we are helping banks build their skills by opening up the full range of our Temenos Learning Community and product sandboxes for free.
I’m very proud of these propositions. They are making a real difference when and where it is needed most. To give one example, we supported our client Atlantic Union Bank in the US by building a solution in four days that would usually take four to six months. This allowed them to fund over $1.4bn in PPP loans for 6,500 businesses in just three weeks. That outstanding partnership is featured in this Forbes article.
You can learn more about all of these propositions, the research that framed them and experience demos at TCF Online, which is coming up very fast next week from 29th-30th April.
TCF Online is a new format for us. It’s another example of what we can achieve when we think differently, show our innovation and Temenosity. It’s going to be a fantastic, interactive event.
There has been great interest, and we are expecting over 4,000 attendees. I’m very excited about it and hope you will all join me. You can register for free here.
The theme for TCF Online is ‘Solutions for the New Normal’. By ‘New Normal’, we mean our strong belief that demand for modern banking technology is greater than ever as a result of this crisis. TCF Online will showcase the latest product announcements and developments that will help our customers continue to succeed.
Though we are still living through tough times, better days are getting closer. Over the 27 years of Temenos, our community has always emerged stronger from every global crisis. And we’re going to do the same again now.
You have my word that Temenos is fully committed to all of you. Together we are making banking better.
See you next week at TCF Online 2020. And most importantly, stay safe, take care and look after your loved ones