Digital end-to-end transformation for Wealth Management Services
Geneva, Switzerland
The Swiss Private Bank, Mirabaud, will be launching the largest project the bank has ever embarked on. Starting in the Spring of 2022, Temenos will be supporting Mirabaud to move from a traditional on-premise system to a digital end-to-end wealth management platform on Temenos Banking Cloud. In a market that is becoming increasingly competitive with the entry of neo-banks and fintech, Mirabaud intends to fully restructure its technology stack to adapt quickly to the demands of new clients. With the generational transfer of wealth, new regulations, and growth in asset classes such as private equity and digital assets, Temenos Banking Cloud gives Mirabaud the agility to quickly adapt to changing investment opportunities and client expectations. The move to cloud solutions will help Mirabaud prepare for the future. It is a foundational element of the current ongoing transformation.
Wealth is currently the trend for the younger generation due to inheritance and entrepreneurship. Customers are becoming more socially and environmentally concerned. Customers are also interested in new products and services, such as private equity, and cryptocurrency. For traditional banks like Mirabaud, staying relevant is a must. They aim to build hyper-personal, highly informed, and transparent digital customer experiences. Temenos demonstrated its advanced technology architecture to deliver the utmost secure cloud-native platform.
The global solution based on the Temenos SaaS model will actually help us grow while maintaining an efficient operating model. With this new digital ecosystem, we will have the client experience tools to help us prepare personalised advice and encounters with increased efficiency, allowing us to further spend quality dialogue time with our clients. We will be able to adapt more quickly to their needs, cater for future market trends, and remain committed to our core value of delivering a passionate, personalised, human service.”
Camille Vial, CEO at Mirabaud
Mirabaud will adopt the complete suite of Temenos wealth banking capabilities, from self-service channels and portfolio management to back-office processing, including Payments, Financial Crime Mitigation and Data Lake that will enable Mirabaud to deliver a digital customer experience with personalized services and highly automated processes. Mirabaud will benefit from the global solution based on the Temenos SaaS model, which will allow the bank to grow while maintaining an efficient operating model. Adopting the latest SaaS technology, Mirabaud will be able to adapt more quickly to its customer’s needs with increased efficiency, cater to future market trends, and remain committed to its core value of delivering passionate, personalized, human service.
This key investment for the Mirabaud Group is a clear demonstration of our dedication to our clients, positioning ourselves as a leading partner for them today and the generations to come. We are working to carry on adapting quickly to their needs and market trends while never losing sight of our core vision and values to combine our entrepreneurial and passionate human approach with cutting edge technology.”
Camille Vial, CEO at Mirabaud
Exclusive: Wealth Management 2.0 – The Big Opportunity That Only Technology Can Deliver
Camille Vial, CEO of Mirabaud, the Swiss private bank, and Max Chuard, Former CEO of Temenos, recently had a conversation about where they see tech trends going in the wealth management industry.
Digital end-to-end transformation for Wealth Management Services
Geneva, Switzerland
At a Glance
● 9 months to develop and launch a new mobile banking app, later reduced to just 4 months for subsequent apps.
● Over 550,000 customers now actively use the bank’s apps
● Contributes to 30% annual growth in mobile app usage
● 95% of total transactions run on digital channels
● 57% of digital banking is on mobile only, resulting in 33% increase of transactions
One of the ten largest banks in Italy, Credito Emiliano SpA (Credem) has been helping customers to manage their finances for more than 110 years. Headquartered in Reggio Emilia and listed on the Borsa Italiana stock exchange, the bank offers wealth management services alongside retail, business, and corporate banking. With 1.5 million customers, Credem reported total assets under management of EUR 65 billion.
Digital services are a strategic priority for Italian banks, especially since the pandemic has limited access to physical branches. As the battle for market share intensifies, they strive to differentiate themselves from the competition with online and mobile services that place simple, secure, and intuitive financial tools at users’ fingertips.
Fabio Caliceti, Head of Digital Channels, Credem, explains: “We are evolving our business model, pushing very strongly towards a full omnichannel service, with an optimal mix between human and digital to meet the highest and most demanding client needs. To build long-lasting relationships with customers, with regard to digital channels, we aim to make every digital touchpoint and digital contact as frictionless and easy to navigate as possible.”
