Staying ahead of the competition by driving innovation on a global scale
Paris, France
A global leader in the trillion-dollar transactional banking space, Société Generale offers high-quality, integrated financial services to corporate and private clients. With new competitors emerging and client expectations becoming more demanding, the bank looked to reinforce its leading position with more innovative, agileofferings. Working with Temenos, Société Generale is deploying Temenos core banking and Temenos Payments to modernize its account management and payments capabilities in 13 countries across Europe and Asia. Once implemented, the cloud-native Temenos solutions will help the bank stay ahead of the curve, delivering differentiated services that chime with customer requirements. The unified platform will also reduce operational risk and improve efficiency, and ensure compliance with ISO 20022 payments messaging regulations.
Temenos is a proven solution that offers the functionality and agility to deliver a better banking experience to our customers, with the scalability and performance to support future growth. A big advantage of Temenos is the ability to operate a unified platform on-premise or on the cloud, providing services that can be easily integrated with our digital B2B Platform SG Markets.”
Philippe Morère, Global CIO and deputy COO at Societe Generale Global Business & Investor Solutions
Staying ahead of the competition by driving innovation on a global scale
Paris, France
To increase its market share, Bank of Khyber aims to offer differentiated, personalized Islamic, retail, small business, and corporate banking services. But with existing legacy systems limiting innovation, the bank launched a digital transformation program, deploying Temenos core banking, Temenos digital banking, Temenos Financial Crime Mitigation, and Temenos Analytics solutions. Working with Temenos business partner Systems, Bank of Khyber employed a hybrid implementation model. By combining on-site and remote engagements, the bank achieved a seamless move despite the disruption of the COVID-19 pandemic. The Temenos solutions will provide enhanced core, digital, fraud detection, and analytics capabilities, helping the bank launch new products rapidly, offer frictionless online experiences, and attain its long-term growth objectives.
Temenos has a global reputation for providing robust, innovative financial software solutions and has an extensive presence all over the world. This implementation will provide the leap forward we need to enhance our market share and deliver better services and products for our customers in the 21st century.”
Mr. Ihsan Ullah Ihsan, Managing Director at Bank of Khyber
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.
Staying ahead of the competition by driving innovation on a global scale
Paris, France
At a glance
• Onboard customers in 5 minutes instead of 60 minutes
• Straight-through processing for 95% of onboarding processes
• 92% faster to compile loan documentation
• Reduce the cost of customer acquisition and servicing
• Provide great digital customer experiences
• Built a new front-to back solution on the Temenos banking cloud
Recently, Challenger, an Australian investment management firm, acquired MyLife MyFinance. In an Australian market dominated by the “Big Four” banks, MyLife MyFinance aims to offer a genuine alternative to the leading players. Headquartered in Melbourne, the bank promises customers fair, ethical, and simple savings and lending products and services, which help them to build a brighter and more prosperous future. MyLife MyFinance, innovation means finding ways to deliver new value to those customers.
Mark Sawyer, General Manager at MyLife MyFinance, explains: “We consider ourselves a niche bank, targeting consumers looking for a transparent, low-fee service. Although we are not aiming to compete directly with the giant retail banks, we want to create a compelling and market-relevant value proposition that compares favorably with their offerings and ensures that we serve our customers well.”
As part of this strategy, MyLife MyFinance looked to design a more engaging, frictionless digital experience. For example, the bank wanted to accelerate onboarding processes that previously consisted of many time-consuming, manual steps. MyLife MyFinance also aimed to introduce self-service capabilities that would give customers greater flexibility in how they could manage their accounts and make payments.
Planning digital transformation
To develop and launch this enhanced customer journey, MyLife MyFinance realized that it would have to modernize its core and digital banking systems. Previously, the bank was using heterogeneous on-premise legacy technologies with limited functionality that restricted innovation and scalability. Using solutions from multiple vendors, MyLife MyFinance also wanted to address management workloads and operational risk.
Zvonko Balic, Chief Technology Officer at MyLife MyFinance, continues: “With our existing systems, the cost and complexity of customer onboarding and servicing was simply too high. Also, we saw that the solutions would make it difficult for us to adapt to changing regulations and hamper our ability to capitalize on emerging market opportunities.”
