The banking space today is seeing a considerable increase in technology investments. And as banks across the globe introduce and leverage these solutions, they’re ultimately aiming to streamline their operations and provide an elevated experience for users. However, it’s critical for financial institutions to understand that investing in technology alone doesn’t always guarantee these solutions will do enough to support their business.
As a result, banks and their executives are in pursuit of resources and support that can ensure these investments are driving long-term business value.
Optimizing Technology Investments With the Temenos Value Benchmark Program From Temenos
According to a survey from Insider Intelligence, 66% of banking executives believe new technologies — including blockchain, artificial intelligence (AI), and the Internet of Things (IoT) — will have the greatest impact on banking by 2025. But with an understanding that banks needed dependable, long-term partners to ensure they’re utilizing resources and solutions effectively, Temenos created Temenos Value Benchmark — an industry-leading program to help evaluate the efficacy of an organization’s technological investments. With insights from over 100 banks, this solution is a subscription-based customer value benchmarking and advisory service designed for C-level banking executives.
By concentrating on qualitative and quantitative questions for a bank’s subject matter experts — from team members in lending and product to those in operations and IT — the program provides an in-depth report on the technological investments at hand. Depending on the depth of answer provided, this can be an average executive report from 20-30 pages or a full-blown report between 120-160 pages.
Ultimately, the Temenos Value Benchmark provides unique insights on how banks can:
- Optimize their technology investments.
- Boost profitability.
- Drive business value.
With these goals in mind, we’re taking a closer look at how this program has been leveraged to drive greater value from digital solutions successfully.
Partnering for Success With Police Bank
Police Bank, established in October 1964, is a member-owned Australian bank that provides lending, savings and insurance services to law enforcement personnel and their families, and workers in the justice sector.
After taking advantage of the Temenos Value Benchmark program, we spoke with Greg McKenna, the CEO of Police Bank, to discuss his experience. Having built a strong relationship with Police Bank as they continue their digital transformation, Temenos introduced the Temenos Value Benchmark program to help their business:
- Take a closer look at the relationship between their digital investments and business results.
- Understand what they can gain from their unique technology investments.
- Put a finer point on their goals with these digital solutions moving forward.
- Discuss what else they could potentially look to gain for the business.
Greg McKenna noted that:
“[He is] not looking to digitize and modernize just to reduce labor needs, not even close. What [he is] looking to do, is make Police Bank a fun place to transact with and a fun place to work by removing friction points.”
Ultimately, the Temenos Value Benchmark program helped McKenna validate the bank’s digital transformation strategy and what the business expects from their investments — while encouraging them to get their metrics to a place where Police Bank is able to be sustainable and stand-alone long-term.
Although this collaboration was done completely remotely, they found this approach incredibly beneficial and engaging. McKenna attributes the success to the openness and transparency of Police Bank’s executive team, which enabled more valuable insights from the program.
The program has given the Police Bank team confidence that the business can grow exponentially in asset size, and with support from true partners like Temenos, they will be able to foster a much more productive bank along the way. They can now rest assured that they’re on the right track and by enabling digitization and modernization more effectively they can empower their workforce and drive better business results.
All in all, McKenna concluded that he believes the Temenos Value Benchmark program:
“Gives banks and other organizations a real opportunity to benchmark themselves to find out what they can do better”
Start Your Journey to More Efficient and Effective Processes With Temenos
Technology is reshaping and having a significant impact on virtually all industries and as a result, businesses are increasingly investing in these solutions. However, an analysis of 250 global companies from Strategy& found no direct correlation between technology investments and profitable growth, emphasizing that sizable investments in technology don’t necessarily lead to better financial performance.
As McKenna stated, whether your organization is big or small, “if you get a chance to genuinely benchmark yourself against your peers or against the big guys, why not take it?” The Temenos Value Benchmark program can help you evaluate your digital transformation strategy and initiatives to ensure you’re driving the most value from your investments.
New Temenos strategic service offers insights from over 100 banks to help optimize technology investments and boost profitability