The Hague, Netherlands at the 2019 Temenos Community Forum (TCF) – April 2, 2019, Temenos (SIX: TEMN), the banking software company, today launched the Innovation Collective, a power user group of select strategic and technologically advanced banks working with Temenos’ innovation engine – The Innovation Hub – leveraging ideation originating from the Hub but also contributing new ideas or resources.
The founding members of the Innovation Collective are ABN Amro, Bank of Ireland, Bank Leumi, BlueShore Financial, KBC, Macquarie, Nordea, Openbank, and Standard Chartered.
The Innovation Hub, launched at the start of 2017, is the pathfinder for Temenos’ product teams. The Innovation Hub researches new technologies to quickly establish which are worth investing in and determines how they can be injected into Temenos software to faster deliver value to banks. Some of the areas of current research include grid computing for payments at hyperscale and end-to-end traceability using digital signatures stored in a tamper-evident log. Other projects include conversational banking and voice-enabled user journeys for Temenos Infinity, the breakthrough digital front office product.
As part of this collaboration, Temenos will provide access to its best and most experienced solution architects and software engineers. Temenos will also provide sandbox environments, access to its software products for innovation purposes and details of projects on the roadmap of the Innovation Hub.
Alexa Guenoun, Chief Client Officer at Temenos said:
“Banking as we know it is changing and the pace of change is relentless, a lot of it powered by new technologies. I am excited to launch the Innovation Collective as I believe that collaboration fosters innovation. Opening up our Innovation Hub and exposing our technology experts to our forward-thinking customers will allow us to identify ideas most relevant to the industry and enable us to try them out and determine which ones should be included in our flagship products.
At Temenos we are at the forefront of innovation and consistently invest in our product roadmap. We invest over 20% of our revenues in R&D, the highest in the banking software industry, and half of our employees work in this area. Having the Innovation Collective driving part of this investment ensures that we direct it towards new technologies driving digital transformation and business change.”
At TCF, Temenos is showcasing its latest product innovations: Temenos Infinity – a breakthrough digital front office product – and Temenos T24 Transact – the next generation in core banking. These packaged, open, upgradeable software products combine the most complete banking functionality in the market, leveraging 25 years of functionality from 3,000 banks in over 150 countries with the most advanced cloud-native, cloud-agnostic, API-first technology. These two pre-integrated products dramatically reduce the cost of software deployment and bring down the barriers for banking transformation.