Sector: Wealth Management

HUB24

Helping clients access market-leading financial services with faster, seamless onboarding experiences

Sydney, Australia

HUB24 – Success Story

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.”

Volt Bank Success Story - Parasailing Couple

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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Region
  • Asia Pacific
Solutions
  • Cloud & SaaS
  • Digital Front Office
Sector
  • Wealth Management

HUB24

Helping clients access market-leading financial services with faster, seamless onboarding experiences

Sydney, Australia

HUB24 – Success Story

Trusted Novus Bank, the oldest established bank in Gibraltar, is envisioning to transform its banking services to keep pace with the rapidly evolving digital era, grow its database and improve digital customer experience. To bring this vision to life, Trusted Novus Bank’s legacy core and front office system will be replaced with Temenos core banking and Temenos digital banking on the Temenos Banking Cloud to ensure agility and flexibility of systems.

With the Temenos Banking Cloud, we can deliver personalized, real-time customer experiences on a scalable platform that will foster innovation and keep the bank at the forefront of technology, and at the same time be true to our vision and values.”

Christian Bjørløw, CEO at Trusted Novus Bank

Through Temenos Banking Cloud’s ability to self-provision banking services, a sandbox to create and test applications, and a marketplace of pre-integrated fintech solutions, Trusted Novus Bank will have the ability to now create personalized, real-time customer experiences for the everyday banking needs of its retail, corporate and private banking clients. Trusted Novus Bank expects this technology adaptation to allow employees to focus on value-adding, customer-facing activities and essentially meet its goal to grow its customer base over the short to medium-term.

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  • Europe
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  • Cloud & SaaS
  • Core Banking
  • Digital Front Office
Sector
  • Business Banking
  • Corporate & Commercial Banking
  • Retail Banking
  • Wealth Management

HUB24

Helping clients access market-leading financial services with faster, seamless onboarding experiences

Sydney, Australia

HUB24 – Success Story

At a Glance

• Number one ranked app for mobile banking functionality available in Ecuador

• 185% increase in user interactions with the mobile app since deployment of Temenos digital banking

• 312% rise in financial transactions completed on the mobile app in the last two years

• Winner at the ‘Financial Innovators of the Americas Awards 2021’ run by Fintech Americas

 

Innovation and solid, dependable service have earned Banco Bolivariano a position as a top-five bank in Ecuador, with 821,000 customers and USD 4 billion in assets under management. Founded in 1980, the bank initially focused on the corporate and SME sectors, but also now targets the high-net-worth market with retail banking products, including current and savings accounts, credit cards, and money transfers.

Placing digital transformation at the center of its growth strategy, Banco Bolivariano has developed many ingenious offerings. For example, the bank is the only one in Ecuador to offer customers the option to check their online account in seconds using a ‘quick view’ feature. Banco Bolivariano also builds partnerships with leading cloud providers to explore the use of API gateways for potential future Open Banking initiatives.

Ronald Romero Morán, Head of Digital Channels at Banco Bolivariano, explains: “As most Ecuadorian retail banks offer digital services, we use innovation to stand apart with a unique user experience. From using chatbots to adding fresh features to our online banking platform, we aim to make every digital interaction as quick, simple, and frictionless as possible, leaving our customers more time to focus on the things that matter most to them.”

Planning a more intuitive mobile banking experience

Within its digital channels, Banco Bolivariano identified room for improvement in its mobile banking app, known as 24móvil. Previously, the bank used an application from a local external vendor to run, but they needed a provider with a roadmap of innovative and world-class banking solutions. As a result, the app was falling behind the mobile services offered by competitors, and Banco Bolivariano goal is to become the best digital bank in Ecuador.

Gustavo Molina Flores, Chief of IT at Banco Bolivariano, comments: “We were using legacy solutions that needed almost constant updates and large amounts of time-consuming patching. Maintaining compatibility with new releases of mobile operating systems was also very difficult, and we did not have the tools to build and roll out new features quickly to meet evolving customer preferences.”