Fostering a culture of established digital innovation
In 2019, Credem committed to innovation by working on various initiatives. These included setting up a stronger connection with the fintechs and introducing new leading-edge technologies such as automation, artificial intelligence, and chatbots to enhance the bank’s services.
This emphasis on innovation has sparked strong growth across Credem’s digital channels, but the bank saw opportunities to improve its mobile banking app. With its previous development platform, Credem found adding new features and performing maintenance a time-consuming and labor-intensive process.
Andrea Ferrari, Head of Touchpoints, IT Department, Credem, adds, “There was a risk of our mobile app becoming outdated and falling behind the competition. Our platform vendor offered no real technology roadmap, with limited investment in new functionality. We had significant growth in app usage, but we need to make ongoing improvements to maintain that momentum.”
Innovation takes many forms, and a relatively new focus for Credem is on extending ESG-related services beyond traditional enterprise customers to retail.
Andrea Ferrari clarifies, “We are launching a new project to understand what we could do as a bank on the ESG side, in line also with new European regulations, to help our customers better understand their environmental impact. And being able to share our ESG focus and goals with Temenos who is committed on sustainable business practices for a while, is certainly an advantage for us.”
Selecting a low-code development platform
Credem planned a new mobile app for retail banking, private banking, and small and medium-sized business customers called “Digital Banking” with a fresh design and a rich array of tools to empower users to manage their accounts. It was subsequently decided to build dedicated apps for each audience. To build the two new apps, Credem assembled a team of developers, business analysts, and Product Owners, and decided to use Temenos digital banking on Temenos SaaS with infrastructure running of AWS.
Temenos offered a very useful low-code platform that would allow our teams to develop the new mobile apps in JavaScript and bring new front-end features to market rapidly. Cloud and CI/CD are two pillars of our IT strategy, so we also wanted a partner with proven service delivery capabilities, letting us the opportunity to stay focused on new functionalities. The Temenos team demonstrated considerable experience using CI/CD methodologies to test, develop, and deploy new banking apps.”
– Andrea Ferrari, Head of Touchpoints, IT Department at Credem
He adds, “The Temenos SaaS ensures that we avoid the hassle and costs of managing infrastructure, which has formed a key part of our IT strategy for many years. The cloud model also gives us elastic scalability, allowing us to provision resources at the click of a button during testing and development.”
Developing and launching quickly—despite the pandemic
Credem started the implementation just as the pandemic struck, with lockdowns sweeping across Italy. To keep work moving forward, the project team moved to a remote deployment and development strategy, based on an agile framework. Working together, Credem and Temenos completed the discovery phases, created and tested the alpha version of the new app, and launched the full version on the market in just nine months.
Completing such a complex project fully remotely wasn’t easy at all, but Temenos helped to minimize disruption, bringing wide-ranging skills and competencies to the table, this, added to a strong commitment from Credem people has achieved the goal of completing the development and launching the new app in nine months; a really excellent result.”
– Andrea Ferrari, Head of Touchpoints, IT Department at Credem
During the development process, Credem made full use of Temenos Country Model Bank functionality, which provides prebuilt workflows, such as payments and money transfers, that, after some evolutions defined during the project, are now fully compliant with local Italian financial regulations, helping to reduce project complexity and accelerate time-to-market.
The omnichannel low-code Temenos platform was pivotal to success, as Andrea Ferrari confirms, “With the Temenos solution, we were able to use the same code for both the iOS and Android versions of the app. We could work as a single, unified team throughout, focusing all our strengths on a single technology and not splitting on different mobile operating systems. Our users found the Temenos platform easier than other technologies, we have invested time in skilling our people, and in a short time we have been proficient with the tools.”
Leveraging on the know-how to deploy new apps
Following the successful launch in January 2021, Credem gradually rolled out the new apps to approximately 450,000 individual and SME customers.
In early 2023, Credem built on the success of these apps with the release of two new mobile apps for the needs of private banking customers from Credem Euromobiliare Private Banking, which is part of the Credito Emiliano group, one for individuals and another for businesses.
And they were built much faster this time round. As Andrea Ferrari explains, “These two new apps were built in four months each as we leveraged the paradigm of the previous apps and the experience of the team involved. It was quick and easy to adapt the current apps to create the new ones.”
