Digital Banking: Temenos Reaches Milestone of 850 Clients on its Virtual Bank Platform

Temenos (SIX: TEMN) announced that it has passed 850 customers with Temenos Infinity digital banking platform, successfully “delivering implementations across client tiers and multiple geographies.”

A raft of banks have gone live with Temenos Infinity “from banks in Europe, Middle East and Africa such as Credem, Suez Canal Bank and Arab Tunisian Bank to Virgin Money part of Bank of Queensland (BOQ) in Australia, BCP Peru in LATAM and a top tier bank in the U.S.”

Temenos is seeing steady growth “in the take-up of its digital banking platform, particularly in SaaS customers, as banks turn to packaged banking services for fast time to market.”

Temenos Infinity is “an omnichannel, multi-experience platform that gives a comprehensive 360-degree customer view, helping banks acquire, service, retain and cross-sell to customers, on multiple channels and devices using native mobile features.”

Offering composable banking services – “built on microservices and accessible via APIs – the platform enables banks to develop innovative products quickly that bring real benefits to consumers and businesses.”

Marc DeCastro, Research Director, Consumer Banking, IDC, said:

“Over the last few years, we have seen Temenos increase its level of investment in its customer experience platform, Temenos Infinity. Its pre-pandemic investments, including platforms from Kony and Avoka, have served to enhance and accelerate its product development allowing Temenos to grow its leadership further in this segment. Today, Temenos Infinity offers banks a rich set of APIs, microservices, and Temenos Infinity Micro Apps to provide a true omni-channel experience across multiple lines of business.”

Marc added:

“Temenos was named a Leader in the recent IDC MarketScape: North America Digital Banking Customer Experience Platforms 2022 Vendor Assessmenti. We believe that this latest milestone announcement from Temenos reflects our broader findings showing that banks are continuing to invest strategically in technologies that will help them deliver a superior customer experience to their customers, enabling them to grow market share and accelerate past their competition.”

Temenos Infinity combines “a comprehensive digital banking engagement platform with a powerful low-code/no-code development platform that drives business transformation.”

Temenos has “embedded innovative Explainable AI (XAI) technology and offers a microapps architecture that differentiates Temenos Infinity and delivers seamless digital customer experiences.”

An example of XAI technology is Temenos Smart Banking Advisor (formerly Temenos Virtual COO) – “a digital advisor for smart decision-making – helping SMEs run and grow their business.”

Temenos Smart Banking Advisor “enables AI-powered services for SMEs, delivered on an open platform that integrates, analyzes data, and provides intelligent recommendations to optimize business and financial decisions.”

Max Chuard, Chief Executive Officer, Temenos said:

“Temenos Infinity is the world’s best-selling digital banking platform used by over 850 financial institutions, from global tier one banks to digital challengers. Today’s consumers expect the same kind of responsive experience for their banking needs as they get from e-commerce brands. We are leveraging our powerful Temenos Infinity platform which integrates the Kony platform and Avoka’s onboarding solution to meet demand from client across geographies for front end innovation, helping them meeting their customers’ needs for digital services faster and at a lower cost.”

More than 850 financial services institutions around the world leverage Temenos Infinity, which “offers rich functionality for all retail, business, corporate and private banks as well as wealth management firms.”

It provides SaaS solutions “for digital onboarding, origination and servicing to incumbents and non-incumbents which gives great agility while reducing time to market and improving cost efficiency.”

Temenos offers end-to end solutions “with Temenos Infinity and Transact core banking but gives banks choice through its composable architecture.”

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