72% of banking executives now recognize that incorporating cloud into their overall growth strategy will help them achieve their objectives faster and with confidence. Turning that belief into reality needs strategy, planning, and extensible architecture together with uncompromising security and industrial-grade resilience. The Temenos Banking Cloud powered by Amazon Web Services (AWS) brings all of this and more.
The payments world is changing at pace. US-based market research company IDC forecasts that 74% of consumer payments will be handled by non-traditional financial institutions by 2030. Customers now expect seamless, real-time and secure payment experiences, while regulation is also playing its part, with open banking and domestic real time payments schemes such as FedNow.
With payments modernization therefore a top priority for US banks, this survey of 2000 American adults provides valuable insights on the payment choices and expectations of consumers, and with it the opportunities for US banks to enhance their competitive position and improve customer satisfaction.
· The top payment methods for US consumers today
· How payment methods will change in the next three years
· Which factors most influence payment choices
· Why instant payments offer a unique opportunity for banks
Patrick Devlin has over 20 years of experience in global payment processing, alternative & real time payments and digital goods, but also pre-paid, debit, and credit card issuing program and partnership management. He has an extensive knowledge of integrated Fintech partnerships and execution as well as e-commerce payment optimization. Patrick has worked in marketing leadership and financial services roles at JP Morgan Chase, HSBC, American Express, Visa, PayPal and WorldPay. Patrick currently serves as Senior Vice President – Payments at Temenos.
Patrick and other payments experts from Temenos will be at Sibos in Toronto, September 18-21. To find out more or book a meeting, click here.
The adoption of SaaS and Cloud technology offers four tangible priorities for banks: growth, costs, trust, and ESG (Environmental, Social, and Governance). By embracing SaaS, banks can concentrate their efforts, resources, and investments on creating value for their customers and institutions while relying on their provider for technology operations and managed services expertise. But what have been banks’ experiences so far, what have they learnt and how has their growth, cost, trust and ESG efforts been impacted?
72% of banking executives say incorporating Cloud will help achieve their business objectives.
18 – 21 Sep, 2023
Stand D30, MTCC Toronto
Loans are a pain. Not for financial institutions but for applicants. Customers don’t want a new loan. They want a car, a boat or a vacation. And what stands in their way? An impersonal, lengthy decision process that they don’t understand. With so many lending choices, it’s easy to lose a loan prospect during the application process and small changes can make a big difference in completed applications and accepted loans
In this white paper we explore:
• Barriers that could be hindering your loan application process
• Optimizing your lending workflow in a digital era
• How to reduce abandonment and unnecessary rejection
• Tips to reduce the cost of processing and approving loans
Recent years have seen major transformations in the banking industry — namely, within the manufacturing and distribution of financial services. And, in a busy financial ecosystem, banks, neobanks, fintechs, payment disruptors, e-commerce, and technology giants are trying to establish their place in the banking value chain.
This framework gives banks the agility needed to respond quickly to emerging challenges while guaranteeing scalability as needed.
Temenos partners with cloud hyper-scalers to ensure that our Composable Banking Services run on the most flexible and secure cloud platform out there.
Temenos is an AWS Partner. Amazon Web Services (AWS) is the global cloud platform, offering over 200 fully featured services from data centers globally. Millions of customers are using AWS to lower costs, become more agile, and innovate faster.
Microsoft commits to banking with bank-grade security, fast time to delivery, dynamic scale, and resiliency through the Azure datacenters. Get our eBook and learn about the dedicated support for the financial industry, as Azure helps banks to navigate through more than 60 regions worldwide.
Download our newest whitepaper to gain more insights in how the Temenos Banking Cloud and our Composable Banking Services can help you better navigate the fast-changing banking environment and stay competitive.
Frankie Wai is a Business Solution Director APAC at Temenos. As a solution-oriented person with strategic thinking and strong people skills, he defines the region’s solution strategy, advises the bank on technologically advanced solutions, and executes decisions to facilitate organizational growth. He has actively investigated emerging technologies and formulated software solutions to help banks deliver innovative banking services. He led from the front and crafted the brand-new digital banking architecture for the first batch of virtual banks in Hong Kong. He continues constructing the solution for subsequent digital bank licensees across the Asia Pacific region. Frankie is speaking at seminars to articulate how technology enables banks to transform, including digital banking, open banking, cloud-native banking, and composable banking architecture. He was invited to speak at the Malaysia Fintech Week, Asian Bankers Association, FinTech Association of Hong Kong, Fintech Taipei, Singapore Fintech Festival, and the Temenos Regional Forums. Frankie co-authored the articles Virtual Banks Will Compel Hong Kong to Embrace the Mobile Banking Era and Open Banking in Taiwan. Frankie graduated from Tsinghua-INSEAD Executive MBA. He joined the first batch of the Oxford Fintech Programme.
Embedded finance, the integration of financial services such as payments, lending, or collections, into non-financial platforms or applications, is the fastest growing sector in the fintech industry. This business model brings convenience, speed and economy to consumers and businesses across many of the services they use on a daily basis.
For banks, embedded finance gives them a route to expanding their revenue base and building partnerships with retailers, manufacturers and many other types of business that want to offer these products.
