New Economist Intelligence Unit Report: Capturing Value In The Cloud

The Economist Intelligence Unit (EIU), supported by Temenos, surveyed over 200 global banking IT executives, to understand their experiences with cloud. Download the report today for insights on the state of cloud-based banking and its future.

Dowload Report

Cloud adoption by banks has accelerated since the start of the pandemic, as banks seek to cut costs and ramp up digital transformation projects. But challenges around security, governance and skills remain. What is the state of cloud-based banking in 2021? What are banks’ drivers and strategy for cloud adoption and what barriers do they still need to overcome?

Temenos and the Economist Intelligence Unit have sought the answers to these questions and more in a new report: Capturing Value in the Cloud, incorporating data from over 200 global banking IT executives.

Key Findings

72%

of IT executives at banks report that incorporating the cloud into their organisation’s products and services will help them to achieve their business priorities

82%

of IT executives say they have a clear strategy for adopting cloud technology

81%

of respondents agreed that a multi-cloud strategy will become a regulatory prerequisite by 2025

40%

40% of respondents cited Business agility, elasticity and scalability as top drivers of cloud adoption.

New Economist Intelligence Unit Report: Capturing Value In The Cloud

The Economist Intelligence Unit (EIU), supported by Temenos, surveyed over 200 global banking IT executives, to understand their experiences with cloud. Download the report today for insights on the state of cloud-based banking and its future.

Dowload Report

Four in five bankers (81%) believe that banks will seek to differentiate on customer experience rather than products.

The Coronavirus pandemic has brought increasing numbers of customers to digital banking, including those previously resistant to it and banks have been forced to adapt as a result.

“Overnight people became digital, when it was supposed to take ten years… It doesn’t matter if you are Gen X or Gen Z—everyone became digital.”

Michal Kissos Hertzog, Chief Executive of Pepper

But what are banks’ top strategic priorities when it comes to customer experience? What customer-related technologies are they investing in? What does the surge to digital banking mean for the future of the branch? And what actions are banks taking to keep up with consumer demands for more inclusive and socially conscious banking?

Temenos and the Economist Intelligence Unit have sought the answers to these questions and more in a new report: Demanding More, incorporating data from over 300 global banking executives, half of whom are C-suite.

Key Findings

Four in five bankers (81%) believe that banks will seek to differentiate on customer experience rather than products.
Mastering both customer experience (31%) and digital marketing (29%) are ranked as top strategic priorities for the next four years.
Survey respondents view microfinance for entrepreneurs (34%), accounts for the unbanked (33%) and responsible lending to underbanked populations (32%) as top actions to promote financial inclusion and empowerment.

Download the white paper today to find out more:

New Economist Intelligence Unit Report: Capturing Value In The Cloud

The Economist Intelligence Unit (EIU), supported by Temenos, surveyed over 200 global banking IT executives, to understand their experiences with cloud. Download the report today for insights on the state of cloud-based banking and its future.

Dowload Report

Temenos achieves Best-in-Class status for Temenos Infinity due to Explainable AI (XAI) technology and micro apps architecture which power hyper-personalized digital customer experiences faster.

Temenos Infinity helps banks connect with a wider ecosystem of financial and non-financial providers to innovate and bring new products to market faster. It is relied upon by 650 financial institutions worldwide, from global tier one banks to digital challengers.

David Albertazzi, Director, Retail Banking & Payments Practice, Aite Group:

“Temenos finished ahead of the competition in this year’s Aite Matrix report, finishing squarely in the middle of the bull’s-eye and demonstrating a strong balance of both vendor strength and product performance. […] The Temenos Infinity platform is both feature-rich and UX strong, has the ability to deliver on seamless end-to-end digital journey through a platform approach that connects legacy and fintech partners, and has a more forward-looking vision on financial wellness tools that enables it to stand out from its peers.”

Download a free copy of Aite’s Matrix Evaluation to learn:

Download The Aite Report

New Economist Intelligence Unit Report: Capturing Value In The Cloud

The Economist Intelligence Unit (EIU), supported by Temenos, surveyed over 200 global banking IT executives, to understand their experiences with cloud. Download the report today for insights on the state of cloud-based banking and its future.

Dowload Report

For the past 5 years, Corporate Loan volumes have fluctuated up and down depending on business, economic and geographical cycles. These fluctuations have been within anticipated ranges, that is, until the advent of Covid-19, when exponential divergence from normal patterns is the norm.

The drivers for change discussed in this paper were apparent and gaining urgency prior to the pandemic; however, the global impacts have exacerbated the problems and accelerated the need for change.

New Economist Intelligence Unit Report: Capturing Value In The Cloud

The Economist Intelligence Unit (EIU), supported by Temenos, surveyed over 200 global banking IT executives, to understand their experiences with cloud. Download the report today for insights on the state of cloud-based banking and its future.