Furthermore, it is easier to deploy new features and enhancements. In 2023 alone, Credem launched 11 version updates. It’s a record, as Andrea Ferrari highlights, “We are delighted with the Temenos digital platform, which allowed us to deploy 11 releases in nine months. It is exceptional and it’s indeed more than five times the number of releases per year we had prior to working with Temenos”. The number of releases further increased in 2024 to an impressive 12 version updates for the main retail application and another 16 for the Private Banking and SME applications.
Delivering a superior in-app experience
The apps features a simplified, frictionless design and interface that makes it easy for users to navigate the various menus and features, while multi-factor authentication, including biometrics options, ensures the highest levels of security. Credem has also embedded the mobile token used for authentication and transactions in a smoother fashion.
Within the apps, Credem customers can activate and manage cards, view transaction records, make and schedule transfers, top up prepaid payment cards, and as well as manage bill and tax payments.
Recently, Credem just launched its first 100% digital-only savings account and has signed 15,000 brand-new customers already. They can now apply for new debit and credit cards via their app, rather than having to go into a branch.
Andrea Ferrari explains why this new offer is a gamechanger, “It’s enriching our customer proposition. We are offering something remote for people who don’t want to come into a branch and who prefer to stay at home.”
Andrea Ferrari adds, “With Temenos, we can make enhancements to our mobile app that were more complex with our older platform, ensuring that we continue to improve the user experience. The solutions enable us to develop and bring new services to market rapidly; we have already introduced smart credit card management and payments options, and added account aggregation.” And users are responding positively to these enhancements. The new apps now average four stars in Apple’s and Google’s app stores, up from three stars.
Moving forward, Credem also intends to harness third-party integration tools leveraging the partner ecosystem Temenos Exchange, to further enhance its mobile banking services, as Andrea Ferrari explains, “With Temenos Exchange, we can connect seamlessly to leading-edge fintech solutions, avoiding the complexity of in-house development. Temenos gives us all the tools that we need to cement our status as a leading innovator among Italian banks.”
Attracting more and more app users
Working with Temenos to develop these apps has helped Credem to attract new users for its mobile banking services. In recent years, the bank has achieved consistent 30 percent annual growth in app usage and downloads, with over 100 million transactions across all its digital channels.
Today, Credem’s apps are used by over 550,000 active customers, while 95% of total transactions now run on digital channels (Mobile, Online Banking, etc.), keeping the mobile application at the core of digital evolution process. Indeed 57% of customers accessing the bank’s digital services are doing so, solely through one of Credem’s apps.
In the first 12 months the bank has seen a 41% increase in app downloads, a 39% increase in logins, and a 17% rise in app active users. This rate of adoption has resulted in a 33% increase in the number of transactions and payments performed via mobile. Fabio Caliceti adds, “Temenos has been an important pillar in the ongoing growth of our mobile app. Along with the dedication of our development teams and our strong focus on innovation, the Temenos solutions have helped us to accelerate our digital transformation and evolution towards omnichannel service delivery.”
Credem has redesigned its online banking channels using Temenos, building streamlined journeys for every stage of the customer lifecycle, from onboarding and origination onward. The new web-based digital banking experience and instant payments are the new projects that are in implementation. Credem values the partnership with Temenos and the ability to have workshops between both teams to align roadmaps.
Temenos is a great partner to Credem, always sharing useful information and looking to assist us in new ways. With Temenos, we are building innovative digital banking services that will help to strengthen our ties with our customers and differentiate ourselves in a competitive market. We are confident that we are looking at a brighter future, and Temenos will be a key part of this.”
– Andrea Ferrari, Head of Touchpoints, IT Department at Credem
We partnered successfully with
Amazon Web Services (AWS) is a secure cloud services platform, offering compute power, database storage, content delivery and other functionality to help businesses scale and grow.
Digital end-to-end transformation for Wealth Management Services
Geneva, Switzerland
At a Glance
• Temenos Core deployed in just four months and digital in nine months
• Time for new product developments cut to hours
• Customer base grown 19x from 700k to 13.2m
• Able to onboard tens of thousands of customer every day
• Loan portfolio growing by 50% year-on-year
Cooperative Bank of Oromia (Coopbank) is an Ethiopian bank established by farmers 19 years ago. Their influence remains strong; more than half of the bank’s shareholders are still farmers, and it remains focused on the MSME farming and agricultural sector, which contributes more than 80% of the national economy, yet suffers from high levels of financial exclusion.