Setting its sights on delivering the best mobile banking app in Ecuador, Banco Bolivariano planned a new approach. The bank looked for a best-of-breed platform that would deliver leading-edge innovation capabilities, and enable its developers to enhance the user experience, adding features such as seamless onboarding, greater security, and more flexible payments services.

Deploying best-of-breed development tools in the cloud

To optimize its 24móvil app, Banco Bolivariano sought a partner with a proven track record helping major financial institutions to build first-class mobile banking services. A clear solution roadmap was essential, along with sophisticated development tools to improve time-to-market for new features. After assessing available options, Banco Bolivariano chose to deploy Temenos digital banking solution running on the Temenos banking cloud.

Temenos showcased real expertise and experience in digital banking, along with an excellent solution. The development framework in Temenos digital banking was especially impressive, allowing our teams to incorporate pre-built and optimized functionality into our app. Choosing the Temenos banking cloud aligned with our cloud strategy, and enabled us to switch off legacy infrastructure, reducing our costs.”

Ronald Romero Morán, Head of Digital Channels at Banco Bolivariano

Working with Temenos, Banco Bolivariano implemented the solution and recently completed an upgrade to the latest version, as Gustavo Molina Flores explains: “Although a complex process, integrating Temenos digital banking with our back-office and core banking environment was much easier than expected. Since then, the Temenos banking cloud has facilitated upgrades, keeping us up-to-date with new capabilities.”

Building a culture of innovation across the bank

Using Temenos digital banking, Banco Bolivariano developed and launched a range of more customer-centric mobile services. For example, the bank introduced faster and more user-friendly onboarding processes, cutting-edge biometric authentication options, and peer-to-peer payments. Where the bank’s previous mobile solutions stifled innovation, Temenos digital banking enables its developers to reduce time-to-market for new features.

One of the most impressive aspects of Temenos digital banking is the number of functionalities including the depth and breadth of these that are ready to deploy, from security to money transfer services. We can easily customize our mobile app, and create a simpler, more engaging user experience.
Also, high levels of performance and native integration with different operating systems remove many of our previous challenges.”

Kyra Arcia Marcano, Chief of Innovation and Marketing at Banco Bolivariano

The deployment of Temenos digital banking forms part of a much wider emphasis on innovation throughout Banco Bolivariano. Recently, the bank adopted agile project management practices to adapt quickly to changing market conditions and strengthen commercial performance. Banco Bolivariano feels confident that implementing the Temenos solution is supporting the progress of this wide-ranging cultural transformation.

Kyra Arcia Marcano adds: “Across the bank, we are taking steps to move faster and improve our service delivery. We have built a technology ecosystem that helps our development teams to design, test, and launch new products. With its extensive ready-made capabilities, Temenos plays a crucial role in enabling us to turn innovative plans into reality.”

Getting ahead of the competition

With the enhanced 24móvil app, Banco Bolivariano is differentiating itself from market rivals and winning more customers. Their last NPS score was 57 compared to an average of 49 from competitors. User feedback for the app has been highly positive, with an app rating of 4 out of 5 stars on Android and 3 out of 5 on iOS.

In the two years since the project launch, Banco Bolivariano has seen the average number of monthly users of the app rise by 127 percent, total user interactions with the app increase by 185 percent, and financial transactions completed through the app grow by 312 percent.

Today, we are joint-ranked as number one in Ecuador for mobile banking app functionality. With the upgrade of Temenos digital banking, we are confident that we will soon get a step ahead and position ourselves as the outright leader in the market. Before, we risked falling behind our competitors; now other banks look to Banco Bolivariano and try to replicate our approach.”

Ronald Romero Morán, Head of Digital Channels at Banco Bolivariano

Continuing a prize-winning partnership

The project with Temenos has earned Banco Bolivariano widespread praise from across the American financial services sector. Most notably, the bank recently won silver at the ‘Financial Innovators of the Americas Awards 2021’ run by Fintech Americas in the ‘Customer Experience (CX) & Engagement Innovation’ category. Building on this success, the bank is continuing to explore other use cases for Temenos digital banking.

