At its recent Community Forum in Istanbul, Temenos outlined plans for de-risking core banking replacements as well as future engagement in Asia.
June 08, 2015 | Neeti AggarwalWith over 2,000 customers, 50 partners and 4,000 employees across 72 countries, Temenos continues to be the leading core banking vendor for new customer deals. While it is most popularly known for its core banking product T24, the company has expanded its product portfolio over the years through organic and inorganic growth.
Following its acquisition of Trinovus, a compliance software company in 2013, Temenos further expanded its market reach last year by taking over Akeclerant, another leading US software provider. Temenos’ recent acquisition of Multifonds, a leading global provider of fund administration software, provides the company with a strong reach into a fast growing market segment with clientele hosting tier 1 institutions.
Commenting on these acquisitions David Arnott, CEO said, “We have not lost our domain product. We have either built or acquired products that are exactly relevant.”
Nevertheless encouraging customers to replace core systems represents a challenge for Temenos despite banks need for strong scalable, real time, efficient, and interrogative core systems to enable them to compete against highly digitized fintech companies. Temenos believes that the fear factor in core banking implementation continues to be an issue as the sheer scale of projects, costs, time commitment and chances of failure often scare the bravest of bankers. To overcome this the company is focusing on ‘componentization’ to help banks replace core systems bit by bit.
“ ‘Componentization’ is going to go a long way in progressive renovation,” said Arnott. “You can take it line of business by line of business unlike earlier when it was binary. You either have T24 (Temenos core banking product) or you don’t. That still works in small universal banks but in big banks it wouldn’t (work). With componentization we are breaking it up to be implemented in parts by banks so they can stabili...
Categories:
Asia Pacific, Australia, China, Core Banking, Japan, Operational Risk & Security, Technology & OperationsKeywords:Temenos, T24, David Arnott
At its recent Community Forum in Istanbul, Temenos outlined plans for de-risking core banking replacements as well as future engagement in Asia.
June 08, 2015 | Neeti AggarwalWith over 2,000 customers, 50 partners and 4,000 employees across 72 countries, Temenos continues to be the leading core banking vendor for new customer deals. While it is most popularly known for its core banking product T24, the company has expanded its product portfolio over the years through organic and inorganic growth.
Following its acquisition of Trinovus, a compliance software company in 2013, Temenos further expanded its market reach last year by taking over Akeclerant, another leading US software provider. Temenos’ recent acquisition of Multifonds, a leading global provider of fund administration software, provides the company with a strong reach into a fast growing market segment with clientele hosting tier 1 institutions.
Commenting on these acquisitions David Arnott, CEO said, “We have not lost our domain product. We have either built or acquired products that are exactly relevant.”
Nevertheless encouraging customers to replace core systems represents a challenge for Temenos despite banks need for strong scalable, real time, efficient, and interrogative core systems to enable them to compete against highly digitized fintech companies. Temenos believes that the fear factor in core banking implementation continues to be an issue as the sheer scale of projects, costs, time commitment and chances of failure often scare the bravest of bankers. To overcome this the company is focusing on ‘componentization’ to help banks replace core systems bit by bit.
“ ‘Componentization’ is going to go a long way in progressive renovation,” said Arnott. “You can take it line of business by line of business unlike earlier when it was binary. You either have T24 (Temenos core banking product) or you don’t. That still works in small universal banks but in big banks it wouldn’t (work). With componentization we are breaking it up to be implemented in parts by banks so they can stabili...
Categories:
Asia Pacific, Australia, China, Core Banking, Japan, Operational Risk & Security, Technology & OperationsKeywords:Temenos, T24, David Arnott