Coopbank is well on its way to fulfilling its goal to be the leading private bank in Ethiopia by 2025. It is already one of the country’s most profitable banks, with a total asset value of more than ETB 139.56 billion, operates 745 branches, employs more than 15,000 people, and has more than 13 million account holders, covering retail, corporate and institutional clients.
Nobody left behind
At the heart of this ambition is a mission to transform livelihoods and empower communities. “That is ultimately what we mean by innovation,” explains Aman Semir, the bank’s Vice President for Technologies and Digital Banking. “It’s really about solving people’s problems.” That mission goes hand-in-hand with a focus on ESG. “We’re early on in that journey, but we’re starting to see the fruits of our framework. For example, around 100 branches are now fully powered by solar and wind energy.”
Half of those branches are containers that have been modified. “We locate them in remote places where there is no electricity, and provide free Internet. For the people around there, they have become more than a bank branch. They are education and community gathering centers.”
Aman calls this the bank’s ‘phygital’ approach
You can’t be a digital bank without first educating people. So we need the physical place where this can happen.In parallel, it is building for the era of open banking. We’ve leveraging open APIs to integrate any third party to our bank.”
Aman Semir, Vice President Technologies and Digital Banking at Cooperative Bank of Oromia
It is this dual track – of both readying for future opportunities while ensuring nobody gets left behind – that marks the Coopbank out.
A great fit from the start
To deliver this strategy, Coopbank turned to Temenos, deploying the core banking platform in 2016. “Everyone had become frustrated by our legacy system. Staff were having to stay in the office until midnight to record the day’s work, such as new accounts opened. You just can’t grow with that sort of inefficiency.”
The bank found its way to Temenos through a combination of Gartner ranking and reviews, RFP response, customer references and personal experiences of employees. It has not looked back. “From the start, Temenos was a really great fit. The past six to seven years have proved that our choice was the right one.”
The evidence for that is everywhere. In that time the bank has grown 19x its customer base from 700,000 to 13.2 million, and is now growing its asset value by 40% year-on-year. Loan portfolio has been growing 50% year-on-year for the past six years, and deposits have increased 39% to 42% in the same timeframe
In the face of sharp growth, the platform has proved scalable and flexible. It can accommodate anything. We can come up with any new product, any configuration or third-party integration, and the system just handles it all.”
Aman Semir, Vice President Technologies and Digital Banking at Cooperative Bank of Oromia
Aman paints a before and after comparison to illustrate his point. “Before Temenos, just to come up with a simple saving product would have taken us a long time. We were forced to go to our vendors and wait for them to configure their systems. But now we can do that in just a few hours, both in-house development and third-party integrations.
Powerful partnerships
For these projects the bank accessed the Temenos certified partner network to source its implementation partners – USI for the initial implementation, Inlaks for the upgrade, and Xpert Digital to enable Temenos digital.
“It’s always been a smooth and fast process – just four months for the initial deployment, and nine months for Temenos digital.” Aman recalls that, back in 2016, the bank chose not to involve Temenos in the implementation, but instead used the model bank configuration. “The scope and flexibility of that template meant when we upgraded, there was nothing to change. It was almost too good to believe!”
Deepening the partnership
As well as upgrading the core banking platform to the latest version in 2023, Coopbank also added Temenos Trade Finance, which it uses to offer interest-free banking to Islamic customers.
With Trade Finance we have enabled automations that have reduced processing times, so that now the back-office runs more smoothly.”
Aman Semir, Vice President Technologies and Digital Banking at Cooperative Bank of Oromia
The bank has also enabled Temenos digital to its suite. “It’s brought customer onboarding to the next level. We’re now able to onboard tens of thousands of customers every day, and give them a world-class experience.” It means the bank can be confident in making ambitious projections. “In the next 12 months we aim to onboard more than five million customers.” Aman explains.