We are now considering how to recreate our first-class mobile banking experience for our corporate clients. Thankfully, Temenos offers an excellent long-term roadmap that helps us to understand where the market is heading, and how we can harness new functionality to stay ahead. Whatever the future holds, we know Temenos will provide the expertise and solutions we need to innovate and succeed.”

Kyra Arcia Marcano, Chief of Innovation and Marketing at Banco Bolivariano

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Region
  • Latin America
Solutions
  • Cloud & SaaS
  • Digital Front Office
Sector
  • Business Banking
  • Corporate & Commercial Banking
  • Retail Banking
  • Wealth Management

HUB24

Helping clients access market-leading financial services with faster, seamless onboarding experiences

Sydney, Australia

HUB24 – Success Story

Openbank, the digital online bank of the Santander Group, has more than 1 million customers worldwide and is considered Europe’s largest digital bank. To drive domestic and international expansion and to support the group’s digital strategy, Openbank chose Temenos core banking, the next generation in core banking, to help power its operations for retail and SME banking across its global operations. Temenos Wealth Front Office was added and integrated with Temenos core banking to enhance the overall digital customer experience. By adopting Temenos’ packaged and extensible software Openbank will be able to gain a deeper understanding of their customers’ needs and be fastest to market with new personalized products and services at a very low Total Cost of Ownership (TCO).

Temenos software allows the bank to launch products in cycles that are probably 10x faster than before. We are working together with Temenos as partners to transform our business digitally from bottom up.

Spokesperson at the bank

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Region
  • Europe
Solutions
  • Cloud & SaaS
  • Core Banking
  • Financial Crime Mitigation
  • Payments
Sector
  • Business Banking
  • Challenger Banks
  • Retail Banking
  • Wealth Management

HUB24

Helping clients access market-leading financial services with faster, seamless onboarding experiences

Sydney, Australia

HUB24 – Success Story


At a Glance

● $4.5bn in client assets managed using the platform​

● 4000 High-net-worth clients acquired since 1996​

● Increases market share and build its position as a leading private bank in Panama

● Scaling seamlessly as its client base and transaction volumes grow with Temenos

 

Panama ranks alongside London, Hong Kong, Geneva, and Singapore as a global leader in wealth management and private banking. A stable economy, a business-friendly regulatory landscape, and a high concentration of expertise in asset management have made the Central American nation an attractive prospect for high-net-worth individuals (HNWIs) and major corporations.

For banks too, Panama is a land of opportunity. Increasingly, clients come from far beyond the traditional heartlands of Europe and the Americas, with many Asian mass affluents and HNWIs now turning to Panamanian banks for investment and portfolio management services.

In this expanding market, competition can be fierce, and banks like MMG Bank face the challenge of capturing and defending their market share. Founded in 1996 by partners at one of Panama’s leading legal and financial service providers, the bank is always looking for innovative ways to grow its customer base and assets under management (AUM).

Providing market-leading services

To help win new clients, MMG Bank aimed to launch services that would empower HNWIs and businesses to protect their assets and reach their financial goals. To support a sophisticated portfolio of new private banking products, the bank looked for a flexible, scalable core banking platform that could manage high transaction volumes.

Maria Elena Hernán, Technology Vice President at MMG Bank, explains: “As a business, we want to build a reputation as a market leader for private and investment banking, with the largest portfolio of AUM among Panamanian banks. To grow our market share, we knew launching innovative products wasn’t enough—we also had to bring them to market before our competitors.”

Deploying best-in-class technology

MMG Bank chose Temenos core banking as the foundation for its new offering. Since the initial implementation, the bank has continued to add new modules to the Temenos platform, increasing the value it delivers for its clients.

Small Business - People walking in a city

During the selection process, we looked for a core banking solution that would scale seamlessly as we added more clients, and a technology partner that could bring an expert voice to the table and offer long-term support. When we found Temenos, it didn’t take long to realise they offered the ideal combination of deep industry knowledge and experience, and best-of-breed technology.”