Selecting a more agile model
To transform its technology stack, MyLife MyFinance decided to deploy Temenos front-to-back banking solutions on the Temenos banking cloud. The Temenos package combines Temenos core and digital banking, and Temenos Analytics and provides capabilities within a modern Open API-first architecture.
Mark Sawyer comments: “When assessing vendors, Temenos stood out for many reasons. First, the broad functionality of the solutions enable us to tailor our new customer journey. Also, the rich integration features allow us to connect to third-party solutions to enhance our services. Temenos also has a strong track record working with Australian and global banks, which inspires confidence that they will always deliver.”
The Temenos banking cloud also offered major advantages for MyLife MyFinance, as Zvonko Balic explains: “As a smaller, niche bank, we do not have the technology budget of the larger financial institutions. Adopting the cloud approach meant that we could focus resources on serving customers rather than managing infrastructure. Plus, we know that Temenos invests heavily in building cutting-edge new functionality, which allows us to roll out enhancements quickly and easily rather than having to perform development work ourselves.”
“Adopting the cloud approach meant that we could focus resources on serving customers rather than managing infrastructure”
Zvonko Balic, Chief Technology Officer at MyLife MyFinance
Deploying fast, despite the pandemic
To implement the solutions, MyLife MyFinance worked with Temenos and Temenos business partner LTIMindtree. Within 12 months, the project teams effectively built a whole new banking infrastructure from scratch in the cloud and completed the customer data migration. Travel restrictions within Australia due to the COVID-19 pandemic meant that Temenos completed two-thirds of the implementation remotely.
During the deployment, Temenos helped MyLife MyFinance to integrate the core and digital solutions with a wide array of third-party services. These include solutions for debit cards and payments, document management, fraud monitoring, customer ID verification, and automated credit decisioning for consumer mortgage and lending products.
Being able to go live with such a diverse ecosystem of services in just 12 months was a great result. The disruption caused by the pandemic made this an especially challenging project, but Temenos provided the resources and expertise to ensure success. The engagement with their sales, account management, executive, and implementation teams has been very positive.”
Zvonko Balic, Chief Technology Officer at MyLife MyFinance
Accelerating processes by more than 90 percent
With the Temenos solutions, MyLife MyFinance strengthened its value proposition and enabled a slick, seamless customer journey that matches the offerings of larger operators. The bank now uses straight-through-processing (STP) for 95 percent of the onboarding process, which automates slow, inefficient manual workflows, reduces onboarding costs, and ensures that new customers enjoy a fast, engaging experience.
Mark Sawyer adds: “With our old systems, it would take between 24 and 48 hours to complete the customer acquisition cycle. Within that time, an employee would have to manually key in data and complete various checks on the customer. Now, due to the STP and integration capabilities of the Temenos platform, a customer can submit their application online and open an account within minutes.”
MyLife MyFinance customers also now enjoy self-service capabilities via their digital channel of choice. Users can log in to manage their deposits account and individual profile via mobile or internet banking, make payments using a digital wallet, activate and manage debit cards, and report lost or stolen cards.
Since the final consumer mortgage and lending solutions went live, MyLife MyFinance looks to accelerate the process for compiling loan contract documentation. Previously, it could take up to 60 minutes to draw together relevant documents from various source systems. With the integrated Temenos ecosystem, the bank expects to complete now the process in just 5 minutes—a 92 percent improvement.
Now, due to the STP and integration capabilities of the Temenos platform, a customer can submit their application online and open an account within minutes.”
Mark Sawyer, General Manager at MyLife MyFinance
Spearheading a new growth strategy
Recently, Challenger, an Australian investment management firm, acquired MyLife MyFinance. As a savings and loan bank, MyLife MyFinance will give Challenger the opportunity to expand its customer base and secure retirement income offerings. The bank is confident that the self-service capabilities, STP, and scalability of the Temenos solutions will enable it to manage higher volumes of customer applications successfully. MyLife MyFinance also believes that the Temenos deployment will enable it to embrace the opportunities created by Open Banking
Mark Sawyer concludes: “As we move into a new phase in our banking journey, we are sure that the partnership with Temenos will continue to contribute to our success, helping us to adapt to evolving regulations and market conditions. So far, it has been a very rewarding collaboration, and we are looking forward to the next chapter.”
