2018 is set to be an exciting year for Temenos. Product strategy director Adrian Hadley, chief product officer Mark Winterburn, and North America division president Emily Steele all speak to RBI about new roles and what is in store.
Temenos’s T24 core banking platform enables banks to move away from outdated legacy systems to a centralised, core banking infrastructure.
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The platform’s code is upgraded every day and thoroughly tested. Winterburn speaks about T24 and its updated release in April: “Every three months we have a bigger update. The main release for each client bank will vary – not every banking client receives its main annual upgrade in April.
“The relevance of April and 2018 is that that upgrade coincides with Temenos’s Annual Maintenance Review.”
Non-stop operations
T24 is a real-time, 24/7 system which allows non-stop banking operations. The number of legacy applications can be reduced significantly, bringing down operational costs.
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By GlobalDataHadley talks further on what is coming up in April: “We have a very strong central product catalogue, product management and servicing tool which cover virtually all of the products in T24, certainly all of the retail and corporate side and we are expanding that.
“So, as an example, a retail bank may want to sell insurance policies alongside its current account, or maybe wants to bundle those in packages with loans. Now a bank client can define those insurance products within T24, and register the fact that a customer has that insurance product and be able to put it into a product package.”
The flexibility offered by T24 enables banks to react quickly to the changing trends of consumers and to new market opportunities, giving banks using T24 an edge over their competitors.
Hadley continues: “Thirdly – and this is a big one because we have been working on this for the past 18 months – it is a new, generic origination platform.
“It is a big and exciting development, because it gives us an origination capability in the front office for all the products defined in the Temenos product catalogue, and includes the external products that I just mentioned.
“It will be attractive not just for existing clients, but will appeal to a number of future clients. A lot of banks are looking for front-office systems, and origination is a huge part of that,” Hadley adds.
New president
Temenos prides itself on its dynamic workforce and this is reflected in its appointment of Emily Steele as president of its North American division.
With over 20 years in the financial industry, Steele has a wealth of experience behind her. Before taking on this new role, Steele was COO of Temenos in North America. In this role she oversaw all day-to-day business operations for several market segments.
As president of the North America division, Steele will be in charge of the region’s profit and loss statement, and lead the company’s North American field go-to-market efforts. Creating an effective market-approach strategy requires in-depth knowledge of the market and a strong network of partners.
With over 2,000 client businesses across the world, Steele states that she plans to go after even more tier 1 banks.
“Our target is the top 120 banks in the US. We are always looking for clients that want a banking technology provider that can really future-proof them. We are the provider that will make sure technology is keeping pace.”
Acquisitions
Temenos has made impressive headway in its North America focus. In 2013 it acquired Trinovus, a software-as-a-service technology provider, creating the US division. Continuing its journey, Temenos acquired Akcelerant in 2015, giving it additional presence in North America.
This year Temenos landed a transformational deal, reaching an agreement to buy UK-based trading technology supplier Fidessa. Temenos will pay Fidessa investors £35.67 ($50) for each share, a gain of nearly 37% to the firm’s closing price in the middle of February.
With both companies being leaders in banking software, the takeover creates an opportunity for Temenos to build further towards becoming the global leader in financial services software.
Temenos plans to generate more revenue by cross-selling Fidessa products to its own clients, bringing its back-office infrastructure to Fidessa’s front-office product offering in the capital market segment, and cross-selling Temenos products to Fidessa clients, with a particular focus on customers based in the US and Japan.
With all these developments, how will Temenos keep up with the competition? Steele notes: “I like competition. There is room for all of us. I wouldn’t say we are trying to keep up with the competition. We stay in our own lane; we are a product company focused on providing financial institutions, of any size, software that can really thrive in this digital age.
“We are highly focused on our partner relationships. There is an absolute focus on gaining more partnerships and finding those who want to go on this journey with us.”
Valuable insight
For banks, Temenos can offer unique products to improve customer relations and drive business strategy. T24 can provide banks with valuable insight by delivering real-time customer information.
Although the core system is identical for every bank that uses it, T24 is always upgraded to meet the individual needs of banks. Already making incredible headway in the early months of 2018, Temenos is most definitely one to watch.