On the way to the top
Aman explains that Temenos has become so important to the bank that the partnership is seen as one of the critical halves of its operation, alongside leadership. As such, it plans to double-down on its investment. “Even though we upgraded the platform just a year ago, we’re already considering adding more modules, so we will probably not wait another three to four years to do another upgrade, but get on with that very, very soon.”
Aman is confident about what that will mean for the bank’s future.
Seven years ago, when we started with Temenos, we were ranked number 11-13 nationally in most banking parameters. Now, we are a number three or four bank, and we are improving all the time. We’re a proud and happy Temenos customer.”
Aman Semir, Vice President Technologies and Digital Banking at Cooperative Bank of Oromi
Xpert Digital (XD) is a Certified Temenos Services Partner specializing in delivering exceptional digital experiences by creatively nurturing innovation with technology.
Digital end-to-end transformation for Wealth Management Services
Geneva, Switzerland
Led by the two pioneers in the banking industry, Frank Trotter and Vincent Amato, the US challenger Bank Battle Bank, has selected Temenos SaaS to underpin the global markets technology stack. Using Temenos’ model bank methodology and the pre-composed banking services, the bank will be able to quickly roll out its world markets division, offering innovative solutions with hyper-efficient cost structures.
We’ve created Battle Bank to fill a widening gap in the traditional banking landscape — to offer high-yield interest accounts coupled with access to the world markets. To make that vision a reality, we need technology that is fast, open, and scalable as we continue to grow our offerings. This partnership with Temenos will provide exactly that, making our clients’ experience as seamless and efficient as possible.”
Frank Trotter, President and Board Member at Battle Financial, Inc.
With Temenos core banking and payments solutions, Battle Bank will be able to offer its clients a diverse set of opportunities in F.D.I.C. insured foreign currency and market index deposits and the ability to acquire, store, and borrow against non-F.D.I.C. insured precious metals.
We are building Battle Bank to offer exceptional banking values and unique investing offerings, With Temenos, we know that it’s possible to launch fast and scale quickly. The unprecedented breadth, depth and scale of the platform’s modular banking capabilities creates opportunities for our customers to prosper through a diversification of financial holdings with us.”
Vincent Amato, Chief Operations Officer at Battle Financial, Inc.
Digital end-to-end transformation for Wealth Management Services
Geneva, Switzerland
“Businesses on every continent rely on Atradius to support their international and domestic trading activities. Headquartered in Amsterdam, Netherlands, and operating in more than 50 countries, the company is one of the largest trade credit insurance providers in the world, offering tailored services that help small, medium, and large enterprises to protect themselves against risk from their debtors.
Atradius identified that using innovative machine learning tools to analyze credit applications would reduce the manual workload for underwriters, and accelerate assessment workflows while reducing claims.
Atradius chose to deploy the Temenos self-service Explainable AI (XAI) platform due its high accuracy as well as being the only one that generate XAI models and could explain the decisions made by AI. Implementing Temenos XAI was a smooth process, and Temenos provided excellent support throughout. The Temenos XAI models helped Atradius to refine and improve the accuracy of the predictive models. The solution has gained the confidence of Atradius underwriters (where the solution also provides information on the reasoning behind the recommendation in plain language) and now plays an integral role in their workflows.
Atradius work with Temenos has been a huge success, helping to improve the quality of Atradius client services, reduce their exposure to risk, and strengthen their marketposition.”
Digital end-to-end transformation for Wealth Management Services
Geneva, Switzerland
Telenor Microfinance Bank, the Operator of Pakistan’s leading digital payments platform Easypaisa, required scalability, automation, agility, and a proven technology platform to offer personalized, customer-centric products while allowing for lower operational costs and increased return on equity. Temenos’s best-in-class solutions and System’s implementation expertise enable Telenor Microfinance Bank to innovate faster and provide customers with much-needed access to digital savings accounts and micro-loans.
We have always remained true to our mission of transforming Pakistan into a cashless society through collaboration and technology. Our partnership with NdcTech to implement Temenos solutions has added a vital component to our services infrastructure, which will catapult our move towards digitization. By going live on the platform, we can now fast-track our digital transformation journey and come up with more innovative digital financial solutions for our customers in a more efficient manner.”