We partnered successfully with
One-Stop Pure-Play Global Partner for all Temenos Solutions, System Integrations and Digital Services
Staying ahead of the competition by driving innovation on a global scale
Paris, France
One of the largest financial service providers in Morocco, Crédit du Maroc places innovation and digital transformation at the center of its growth strategy. To strengthen customer experiences and diversify its services, the bank will modernize its core and payments systems with Temenos core banking and Temenos Payments. Once implemented, the Temenos solutions will enable Crédit du Maroc to increase internal efficiency, launch new products faster, and offer customers frictionless, omnichannel access to accounts and cards. On the payments side, the solutions will allow Crédit du Maroc to manage rising transaction volumes, and adapt to new regulations and real-time payments schemes—helping it to win new clients and increase market share.
Temenos’ modern technology platform will not only help to drive incredible operational efficiency, but also enable the bank to accelerate time to market for new products. In a highly competitive market for financial services, Temenos gives us the edge and ensures we deliver the highest levels of customer satisfaction and attract new customers to drive growth.”
Staying ahead of the competition by driving innovation on a global scale
Paris, France
In Ireland and beyond, the events of 2020 have had a lasting impact on consumer interactions with financial service providers. Previously, Croí Laighean customers preferred to talk person-to-person in a branch; now, 80 percent of interactions are online. For Croí Laighean, the new challenge is how to create a digital presence that rivals the banking giants and emerging fintechs. To achieve this, the credit union will replace its legacy, on-premises systems with an agile model using Temenos community banking solution delivered as a Software-as-a-Service offering. Hosted by Microsoft Azure, the solution will enable Croí Laighean to automate processes and eliminate the cost and complexity of managing infrastructure. The rich functionality will enable the credit union to deliver outstanding digital experiences and personalized services, helping it to compete with larger operators.
We are delighted to partner with Temenos to transform our digital banking capability. The Temenos platform puts us on a par technologically with the world’s biggest banks. The move from on premise software to the Temenos Banking Cloud was a strategic decision that will set us up for success long into the future.”
Paul Kennedy, CEO at Croí Laighean
We partnered successfully with
Microsoft’s Financial Services group helps financial firms leverage technology to amplify the impact their people can deliver to drive business success.
Staying ahead of the competition by driving innovation on a global scale
Paris, France
With more than 40 million unbanked citizens, Egypt is an ideal market for digital banking services, which lower barriers to access. Suez Canal Bank, one of the country’s top 10 financial institutions, is embracing the opportunity. Using Temenos digital banking, the bank is transforming the end-to-end digital experience for customers from onboarding, through opening an account, to ongoing account servicing. Suez Canal Bank is also building on Temenos technology to develop smart banking solutions such as tailored insights and suggestions, generated by combining advanced analytics with AI capabilities. Working with Temenos, the bank is reducing time-to-market for new products, boosting front-office efficiency, and bring banking within reach of millions more Egyptians.
We are delighted to partner with Temenos to take our digital banking to the next level. Temenos is the market-leader in digital banking technology and has a strong local presence and record of success with banks in Egypt and the MEA region. Enabling and building engagement with our customers via digital channels is a key growth driver that will help Suez Canal Bank to attract a new generation of customers. This is a priority to support our growth plans but also as a boost to financial inclusion in Egypt.”
Hussein Refaie, Chairman and Managing Director at Suez Canal Bank
Staying ahead of the competition by driving innovation on a global scale
Paris, France
Chile’s third-largest bank, Banco de Crédito e Inversiones (BCI), is well-established on its home turf and is now looking further afield for new opportunities. One of its newest ventures is launching a new corporate bank in Lima, Peru, offering superb digital banking experiences. BCI will use the Temenos Model Bank approach to accelerate the launch, built on Temenos core banking, Temenos Payments, and digital front-office technology. The solution will support cross-border payments, and built-in automation will help the bank maximize back-office efficiency. With help from Temenos, BCI is taking the next step in its growth strategy to expand its corporate customer base fast.
We selected Temenos as our strategic technology partner to support us with our growing plan in Peru. Temenos’ advanced technology, scale and international expertise made them the ideal partner. We were also impressed with the company’s strong presence in Americas, as well as its ability to deliver fast implementations even in these times. BCI in Peru will benefit from embedded local best practices and we expect a smooth launch next year. By launching a new bank in Peru and using Temenos’ technology as our differentiator, we aspire to have a state-of-the-art bank for corporate banking in the region.”
