Our last episode of the year of our Technovela “Casa de Temenos” takes place in Miami, where Silvia Pavlovic – HR Manager, Temenos Latam & Caribbean tours us around the new Temenos offices in Miami, FL. She also shows us around her favorite places in the lively and artsy city of Miami like Wynwood Walls and Downtown Miami. We hope you have a special festive season with your loved ones and please stay tuned for our upcoming 2021 episodes. TO BE CONTINUED…
Resource Type: Report
Technovela “Casa de Temenos” – Episode 6: Miami (Work from Home Edition)
Where Culture Meets Banking Technology
Technovela “Casa de Temenos” – Episode 6: Miami (Work from Home Edition)
Where Culture Meets Banking Technology
Rising demand for digital has made competition between incumbent and challenger banks more intense than ever. But who is winning the battle for consumers, and in what areas?
Temenos and the Economist Intelligence Unit have sought the answers in a groundbreaking new report “Customer experience: learning from online personal finance conversations”. This used machine learning to analyze over 10 million online conversations about personal finance.
Key findings include:
- Challenger banks are strongly associated with financial empowerment, but also twice as likely to be associated with security and privacy concerns when compared to traditional banks.
- Traditional banks retain strong associations with trustworthiness, a wider range of services and perks such as loyalty programs.
- ‘Financial services’ is a far bigger field than before. Open banking regulations are allowing third parties to build innovative financial products and assist customers in many more areas of their financial lives.
The report concludes that customer experience and engagement including personalization is top priority for challengers and incumbents alike. A deep understanding of customer behavior and industry trends is an essential step for any financial player, new or old.
The insights provided by this report complement the EIU and Temenos’ survey of over 300 leading banking executives on the future of their industry earlier this year.
Technovela “Casa de Temenos” – Episode 6: Miami (Work from Home Edition)
Where Culture Meets Banking Technology
Australia’s financial services
sector is in a state of introspection and reinvention after a major public
inquiry into the country’s banking practices exposed a culture of widespread
misconduct and deception. The Royal Commission’s review was urgent and
necessary to create a fair and ethical industry that will ultimately benefit
the Australian population.
Although no segment of the country’s financial industry was spared from scrutiny, perhaps the fiercest spotlight was shone on the behaviour of wealth managers and advisers.
In our latest report, we put a spotlight on Australia’s wealth sector in the wake of the Royal Commission. By reading this report learn:
- how the government’s attempts to remove incompetent or dishonest practitioners will fundamentally alter the entire advisory landscape.
- about the ‘financial advice gap’ that will potentially be created if the recommendations from the Royal Commission are implemented.
- how the investment in technological innovations will streamline workflows and lower costs significantly preventing such a ‘financial advice gap’.
- why the government and finance professionals must endeavor to enhance financial literacy, rebuild trust and maintain integrity while making technology the backbone of the industry.
In post-Royal Commission Australia, where people might be reluctant to pay steep fees because they have smaller sums to invest, advanced digital capabilities will make financial advice a more affordable and attractive proposition. It is a vital step to ensuring millions do not slip through the net when it comes to boosting savings and retirement funds.
Eric Mellor, Wealth Management Specialist, APAC, Temenos
More wealth insights for you
Temenos Study: Wealth Managers Face
A great transfer in wealth from aging baby boomers to younger generations is reshaping the wealth management industry, according to a new report.
Wealth Managers Invest In Emerging Tech
The report, titled “The Next-Generation Wealth Manager,” found that 64% of wealth management executives believe the industry’s future lies with mass-affluent investors, a notable change considering that 32% agreed that…
The digital wealth manager: seizing the Robo opportunity
Wealth management is booming. PwC predicts that global assets under management will double by 2025 to $145.4 trillion, with much of the growth coming from the mass-affluent market.
Technovela “Casa de Temenos” – Episode 6: Miami (Work from Home Edition)
Where Culture Meets Banking Technology
As in other regions that have witnessed similar economic performance, the Philippines are now home to a rapidly growing middle class, characterized, as elsewhere, by higher levels of disposable income. Not surprisingly, the luxury brands now on display in the malls of Makati were quick to capitalize on this new customer segment, however the wealth management industry, usually at the forefront of such changing demographics, seems to have been slow to respond.
Initially hampered by high barriers to entry, low levels of financial literacy and rapidly changing regulations, the wealth management industry now seems to be gaining traction in this frontier market but what opportunities exist? What are the hurdles that must be overcome and what are the threats to success?
In order to reduce costs and maximize potential revenues, banks will seek integrated platforms that can integrate quickly to other systems and deliver high levels of STP. They will also need mature front office and CRM functionality capable of enhancing the overall client experience, supporting both internal and third party digital applications and streamlining the overall advisory process.
Eric Mellor, Wealth Management Specialist, APAC, Temenos
More Wealth insights for you
Temenos Study: Wealth Managers Face
A great transfer in wealth from aging baby boomers to younger generations is reshaping the wealth management industry, according to a new report.
