GENEVA, Switzerland – July 29, 2019 – Temenos (SIX: TEMN), the banking software company, today announced that leading industry analyst firm Gartner, Inc., has again named Temenos as a Leader for its ability to execute and its completeness of vision in the report ‘Magic Quadrant for Global Retail Core Banking’ (GRCB)*.
Temenos achieved the furthest position for its completeness of vision based on the company’s market understanding, sales strategy, product strategy, vertical/industry strategy, geographic strategy and innovation.
Gartner Analysts, Vittorio D’Orazio and Don Free, authors of the report, stated:
“Core banking market demand keeps surging, underpinned by digital banking transformation, with an increased focus on commercial off-the-shelf packages, public cloud and open banking initiatives.”
In January 2019, Temenos launched Temenos T24 Transact, the next generation in core banking. Temenos T24 Transact combines the richest, packaged banking functionality with the most advanced technology – cloud-native, cloud-agnostic, open and API-first, with embedded big data and artificial intelligence (AI). Temenos T24 Transact is pre-integrated with Temenos Infinity, the breakthrough digital front office product, to deliver an end-to-end digital transformation. It can also be deployed independently using its API-first architecture to connect to existing systems.
Temenos consistently invests in its products, spending over 20% of revenue on R&D. This is the highest in the banking software industry, and more than a global tier 1 bank typically spends on its core banking system, the bulk of which goes to maintenance of legacy systems rather than innovation. Temenos also boasts the most dynamic partner community, with 6,000 skilled Temenos software consultants, 40 global partners, and an ecosystem of 100+ fintech providers on Temenos MarketPlace. This vibrant community collaborates and innovates via the Temenos Developer Portal where Temenos has published over 700 APIs for even faster deployment.
According to Gartner:
“Digital business is causing banks to rethink many aspects of their business models, and ecosystems are vital to this end[…] CIOs can’t execute effectively on digital business strategies and business models without a CBS (Core Banking System) that has the necessary agility to open and expose back-office business services to both known and unknown partners.”
Max Chuard, Chief Executive Officer, Temenos, said:
“We are proud to be named by Gartner as a Leader in the global core banking space for the 10th consecutive time. Temenos is consistently at the forefront of innovation, and we’re excited to be recognized as the technology provider with the most complete vision. We believe this report is a validation of our product strength, constant innovation and customer successes. We take a bank live every day, and help them to achieve a fast return on investment. We do this through our flexible implementation strategies and packaged, model bank functionality, which allow banks to quickly customize products to local requirements. Temenos has over 700 core banking customers, the highest number in the industry. With our cloud-native, cloud agnostic Temenos T24 Transact, we enable banks to launch rapidly and scale to fulfill their business demands. Advanced API-first technology, coupled with continuous deployment, gives banks the freedom to innovate, allows them to create their own ecosystems and enables developers to code in the morning and deploy in the afternoon. Our recent acquisition of Logical Glue also provides innovative and leading capabilities in AI, which will be immediately integrated and available with all Temenos products to give our customers the next generation of AI-powered explainable applications. We look forward to continuing to shape the future of banking, and transform the way consumers bank.”
*Gartner, Inc., “Magic Quadrant for Global Retail Core Banking,” Vittorio D’Orazio and Don Free, 22 July 2019
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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