Dowload Report

The widespread uptake of disruptive new technologies is exacerbating the pressures facing retail banking today, thereby driving a fundamental change in the structure of the industry: the digital-driven disintermediation of the banking value chain. The COVID-19 pandemic has rapidly changed consumer mindsets and circumstances driving banks to both accelerate and scale digital transformation and customer experience across complex product and customer journeys. Many incumbent banks are not equipped for this change because of the limitations of their complex legacy-based IT systems. Although banks have been investing heavily in digital and cloud technologies in recent years, they have been reluctant to embark on core system modernization.

At Temenos, we believe that true digital transformation requires banks to replace their core processing systems progressively with a cloud-native intelligent banking platform designed for seamless scale and digital agility fostering continuous innovation and a cost 10X lower than today. Without such a modern platform, it will no longer be possible to compete effectively in the industry. The good news is that such transformations can now be executed easily and with acceptable levels of risk, because of the Cloud and SaaS intelligent banking platforms coming into the market, built on API-first, microservices and DevOps principles offering automated migration and deployment.

Download the white paper today to find out more:

New Economist Intelligence Unit Report: Capturing Value In The Cloud

The Economist Intelligence Unit (EIU), supported by Temenos, surveyed over 200 global banking IT executives, to understand their experiences with cloud. Download the report today for insights on the state of cloud-based banking and its future.

Dowload Report

Getting a handle on better onboarding is vital to staying at the top of the game – new market leaders are popping up seemingly overnight, due largely in part to their ability to capitalize on what Cornerstone Advisor’s Sam Kilmer refers to as “The Rocket Effect”.

New Economist Intelligence Unit Report: Capturing Value In The Cloud

The Economist Intelligence Unit (EIU), supported by Temenos, surveyed over 200 global banking IT executives, to understand their experiences with cloud. Download the report today for insights on the state of cloud-based banking and its future.

Dowload Report

The past five years have seen a great deal of investment dollars flowing towards the wealth management segments in both Thailand and The Philippines.
In Thailand, a number of offshore private banks have opened local representative offices and others have entered into joint ventures with established, local banks as both attempt to steal a share of this new and rapidly growing client segment.
Despite this flurry of activity, interest in Vietnam has remained somewhat muted. For the past ten years, commentators have spoken at length of Vietnam’s future potential as an emerging market for wealth management but despite a backdrop of strong supporting indicators, the wealth market remains one of South East Asia’s most underdeveloped.

Read this article to find out:

The upcoming changes to the Vietnam’s wealth management
The primary drivers for Vietnam’s wealth management service
The key challenges banks will face when launching wealth services and how to overcome them

download report

New Economist Intelligence Unit Report: Capturing Value In The Cloud

The Economist Intelligence Unit (EIU), supported by Temenos, surveyed over 200 global banking IT executives, to understand their experiences with cloud. Download the report today for insights on the state of cloud-based banking and its future.

Dowload Report

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 impact on their strategic development. 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 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 Middle East and Africa (MEA) specific report, looking at banks within the region. Key highlights include:

6 in 10 banking executives in Middle East and Africa (MEA) think cash will dip below 5% of retail transactions in the next five years, compared to 48% globally
MEA retail banks believe delaying digitalization poses genuine threats to their business models
Changing customer demands are cited as the highest-impact trend in the near term (35% by 2020), with new technologies predicted to be the most impactful development in the medium term (43% by 2025)
Building a mobile-first greenfield bank is ranked as the top innovation strategy by 37% of MEA banking executives

Find out what The Commercial Bank of Africa, Egyptian National Post Organization (ENPO), and Banque Du Caire amongst others are thinking about digital banking, and where they are directing their innovation strategies and digital investments.

download the mea report

New Economist Intelligence Unit Report: Capturing Value In The Cloud

The Economist Intelligence Unit (EIU), supported by Temenos, surveyed over 200 global banking IT executives, to understand their experiences with cloud. Download the report today for insights on the state of cloud-based banking and its future.

Dowload Report

The report summarises Temenos’ strengths in the payment sector, based on key strengths such as its modern architecture which is available on the Cloud, on Premise and as SaaS. Temenos Payments’ unified data model enables real-time processing and information views, and supports Digital Transformation with a flexible approach.

Download the report to learn more about Temenos Payments, and see how it is positioned in terms of answer customer current and future needs.

Download Report

New Economist Intelligence Unit Report: Capturing Value In The Cloud

The Economist Intelligence Unit (EIU), supported by Temenos, surveyed over 200 global banking IT executives, to understand their experiences with cloud. Download the report today for insights on the state of cloud-based banking and its future.

Dowload Report

It’s important that every financial institution creates a unique, achievable path to growth, based on its individual culture, technology, and customers. Download the ebook to identify which of four growth stages you are in and how to start your path forward today.

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