Maria Elena Hernán,Technology Vice President at MMG Bank

Developing a rich product portfolio

With the Temenos solution, MMG Bank has continued to expand its product portfolio, helping it to deliver high-quality private banking and asset management services. In recent years, the bank has expanded its investment and wealth management division, launching new offerings such as discretionary portfolio management, fixed-income funds, and advisory services.

“The Temenos solution makes it very easy for us to innovate and bring next-generation services to market quickly,” adds Maria Elena Hernán. “Whenever we want to add new functionality or integrate a third-party product with the core platform, it is very simple to complete the process. In particular, the security, fund transfer, and accounting capabilities of Temenos core banking are very impressive, and ensure we provide an exceptional level of protection for our clients and can centralize many key business processes.”

Supporting a growing client base

Since the implementation, the Temenos platform has also helped MMG Bank scale its operations and manage the assets of an increasing number of HNWIs and businesses. Having started with just 20 business users, there are now 180 bank employees working with Temenos Solutions every day. MMG Bank has also grown its client base dramatically, from a handful of clients in 1996 to more than 4,000 today.

The robustness and reliability of the Temenos platform is exceptional. Even as we have increased our client base and transaction volumes, Temenos core banking has never let us down. And when we do have queries about new functionalities or upgrades, there is an excellent local support team from Temenos available in Panama—something not all vendors can match.”

Maria Elena Hernán,Technology Vice President at MMG Bank

Managing multi-billion-dollar assets

Supported by Temenos, MMG Bank today enjoys status as one of the main players in the Panamanian private banking arena. In 2019, the bank managed $4.5 billion in assets, while in 2018 it achieved a net profit of $13.3 million. Working hand-in-hand with Temenos, MMG Bank is confident of further success in the future.

We have worked with Temenos since the very start, and they have been integral to our growth into a leading financial service provider in Panama. The Temenos platform provides the capabilities we need to continue to prosper and develop even more tailored client products and services. All banks looking to innovate should seriously consider partnering with Temenos.”

Maria Elena Hernán,Technology Vice President at MMG Bank

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Region
  • Latin America
Solutions
  • Core Banking
  • Digital Front Office
Sector
  • Corporate & Commercial Banking
  • Wealth Management

HUB24

Helping clients access market-leading financial services with faster, seamless onboarding experiences

Sydney, Australia

HUB24 – Success Story

At a Glance

●  Quick client onboarding powered by Temenos Wealth Front Office

● Improve operational cost-efficiency and free more time for commercial activities

● Best private bank in Belgium by Global Finance Magazine in 2018

 

As economic growth in the eurozone remains sluggish, banks are under pressure to protect their margins. Enabling employees to focus on commercial work can be a powerful way for financial services organizations to add value-but repetitive, time-consuming administration tasks can be a significant drain on productivity.

Maximizing operational efficiency is a key goal for ING Belgium, a fully owned subsidiary of ING Group. Part of a leading European retail and wholesale banking group, ING Belgium manages assets totaling around €4.7 billion and employs 8,200 people.

Private banking for High Net Worth Individuals (HNWIs) is an important component of ING Belgium’s business. In the past, onboarding new HNWI clients relied heavily on manual, paper-based workflows. Employees re-keyed data collected from new clients into the relevant middle-office systems for processing and approval—a time-consuming process. The bank saw an opportunity to reduce the time it took to activate new clients by eliminating these manual steps.

Enabling Cross-Border Collaboration

A cross-border organization, ING Belgium’s operations are closely integrated with its sister company ING Netherlands. To enable higher levels of efficiency, the organizations decided to standardize on a single core banking platform for both retail banking businesses.

As part of the standardization initiative—named Unite—ING Belgium saw an opportunity to digitize and automate private banking workflows for both countries. As well as offering relationship and portfolio managers a digital onboarding workflow for new clients, it could free the middle office from data-entry tasks.