M. Mudassar Aqil, CEO at Telenor Microfinance Bank/Easypaisa
Telenor Microfinance Bank went live on Temenos, the next generation in core banking, Temenos Financial Crime Mitigation (FCM), Temenos Advanced Collection (TAC), and Temenos Analytics and Reporting, to deliver a seamless, simple, and secure digital experience to its customers while ensuring sustainable growth. Additionally, these solutions will enhance controls, increasing the bank’s ability to comply and achieve operational excellence.
We partnered successfully with
Systems Limited is a global technology public limited company founded in 1977 with the mission to offer holistic transformations to its clients.
Digital end-to-end transformation for Wealth Management Services
Geneva, Switzerland
Pakistan’s Largest Bank, HBL, select the Temenos core banking platform to provide domestic and international operations with a cutting-edge banking experience. The Temenos implementation will include a full suite of client-friendly products and services that will provide end-to-end, technologically advanced solutions to both HBL’s conventional and Islamic banking clients.
HBL will onboard over 25 million of the Bank’s clients onto Temenos open platform for composable banking. Fast onboarding and quicker transaction processing will provide a more seamless client experience, enabling HBL to increase its digital footprint across Pakistan and internationally.
The open technology platform provided by Temenos is flexible, global-ready and has the breadth of banking services to meet our clients’ fast-developing banking needs. This partnership contributes to our goal to become a ‘Technology company with a banking license”
Muhammad Aurangzeb, President & CEO at HBL
The new platform will accelerate the Bank’s services across all segments, markets, and channels and will also enhance adherence to local banking regulations and improve reporting standards for international markets in China, GCC, Europe, and SAARC countries.
At HBL, we are always looking at better ways to serve our clients. By adopting this leading platform, we will add to our capability to give clients an improved experience when using our services, now and for many years to come.”
Digital end-to-end transformation for Wealth Management Services
Geneva, Switzerland
Enda Tamweel, a leading microfinance institution in Tunisia, with 96 branches, 5 mobile branches, and over 1,800 staff has grown considerably over the last 30 years, supporting close to 900,000 customers over this timeframe. Enda has gone live with cloud-native, cloud-agnostic Temenos core banking, making Enda the ninth Temenos customer in Tunisia, demonstrating Temenos’ expertise and knowledge of the Tunisian market to fulfill its objective of contributing to the financial inclusion of millions of Tunisian entrepreneurs and offering diversified services and lines of credit.
We are delighted with our new digital core banking system. On the day the platform went live we were able to connect more than 1,400 users and make 1,900 transactions, which really reinforces how effective the transformation has been from day one. For us, speed of response to customers is critical. It can mean the difference between someone being accepted for a loan and being able to start a small business, and limiting the numbers of people we can help. Thanks to Temenos core banking, we have been able to make a greater impact in helping people to grow and sustain their businesses and as a result, improve their living conditions and those of their families.”
Mohamed Zmander, Chief Executive Officer at Enda Tamweel
Enda selected Temenos core banking to provide the agility to service more customers at a lower cost, and to quickly launch new products and services. Over the years, Enda’s former open-source information system has become unable to respond to the evolving needs of the institution. With Temenos’ pre-configured micro-finance capabilities, Enda is now also able to process large volumes of transactions efficiently and provide a better customer experience.
Digital end-to-end transformation for Wealth Management Services
Geneva, Switzerland
At a Glance
2.5 million customers and 6.9 million accounts successfully migrated
Managed 2 releases a month
Shorter time-to-market to launch new products
Named again among America’s Best Banks by Forbes, Commerce Bank, top 50 US Bank, has been serving customers for over 150 years. With a long-term view and a focus on the customer, Commerce operates utilizes the “super community bank” model, which requires bringing together sophisticated banking products with high-touch, high-tech delivery to create and build deep relationships.
It means that Commerce Bank attempts to combine the back end of a large regional bank offering the products and services that you would expect with the front end of a community bank or a smaller bank with deep personal relationships, excellent customer service, bankers that are empowered to solve problems.
Like every bank, Commerce Bank was facing both external and internal challenges. Externally, it’s the explosion of digital solutions, and particularly the competition from fintechs, especially in the US facing shifting customer expectations. Internally, Commerce Bank is struggling with what is usually referred to as technical debt- managing those 30-plus-year-old systems and making the system do modern things.