In this report, the result of a survey of 500 senior decision-makers at UK SMEs, we share key insights on the state of SME banking, the ways businesses are using embedded finance and how the market is evolving.
Omdia, a leading technology analyst and consulting firm, recognized Temenos as a market leader in the report, “Omdia Universe: Digital Banking Platforms 2023.” This leadership position was based on Temenos’ combination of market impact, solution capabilities and customer experience.
With Infinity and Temenos Banking Cloud, banks have the choice of opting for a full-featured digital banking engagement platform via Infinity, or they can choose to consume these capabilities as SaaS via Temenos Banking Cloud. Temenos has a global customer base, supporting banks in every region of the world, and is able to accommodate banks of all types with recent Infinity enhancements providing the universal bank with upgrades to its wealth management and corporate/trade finance digital capabilities. Infinity scored consistently well in all areas, thanks to a comprehensive platform that can be adapted for all types of bank or geography, which contributed to the vendor achieving the highest score for market presence.”
Philip Benton, Principal Analyst, Omdia.
According to IDC, the financial services industry is undergoing significant evolution, and payments is playing a key role in the changes. Rather than simply a line of business or an auxiliary function, payments have become a significant point of strategy. Driven by new networks, new technologies, new business models, and, critically, new customer expectations, banks are being forced to change the way they think about payments. In many cases, payments have become a key catalyst for change across the institution.
As banks take on the challenge of evolving their business, the underlying systems are evolving as well. Rigid legacy payment infrastructure is transforming into flexible platforms with new deployment models. Keeping up with rapid change in what has historically been a slow-moving market requires new thinking and new technology.
Bolstered by data from a global survey, this IDC White Paper examines the current state of payment technology and payment product strategies necessary for financial institutions to compete in a rapidly changing global environment.
18 – 21 Sep, 2023
Stand D30, MTCC Toronto
Sanctions are an integral and important lever used by governments and global institutions like the United Nations, the Office of Foreign Assets Control and the European Union to fight financial crime. Based on the global social, security, economic and political climate, these organizations can issue sanctions and restrictions directed at states, individuals, high-risk groups, or legal entities suspected of being involved in illicit activities.
Developments in sanctions screening, especially in recent years, are driving banks’ urgency to accelerate the modernization of their sanctions screening approaches, and increasingly banks are looking to Artificial Intelligence (AI) as the game-changing and innovative way forward to cope with these changes and uncertainties.
This whitepaper focuses on the driving forces behind banks’ sanction screening modernization efforts, and the approaches and reasons behind successful applications of AI in these modernization initiatives, as well as the understanding of the ensuing financial and qualitative business benefits.
CK Loy is a Principal Solutions Consultant at Temenos. Based in Singapore, he is also Temenos’ Global Domain Lead for Analytics and XAI. Earlier in his career, he was a banker where he led analytics teams in areas of portfolio management, analytics and modeling. He then joined the fintech industry in 2014 to continue his efforts on empowering banks to leverage data, analytics and AI to enhance financial inclusions and business successes.
Our expert speakers, Hani Hagras and CK Loy, discussed the latest trends and technological advancements in AI, with a particular focus on how it can help financial institutions mitigate risk, increase efficiency, and modernize their Sanctions Screening processes to fight financial crime.
A recently published McKinsey Global Payments report for 2022 states that growth in Payments revenue for the year 2021 was higher than expectations and reached a high since 2017.
The report also predicts that there will be a much larger revenue growth in Payments in the coming years. Asia-Pacific will see the highest growth in cashless transaction volumes which will constitute more than 50% of global volumes as per PwC Strategy & Global Payments Model 2021.
In this whitepaper, we will look at some of the key payments trends in the Asia-Pacific markets which will dominate in 2023 and beyond.
ISO20022 migration for global schemes like SWIFT and the domestic payments schemes across different markets will continue to dominate in 2023.
We will see countries continuously launching new services to digitize their economies and move away from legacy infrastructure. As payment volume grows, new services like Instant Payments, Request to Pay or Mandate Payments will find use cases in many markets.
CBDCs are digital tokens issued by a central bank and are pegged to the value of that country’s fiat currency. The major difference from cryptocurrency is that CBDCs will be backed by the central government. While this is still in the pilot phase, countries are evaluating use cases for wholesale transactions in particular around cross-border payments, securities settlement and retail CBDCs with progress happening faster than predicted.
Migration to cloud-based platforms will be another major shift we will experience in 2023 and beyond. As volumes rise, cloud platforms enable payment providers with the required scalability, resilience, and high availability in a 24/7 environment.
Specifically in payments, we will see Banks working with external parties to provide greener products and help increasing customer awareness about environment impact on transactions.
Rishi Sarin is a Business Solutions Manager at Temenos, with more than 16 years of experience in Core Banking, Digital Banking and Payments space. He specializes in driving banks through large-scale transformation projects and is greatly involved in various stages of project lifecycles with leading Tier 1,2 and Challenger banks across all continents. With deep understanding of Temenos products, Rishi is currently responsible for leading the entire pre-sales activities of Temenos products in ASEAN and Indian Subcontinent region.
