Why Temenos Analytics
Analytics is central to the modern digital enabled bank. Banks face many challenges such as the evolution of digital, intense competition, low interest rate environment, changing customer behaviour, high operating costs, stringent regulations and erosion of profits margins to name a few. But, banks have one powerful weapon, data, which if harnessed properly with analytics will allow them to make smarter decisions, improve efficiencies, enable business agility, drive innovation and ultimately beat the competition.
Temenos Analytics allows banks to overcome these challenges and ensure higher customer satisfaction and increased profits.
To compete in the digital world, and to enable hyper personalized customer experience, banks must harness real-time customer data and analytics at scale. Temenos Analytics provides truly real-time customer analytics solution which provides thousands of customer insights to drive intelligent customer interactions.
Analytics, embedded into banking processes and decisions will bring significant business benefits such as increased profitability. Temenos Analytics, provides a robust API and embedded analytics capability to allow seamless integration of analytical capabilities into digital banking applications.
All staff within a modern financial institution are knowledge workers and decision makers. By providing self-service analytics capabilities, banks can transform their staff into citizen data analysts, which will increase analytics adoption. Temenos Analytics allows end users to explore complex banking data using intuitive self-service tools, which can also be embedded directly into core banking, digital, CRM, and other operational systems.
80% of a banks’ profitability is derived from 20% of their customers. It is essential that banks have a full understanding of customer and product profitability to promote profitable product design and customer engagement strategies. Temenos Analytics has a comprehensive profitability management solution with industry leading funds transfer pricing and activity based costing capabilities.
Banks typically have multiple legacy and disparate systems making analytics on multiple combined data sources difficult to achieve. An example is the ‘single view of customer’ 31% of banks cannot achieve this due to multiple data systems. Temenos Analytics, in conjunction with Temenos Data Lake, enables banks to combine and analyze multiple banking data sources.
“Utilizing Temenos Analytics and Temenos XAI, we employed algorithm models to predict and confirm assumptions around the COVID-19 financial impact of on our clients and our organization. Using these insights we’re able to provide appropriate products and services for our clients, helping them survive the financial impacts as a result of this crisis.”Fred Cook, Chief Information Officer – Blueshore Financial