Commerce Bank sought the next long-term strategic partner and a platform that shares the same vision of the future and had a common culture. The bank was seeking for a modern, integrated, extensible, highly configurable platform. And finally, the Commerce bank was considering cloud options in the long term and the economics and the flexibility would really help them drive value.
Commerce is focused on staying at the forefront of technology to ensure the best service to our customers. We recognize that a modern core banking platform is an accelerator for innovation and digital customer experiences. The Temenos platform will enable Commerce to deliver innovative solutions for our customers today and well into the future.”
David Roller, Chief Information Officer at Commerce Bank
Commerce chose Temenos as its strategic technology partner for its highly flexible, agile banking platform. Temenos’ modern platform increases operational efficiency and enhances Commerce’s ability to innovate and incorporate emerging technologies. The Temenos U.S. model bank approach helps Commerce to meet the unique business and regulatory needs of the market in an efficient and cost-effective way. This milestone completes its modernization project to move from its legacy systems for deposits to a modern, agile and open platform tailored for the US market.
In the quarter following the implementation, customer satisfaction and customer retention scores were either maintained or improved across all Commerce’s business segments. The great collaboration of Commerce and Temenos teams has enabled the migration of 2.5 million customersand 6.9 million accounts – spread across over 360 different product types. The bank was also able to do two releases a month and is working towards doing more. With Temenos open platform for composable banking Commerce is delighted to be able to grow and scale and shorten the time to market for new products. The super community model is a long-term strategy for Commerce coupled with big picture macro trends around digital, analytics, and automation on modern cloud architectures.
To deliver differentiated digital solutions to their customers, Commerce developed an enterprise digital strategy across their consumer wealth and commercial businesses. To connect customers to bankers Commerce launched during the pandemic, Commerce Bank Connect, based on the Temenos engage platform. It is a customized solution that allows customers to connect with a banker of their choice right from their smartphone.
Commerce helps high-net-worth individuals simplify their complex financial lives and by the end of 2022, Commerce will launch a Temenos-based private banking lending solution to keep ahead of the competition. Lastly, Commerce is modernizing its payments framework based on the Temenos payments engine, they aim to be an early adopter of the Instant Payment product introduced next year by the Federal Reserve Bank.
“Temenos has, as we’ve discovered the right technology, but also the US model bank has the regulatory support for us. We spent a lot of time with you working on it, and we believe it’s ready. But I’d also say that you have the people to deliver. So yes, we would recommend it.”
David Roller, Chief Information Officer at Commerce Bank
Digital end-to-end transformation for Wealth Management Services
Geneva, Switzerland
At a Glance
• Decrease onboarding times for financial advisors and investors to just 30 minutes
• Contributes to 100% growth in new accounts since the implementation
• Implemented the solution on the Temenos banking cloud in just 9 months
• Enables HUB24 to process growing application volumes seamlessly and more efficiently
HUB24 Limited is a company listed on the Australian Securities Exchange. The company consists of the award-winning HUB24 platform, HUBconnect business and Xplore platform. HUB24 offers advisors and their clients a comprehensive range of investment options, including market-leading managed portfolio solutions and enhanced transaction and reporting functionality. As one of the fastest-growing platforms in the market, the platform is recognized for providing choice and innovative product solutions that create value for advisors and their clients.
As of September 2021, the HUB24 group has over AUD $45 billion in funds under administration on their platforms. Inevitably, rapid growth creates challenges. As well as servicing higher volumes of applications from financial advisors, HUB24 must ensure resources are available for innovation, sales activities, and ensuring compliance with the increasingly complex regulations that govern the Australian financial sector. To cover these bases and maintain momentum, HUB24 is focused on operating as efficiently as possible.
James Tesoriero, Product Development Manager – Platform and Managed Accounts at HUB24, explains: “We are growing at a fast pace and to continue our success, we aim to enhance our user experience and range of investment options while maintaining a low cost-to-income ratio.”
Planning fast, frictionless onboarding
At the start of every customer journey, financial advisors using the HUB24 platform capture complex data, which depends on the entity type being onboarded. This can include personal and company details, financial information, and investment preferences, as well as completing a series of verification steps in support of know-your-customer (KYC) activities and identification of beneficial owners. Previously, HUB24 relied on systems developed in-house to support customer onboarding — but the business was looking to make improvements.