Eduardo Nazal, Managing Director, International Strategy Development at BCI
Staying ahead of the competition by driving innovation on a global scale
Paris, France
Orange Bank Africa’s launch in the West African Economic and Monetary Union (WAEMU) region aims at supporting financial inclusion, while capitalizing on digital capabilities and increasing penetration of mobile tech. Orange Bank Africa is fully equipped to achieve reduced IT costs and operational complexity, as well as an improved cost/income ratio. The bank has developed a mobile-first banking strategy to deliver financial services to consumers’ phones supported by Temenos core banking delivered as SaaS, and its cloud-native technology, which is hosted on Microsoft Azure.
Temenos’ cutting-edge cloud technology, relentless focus on innovation and unrivalled regional experience makes it the perfect partner for Orange Bank Africa as we launch our operations. Temenos core banking gives us the scalability we need to grow and provide vital financial services to millions of customers.”
Patrick Roussel, Vice President, MEA Mobile Financial Services at Orange bank
Meanwhile, the Temenos Banking Cloud enables the bank to aim for sustainable, long-term growth and allows them to scale to meet the surge in digital banking adoption in Africa. Temenos’ Model Bank approach provided highly localized, pre-configured banking functionality so the new software could be deployed quickly, without the need for customization.
We partnered successfully with
Microsoft’s Financial Services group helps financial firms leverage technology to amplify the impact their people can deliver to drive business success.
Staying ahead of the competition by driving innovation on a global scale
Paris, France
Launched in 2019, SomBank aims to make Shariah-compliant financial services available to Somalian citizens and businesses. With smartphone adoption rapidly rising across the region, the bank looks to provide flexible, user-friendly services that customers can access via mobile, online, and in branches. To realize this ambition, SomBank recently selected the full front-to-back Temenos Islamic Banking platform, which combines the market-leading capabilities of Temenos digital banking and Temenos core banking, and will enable the bank to develop customized products in line with Islamic rules. Temenos digital front office functionality will also ensure a seamless, unified user experience across all devices and branch locations. With the solutions in place, SomBank will be able to improve access to much-needed financial services and contribute to economic growth in Somalia.
While we are a relatively new bank, Sombank has big ambitions to play a significant role in rebuilding the country’s financial infrastructure by improving access to financial services throughout Somalia and beyond. Implementing the Temenos banking platform in the cloud will allow us to achieve rapid time to value for new digital products and the cost savings to fulfil this vision.”
Staying ahead of the competition by driving innovation on a global scale
Paris, France
At a Glance
● 1st Finance company in MEA to run front-to back banking solutions on the Temenos banking cloud.
● Built a new digital bank from scratch in2 months.
● 1st time in MEA direct interface from the core banking to the central bank without a middle system.
● A leading innovator in the SME market thanks to the new digital capabilities and channels.
Small and medium sized enterprises (SMEs) represent 94 percent of all companies operating in the United Arab Emirates, and play a pivotal role in the country’s prosperity. For these thousands of companies, success often depends on fast access to liquidity—but in many cases, raising loans through traditional banking channels means navigating complex, paperwork-heavy processes..
This is where Al Ain Finance PJSC wants to makebanking better. Founded in Abu Dhabi in 2016 and regulated by the Central Bank of the UAE, the company looks to provide simple, transparent, and practical alternative finance solutions—without the usual hassle and hidden costs. With this client-oriented and innovative approach, Al Ain Finance PJSC aims to help SMEs across the Emirates to gain the working capital they need to thrive.
Selecting digital solutions on the Temenos banking cloud
Since it began operating in 2017, Al Ain Finance built a positive reputation among clients, particularly for its trade finance services. For the next stage of its growth journey, the finance company targeted a broader portfolio, adding enhanced lending, deposits, payments, and digital services. This strategy, Al Ain Finance believed, would help to sharpen its competitive edge, appeal to more potential clients, and win greater market share.