Marc Vanvilthoven, Product Owner at ING Belgium, comments: “We were confident that implementing digital workflows for our employees would significantly shorten our time to market for contract activation. Crucially, process automation will allow our middle office to focus more on commercial work for the private banking business.”

Embarking on a Digital Transformation

ING Belgium has been using the Temenos investment management platform for more than 20 years to help its portfolio and relationship managers serve their HNWI clients effectively. To build on its success using Temenos solutions, the organization decided to enhance and extend the platform.

Temenos Wealth is well-suited to managing our discretionary and advisory business, but it is also extremely versatile. For example, when the Markets in Financial Instruments Directive [MiFID] came into force, we were able to roll out the solution to our retail banking business to support the new regulatory requirements.”

Marc Vanvilthoven, Product Owner at ING Belgium

Following a successful proof-of-concept exercise, ING Belgium began its digitization initiative for private banking. Powered by Temenos Wealth Front Office, the new way of working will enable employees to onboard clients faster.

ING Belgium is now in the first phase of the project, which involves migrating from its legacy Sybase platform to Oracle Database, which is the current ING corporate standard. For the retail banking division, the project will finish when the organization deploys Temenos Wealth on the new, unified platform for the Belgium and Netherlands businesses. For private banking, the project will continue with the development of automated workflows for its front-of-house and middle-office employees.

Building a Strong Partnership

As it forges ahead with its digital transformation, ING Belgium is collaborating closely with Temenos. In addition to helping the bank achieve a smooth migration from Sybase to Oracle, Temenos helped the bank transition from an on-premises data center to a private cloud environment. The move enables ING Belgium to realize significant reductions in costs and avoid capital outlay on server, storage, and networking infrastructure.

Leveraging new technology

By partnering with a leading enterprise like Temenos, we benefit from their substantial investment in support, research and development. Even though Temenos is a large organisation, we have a direct line to their engineers – so we know that we can get expert technical assistance whenever we need it.”

Eric Mailleux, IT Area Lead, Investments at ING Belgium

Deploying Automated Processes

Today, users in ING Belgium’s private banking business access Temenos Wealth Front Office via a web interface. From here, employees can run crucial compliance processes such as MiFID checks. Soon, the entire activation process for new contracts will be automated from end to end for business users in ING Belgium and ING Netherlands.

Marc Vanvilthoven comments: “By enabling our client and portfolio managers to do more of the client onboarding work directly in Temenos Triple’A Plus, we’re cutting duplicated effort dramatically. Today, our employees can even collect client signatures digitally, which means there’s no need to shuffle paper between different parts of the business.”

Powering Industry-Leading Services

ING Belgium’s digital workflows will improve operational cost-efficiency and free more time for commercial activities. And by enhancing the profitability of its private banking segment, the bank can protect its margins in a challenging economy.

Wealth Management - Family playing on the beach

Temenos Wealth offers us the best of both worlds: we can adapt the solution to our requirements without generating unmanageable amounts of custom code. As a result, we’re making the business happy because they can differentiate on the quality and responsiveness of their services. And from the IT perspective, we’re empowering our engineers to develop and deploy new capabilities while keeping technical debt to a minimum.”

Eric Mailleux, IT Area Lead, Investments at ING Belgium

Eric Mailleux concludes: “In 2018, ING was awarded best private bank in Belgium by Global Finance Magazine. Temenos Wealth played an important role in that success, and I would definitely recommend the solution.”

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HUB24

Helping clients access market-leading financial services with faster, seamless onboarding experiences

Sydney, Australia

HUB24 – Success Story

Asia represents a key market for Julius Baer, one of the oldest and most prestigious Swiss private banks. To drive growth in the region, where it provides investment management and advisory services to high-net-worth clients, the bank’s Hong Kong and Singapore divisions deployed Temenos Wealth. The solution combines core banking, portfolio management, digital channels, and analytics functionality in a single platform. With the Temenos solution, Julius Baer is well-placed to deliver high-quality customer service and increase operational efficiency. The project also represents another important step in its partnership with Temenos, following the implementation of Temenos core banking for its business in Luxembourg.

