Prior to COVID-19, the banking industry had experienced a long period of growth and prosperity. Fast forward to present day, institutions around the globe now face an unprecedented level of disruption that is making its way into every facet of their business. While the need for a seamless integrated risk management platform and core banking system was always there, current circumstances have greatly accelerated this need.
By heightening technological and operational strains, the pandemic-induced economic crisis has exposed new challenges that most banks could never have anticipated in their business continuity planning. Chief among these is the stark reality of meeting customer needs with a nearly 100% remote workforce for an indeterminate period. Adding to this complexity are the rapidly changing regulatory requirements which now require banks to deliver more data, more frequently. Such an undertaking that places further stress on regulatory technology systems and remote employees that are already stretched thin. As the situation unfolds, the resounding question across the industry is: “How do we keep up in the new normal?”
Addressing the challenge head-on, Temenos and AxiomSL have formed a timely integration to harness the power of data in a holistic approach to bolstering the operational and technological resilience of financial institutions.
Strengthening Operational and Technological Resilience
As a start, financial institutions must remain laser-focused on understanding the needs of all stakeholders across the board – tackling questions such as:
- What do our customers need now and what are their expectations?
- What do regulators want to know right now about our liquidity and capital? What are regulators’ expectations for capital and liquidity and overall risk management going forward?
- What do we need to do to strengthen our ability to respond nimbly and resiliently — during and after this Coronavirus crisis?
But to truly address these needs holistically, and to secure the quality and quantity of capital and liquidity in the financial system during this crisis, requires an ability to seamlessly integrate heterogeneous data across the enterprise. Temenos Data Lake, combined with AxiomSL’s data integrity and control platform for risk and regulatory reporting, empowers financial institutions to achieve this goal – increasing the operational efficiency of the bank, and reducing TCO by driving internal consistency and alignment across business functions.
Unlocking the Value of Data to Seamlessly Comply with Regulatory Mandates
With this dual-strength platform , banks can now harness real-time, structured and unstructured data as well as curate, ingest, and blend large volumes of data at scale. By holistically harnessing their data, financial institutions are well positioned to successfully comply with today’s rapidly changing regulatory mandates and adapt to their stakeholders’ future needs.
In a time when regulators are continuously updating, consolidating, and elevating supervisory expectations, the Temenos and AxiomSL integration enables banks to develop a comprehensive data strategy and a resilient, transparent, regulatory technology-driven platform. By taking this holistic approach, institutions will be able to meet their stakeholders’ needs in the new normal – and be well positioned to adapt cohesively and nimbly to COVID-19 and other disruptors.
To learn more about this integration, Please join us for a webinar on June 18th – Temenos and AxiomSL: Tackling the Regulatory Demands of the New Normal.