We are always looking for ways to enhance the customer experience and were keen to upgrade our previous system. We wanted to make it as easy and efficient as possible for both advisors and our own teams – to reduce the time taken to complete tasks and move applications forward more efficiently.”
James Tesoriero, Product Development Manager – Platform and Managed Accounts at HUB24
Along with enabling financial advisors and investors to complete applications efficiently, HUB24 wanted to ensure advisors and their teams spent less time on follow-up and had an improved customer experience overall. HUB24 realized that a simpler, frictionless onboarding process was essential and that collaborating with an experienced provider would provide customers with the best outcome, while also supporting business growth.
Deploying a best-in-class solution in the cloud
Rather than re-engineering the in-house system, HUB24 looked to work with a partner with proven experience helping financial advisors to optimize onboarding. Essentially, HUB24 wanted a best-in-class solution with capabilities to build customized application journeys for different client groups. After assessing the available options, HUB24 chose Temenos Journey Manager running on the Temenos banking cloud.
Temenos was very supportive from the start, offering real expertise in onboarding and strong knowledge of the Australian financial sector. The flexibility and simple user interface of the solution were impressive, along with the analytics tools that would help us continually enhance our customer experience. Adopting the cloud model was an easy choice, removing all worries about managing infrastructure.”
James Tesoriero, Product Development Manager – Platform and Managed Accounts at HUB24
Working with Temenos, HUB24 implemented the solution in just nine months. As the COVID-19 pandemic struck early in the process, Temenos and HUB24 switched to a remote deployment model, building prototypes and completing multiple phases of user testing to fine-tune the new onboarding journey before going live.
Adding innovative, user-friendly features
Using Temenos Journey Manager, HUB24 added more intuitive elements to the onboarding journey for many of its investment options. For example, application forms now include fields tailored for different client groups, whether individuals, self-managed super funds, or corporate trusts, while electronic signature tools simplify the final submission steps. To pinpoint sources of friction, HUB24 harnesses the analytics capabilities of the Temenos solution to monitor how financial advisors and investors interact with the new forms.
James Tesoriero adds: “Using Temenos Journey Manager to change text fields on forms and to rearrange elements on the digital interface is very straightforward. We have built up considerable internal knowledge about the solution, and whenever we need extra assistance Temenos provides responsive support, including documentation and access to solution architects.”
Accelerating the application journey
The enhanced onboarding process enables financial advisors and investors to complete onboarding much faster than before. Industry surveys now rate HUB24 as Australia’s Best Platform[1].
With Temenos Journey Manager, we have created a much simpler, more intuitive and frictionless onboarding journey that clients complete on average in just 30 minutes, a massive improvement on our previous system.”
James Tesoriero, Product Development Manager – Platform and Managed Accounts at HUB24
The Temenos solution has also helped HUB24 to improve operational efficiency. As the new onboarding forms capture all relevant client information, internal teams no longer have to chase financial advisors for missing details. Instead, HUB24 can divert its resources to other tasks, such as developing next-generation investment platform features and managing regulatory compliance changes that will provide additional value and support for our customers.
James Tesoriero adds: “Streamlined onboarding helps us to become more efficient and meet the increasing demand from financial advisors and investors. With the Temenos solution, we can process rising application volumes quickly and seamlessly, while also providing advisors with an improved customer experience.”
Forging an effective partnership
In future, HUB24 plans to use Temenos Journey Manager to create frictionless onboarding journeys for new services, as James Tesoriero explains: “With the Temenos solution, we can reuse the tried-and-tested elements that we know work well to create new customer journeys, helping to accelerate the development and launch process and ensure a first-class customer experience from the start.”
Working with Temenos has been excellent. Our dedicated account managers always listen carefully to our feedback and challenge themselves to deliver even greater value. Our partnership with Temenos has been an important part of our success in recent years, and we will certainly look to collaborate further as we continue to grow in the years ahead.”
James Tesoriero, Product Development Manager – Platform and Managed Accounts at HUB24
[1] HUB24 secured the top ranking in the Investment Trends 2020 Competitive Platform Analysis and Benchmarking Report, which ranked 15 major investment platforms according to functionality and adviser preferences.
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