We are pleased with the go-live in Asia, which is our second home market. Temenos Wealth is laying the operational and technical foundation for our growth in the region. After last year’s integration of the Temenos core banking platform in Luxembourg, this is the second major step in our effort to harmonize our IT landscape around the world.”

Nic Dreckmann, COO at Julius Baer

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  • Asia Pacific
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  • Wealth
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  • Wealth Management

HUB24

Helping clients access market-leading financial services with faster, seamless onboarding experiences

Sydney, Australia

HUB24 – Success Story

Banco Itaú, the largest bank in Latin America, knows that it has no time to rest on its laurels. To protect its hard-won market share, the bank continually seeks to invest in the latest banking solutions to meet the fast-changing requirements of its clients. To enrich the product range for its international private banking operations, Banco Itau will deploy Temenos Wealth on the cloud. The platform will deliver integrated core banking, digital channels, analytics and wealth front office functionality. Following a big bang implementation strategy to accelerate time to value, Banco Itau will be able to bring new services to market faster, build an attractive, user-friendly online presence, and scale seamlessly as business volumes grow.

Investing in technology and the digital transformation of Itaú is crucial in order to meet clients’ needs and create lasting value. Itau’s international Private Bank selected a technology platform that will enrich the customer experience, reduce time to market for new products, generate efficiencies and reinforce the segments’ digital strategy. Temenos solution will allow key international offices to automate front, middle and back office functions. Equally important, the new technology platform will make the business better prepared for the exponential evolution of technological cycles.”

Carlos Constantini, CEO of U.S. and Head of international private banking at Banco Itaú

In 2020 Itaú Group extended its relationship with Temenos, choosing SaaS-powered Temenos Wealth Front Office and Temenos core banking – fully configured, pre-packaged solutions with embedded local compliance for the bank’s Swiss and U.S. operations. The front-to-back advanced AI technology of Temenos Wealth will deliver state-of-the-art omnichannel mobile and digital banking applications to enable Itaú Group to offer differentiated digital experiences to its international private banking clients. The shift to a single SaaS digital banking platform will drastically reduce the bank’s time-to-market, IT costs and operational complexity and achieve an improved cost/income ratio.

Investing in technology that can drive sustainable profitability, efficiency and client centricity is a key pillar of Itaú Private Bank International’s business strategy. With Temenos’ advanced, cloud-native technology, we will keep our attention and focus on the business. The rapid launch of our new, truly universal digital wealth platform supports our international operations and enables us to scale for global expansion in years to come.”

Fernando Beyruti, Head of Itaú Private Bank International

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  • Digital Front Office
  • Financial Crime Mitigation
  • Wealth
Sector
  • Wealth Management

HUB24

Helping clients access market-leading financial services with faster, seamless onboarding experiences

Sydney, Australia

HUB24 – Success Story

At a Glance

• 25.1% operating profit margin and increased operating income by 14.3%

• Achieved 99.9 percent straight-through-processing soon after go-live

• Temenos core banking Integration Framework implemented in just 10 months

 

Swissquote is a Swiss bank like no other. Founded in 1996, it aims to ‘democratize banking’ by providing free, real-time access to prices on international securities exchanges, along with services including private banking, wealth management, multicurrency credit cards, and cryptocurrencies.

Innovation has been hardwired into Swissquote’s DNA from day one. Having been the first pure digital bank in Switzerland, Swissquote is today one of the world’s leading online currency trading service providers. The bank’s online portal, which enables users to access their accounts as well as information on global stock exchanges, currently receives two million hits every month.

Driving internal efficiencies

To maintain this track record of success and attract new business, Swissquote strives continuously to find new efficiencies and innovations. Specifically, the bank looked to increase internal efficiency by streamlining many back- and middle-office workflows. By eliminating time-consuming manual workflows, such as the processing of thousands of daily transactions, Swissquote wanted to free up resources to focus on value-add tasks—including development work on its in-house-developed online trading portal

As a business that began life as a financial software provider, Swissquote has always placed cutting-edge technology at the heart of its growth strategy. When it decided to refresh its core banking system, only a best-of-breed offering would suffice.