After assessing offerings from several vendors, Al Ain Finance chose Temenos digital and core banking on the Temenos banking cloud to replace its legacy in-house system and achieve end-to-end digital transformation. The front-to-back digital banking offering on Temenos banking cloud will provide the broadest out-of-the-box functionality for Al Ain Finance to deliver differentiated digital experiences to SMEs. The Temenos banking cloud will be hosted on Microsoft Azure and meant that it could be remotely implemented, simplify its digital business model, and drive operational efficiencies.
Some of our business leaders had worked with Temenos at other institutions, and reported very positive experiences. They knew that Temenos provides exceptional capabilities, which very few of our competitors in this region possess. Also, the Temenos cloud delivery model offers huge advantages to us, as we could avoid the added complexity and costs of managing infrastructure, which would have been very difficult without a dedicated IT team working round-the-clock. The Temenos banking cloud will provide us with a pre-packaged, comprehensive corporate banking product to provide superior digital experiences to our SME customers.”
Spokesperson at the bank
Going live in a rapid timeframe
Al Ain Finance managed to implement the new core and digital banking platforms within two months— a proposition made more challenging by the ongoing COVID-19 pandemic. Temenos’ cloud-native, technology was delivered remotely on the Temenos banking cloud to allow the business to respond to increasing demand for digital banking during COVID-19 in the quickest possible timeframe. Temenos and Stoics IT provided the expert resources to complete the go-live for loans, fixed deposits, accounts, payments, and liquidity management solutions within the target date. Soon after, the project team added Temenos digital banking internet and mobile banking functionality and is now working to launch check clearing and direct debits.
Going live so quickly was a great achievement, especially with the disruption caused by the pandemic. Temenos managed the entire process remotely and communicated exceptionally well throughout the implementation. Normally, we would expect a new solution to need some reworking and fine-tuning following the go-live, but with Temenos everything worked from day one”
Spokesperson at the bank
Setting the standard for digital transformation
With the successful implementation, Al Ain Finance PJSC became one of the first finance companies in the region to harness the latest version of Temenos core banking running in the cloud. In another ground-breaking move, the core platform interfaces directly with the systems of the Central Bank of the UAE to enable clients to make secure, compliant electronic wage transfers. Combined with making banking better by providing SME’s with much needed access to liquidity, fast, we see Al Ain Finance as a true “Changemaker”.
“Even employees with limited experience of modern core systems find the Temenos solutions easy to use,” adds a spokesperson at the bank. “They particularly enjoy being able to access consolidated customer information through a single interface rather than having to click between multiple applications. Although Temenos offers cutting-edge, sophisticated functionality, the learning curve for users was very quick and simple.”
Supported by Temenos, Al Ain Finance achieved its goal of broadening its service portfolio and winning more business among SME clients in the Emirates. The company now offers a comprehensive suite of lending, deposits, and payments products. These include enhanced Wage Protection System (WPS) offerings, which help SMEs to pay their workers in a timely manner, while registering transactions with the Central Bank.
Furthermore, Al Ain Finance now offers clients the flexibility and convenience of managing their accounts via internet or mobile channels. Rather than relying on traditional customer verification methods, the company integrated its digital services with third-party biometric security solutions—enabling clients to use fingerprint and facial recognition to confirm their identity and positioning Al Ain Finance as a leading innovator in the SME market.
Customer feedback for our new products has been excellent. Since the launch of our enhanced service portfolio, we have seen marginal increase in client numbers for our WPS offerings, and overall growth in business volumes. All of these were achieved at a lower operational cost.”
Spokesperson at the bank
Leveraging Technology to drive efficiency
The Temenos solutions also helped Al Ain Finance PJSC to develop faster, more efficient business processes. For example, users previously created reports manually using spreadsheets to collate data. With Temenos core banking, the company can generate reports at the click of a button, ensuring business leaders gain insights into market trends sooner, and enabling employees to focus more time and energy on value-add tasks.
A spokesperson at the bank concludes: “Working with Temenos has been a great experience. Whichever direction that we take, we know that Temenos will provide the solutions, expertise, and implementation support to ensure our success. It is a great partnership, and we look forward to the next stage of the journey.”
Microsoft’s Financial Services group helps financial firms leverage technology to amplify the impact their people can deliver to drive business success.
Stoics IT is a leading consultancy company with its primary focus in providing superior core banking consulting & implementation services across Europe, Middle East and Asia Pacific for Temenos products.
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