Wealth Managers Invest In Emerging Tech
The report, titled “The Next-Generation Wealth Manager,” found that 64% of wealth management executives believe the industry’s future lies with mass-affluent investors, a notable change considering that 32% agreed that…
The digital wealth manager: seizing the Robo opportunity
Wealth management is booming. PwC predicts that global assets under management will double by 2025 to $145.4 trillion, with much of the growth coming from the mass-affluent market.
Technovela “Casa de Temenos” – Episode 6: Miami (Work from Home Edition)
Where Culture Meets Banking Technology
The Economist Intelligence Unit (EIU), on behalf of Temenos, surveyed over 400 global banking executives on the changes they see taking place in their industry to 2020 and 2025, their organizational response, and the longer-term digital investments. The report highlights that new technologies such as AI, open APIs and cloud are driving retail banks towards advanced data and analytics. Banks are using these to develop compelling propositions and experiences for their customers while keeping their money and their data safe.
The survey is part of a global research programme on retail banking, which includes in-depth interviews with retail banks, fintechs, and regulators from North America, Europe, Africa and the Middle East, Asia-Pacific, Latin America.
In addition to the global EIU report, we have published a North American specific report, looking at banks within the region. Key highlights include:
• Nearly a third (33%) of North American bankers are feeling pressure from the changing competitive environment, compared to 28% globally
• 34% of North American bankers struggle to keep up with changing customer behaviour and demands
• 40% of bankers in North America see new technologies as having the highest impact on the banking sector
Find out what Varo Money and Vancity amongst other are thinking about digital banking, innovation strategies and investment focus.
Technovela “Casa de Temenos” – Episode 6: Miami (Work from Home Edition)
Where Culture Meets Banking Technology
The survey is part of a global research program on retail banking, which includes in-depth interviews with retail banks, fintechs, and regulators from North America, Europe, Africa and the Middle East, Asia-Pacific, Latin America.
In addition to the global EIU report, we have published a Latin American specific report, looking at banks within the region. Key highlights include:
- 38% of respondents are looking to humanize the customer experience in 2020, with 21% of respondents expecting to evolve their strategy to hyper-personalization by 2025.
- 40% are significantly investing in new technologies for 2020, increasing to 42% in 2025.
- Nearly seven in ten (68%) expect peer-to-peer lending to be available on banking platforms by 2025.
Find out what Banco Central do Brasil, albo, Bradesco, Banco de Mexico and HSBC amongst other are thinking about digital banking, innovation strategies and investment focus.
Technovela “Casa de Temenos” – Episode 6: Miami (Work from Home Edition)
Where Culture Meets Banking Technology
Forbes Insights and Temenos began to chronicle the digitization of wealth management in 2016 with a global report that captured the arrival of robo-advisors. In 2018, we delved into the role of AI. With our recent global report, ‘The Next-Generation Wealth Manager’, we look specifically at the value of technology from the perspectives of both the wealth manager and the client.
The European edition of the Global Temenos/Forbes report ‘The Next Generation Wealth Manager’ focuses on the trends and research results in the European region and includes insights from Temenos’ European Managing Director Steen Jensen, in addition to views from prominent futurist Gerd Leonhard and academia expert James Sefton, Professor of Economics at Imperial College London.
Technovela “Casa de Temenos” – Episode 6: Miami (Work from Home Edition)
Where Culture Meets Banking Technology
Fund administrators are adapting to an age of digital transformation, investing to meet the needs of their asset management clients and the investors they serve. But how well is the asset servicing community prepared for these challenges? Which technology should they invest in? And what adjustments to their business culture does this require? Funds Europe, in partnership with Temenos, surveyed the industry to evaluate how it is managing this change agenda.
Download this report to find out where Asset Managers are focusing their priorities and digital investments. Key highlights include:
- 93% say that investment in operational systems is essential for asset managers to improve efficiency and reduce cost.
- 68% say it is important to have one strategic service provider that can support a client’s full outsourcing requirements.
- 40% say that developments in artificial intelligence will be the most important development in the next ten years.
Download the white paper today to find out more:
Technovela “Casa de Temenos” – Episode 6: Miami (Work from Home Edition)
Where Culture Meets Banking Technology
Three pathways to success will define the next-generation wealth manager:
- Customer experience enhanced by digital client services and personalization
- Insight gained through AI and analytics
- New markets defined by the mass affluent and alternative investments
The Next-Generation Wealth Manager outlines the key findings from the research, with commentary from leaders at investment and private banks and additional insight from a prominent futurist and an expert in academia.
Technovela “Casa de Temenos” – Episode 6: Miami (Work from Home Edition)
Where Culture Meets Banking Technology
The European edition of the Global Temenos/Forbes report ‘AI and the Modern Wealth Manager’ includes insights from Temenos’ European Managing Director Steen Jensen and looks into the following areas:
- How Wealth Managers around the world view AI
- The emerging mass affluent client
- How AI is affecting high net worth individuals