Transforming core systems

The bank previously relied on an aging core system that was built on an accounting and performance management platform, and required extensive customization as customer and transaction volumes increased. In its place, Swissquote looked to deploy a modern core banking solution with rich digital capabilities.

We wanted to find a cutting-edge core platform that would enable us to automate key processes and scale seamlessly as customer volumes increased. When we started to assess potential vendors, we also looked for easy integration with our current environment, including our Java-based application servers and front-end systems.”

Spokesperson at the bank

Finding the right fit

After assessing core banking solutions from four market-leading vendors, Swissquote decided to implement Temenos core banking Integration Framework. The bank runs the core platform on its Java Enterprise Edition application server and uses Temenos Integration Framework to leverage its existing middleware message broker to connect its front-end systems with Temenos core banking.

Spokesperson at the bank continues: “Of the core banking solutions that we looked at, Temenos offered the most sophisticated functionality by some distance, and was the only vendor with a platform framework to connect the different components of our ecosystem. Another impressive factor was the long-term technology roadmap presented for its core and integration solutions, which gave us confidence that we had identified the right partner.”

Implementing and integrating

Working alongside expert teams from Temenos, Swissquote completed the implementation of Temenos core banking Integration Framework in just 10 months. The bank now makes extensive use of the core platform’s straight-through-processing (STP) capabilities to automate and accelerate back- and middle-office workflows, such as transaction handling. As customer volumes increase, Swissquote can easily scale the solution by adding additional application servers as and when required.

Going live after only 10 months was a great achievement, made possible by the expertise of the Temenos and their willingness to provide on-site solution architects. Since then, we have been impressed by the scalability of the platform, which supports our ongoing growth, and the multi-company capabilities, which have been useful as we launched operations at many international locations beyond Switzerland.”

Spokesperson at the bank

The Temenos solution also helps Swissquote’s IT team to operate more cost-effectively. As Temenos Integration Framework utilizes industry-standard Java Enterprise Edition specifications and standards, the bank has been able to transfer its existing skills and knowledge and avoid the need to invest in additional training or to hire vendor-specific solution specialists.

Optimizing internal operations

Working with Temenos, Swissquote has achieved its strategic goal of developing smoother, faster workflows and increasing efficiency. Soon after going live, the bank achieved 99.9 percent straight-through-processing for the tens of thousands of transactions it handles each day. This exceptional level of automation has made it easier for Swissquote to process rising business volumes quickly, and helped it to continue its upwards growth curve.

This enhanced efficiency has translated into improved financial performance, with operating expenses declining and overall profit margins increasing.

Paolo Buzzi, Chief Technology Officer at Swissquote, adds: “The Temenos solutions enable us to protect our financial margins and build towards a more profitable future—the level of automation and efficiency that we have introduced to our workflows has been outstanding.”

Delivering quality service with
lean operations

Streamlined internal processes boost staff productivity at Swissquote, freeing employees from repetitive, manual tasks and ensuring more time are available for revenue-generating activities. In particular, the bank can dedicate more resources to improving its front-end virtual interface—helping Swissquote strengthen its position as an innovator in the digital banking sphere in Switzerland.

Harnessing the automation capabilities of the Temenos solutions also enables Swissquote to keep headcount low. Even as customer numbers continue to grow, the high level of STP provided by the core platform means the bank does not have to take on huge numbers of extra full-time employees. In 2019, Swissquote services a customer base of 487,847 with just 1,000 middle- and back-office staff—a ratio of one FTE to 5,650 customers.

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From the start of the core banking project, we felt that Temenos was committed to our success, helping us to optimize our back-end environment and processes, and building a platform for profitable growth.”

Spokesperson at the bank

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Region
  • Europe
Solutions
  • Core Banking
Sector
  • Challenger Banks
  • Wealth Management
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