Temenos Group Discussion board 2022 was held in London final week and welcomed greater than 1,500 attendees. That is down from earlier highs, however nonetheless spectacular contemplating the standing of Covid in some components of the world.
The present was opened by Temenos CMO Martin Haring, one of many many new faces of the much-changed administration staff on the firm. Haring unveiled the corporate’s trendy new branding, and right away out went the globe brand that has represented the corporate for a few many years.
Haring says: “For a CMO, nothing is extra thrilling than a rebrand train, however this one is far more than altering the color or the visible look. It’s the core of Temenos’ imaginative and prescient, mission and technique.”
A part of the brand new branding is a brand new strapline – ‘Everybody’s Banking Platform’ – about which he says: “Changing into everybody’s banking platform is a daring imaginative and prescient. However being daring has been in our DNA since day one.”
CEO Max Chuard then got here on to the stage to focus on the shifting buyer expectations within the banking {industry}, saying: “Clients are used to straightforward, handy and personalised experiences from international platforms like Netflix or Amazon. And now that is what they anticipate from banking, too.”
He says that disruption will create a $3.5 trillion income stream with as a lot as 20% of this going to new gamers leveraging embedded finance.
One other subject of debate was the go-live of Temenos’ core banking system at its US buyer, Commerce Financial institution. This may little question be key to the corporate attempting to handle the US market coupled with new hires Erich Gerber (CRO) and Roman Bartik (President Americas) – each beforehand having labored collectively at Tibco.
Except for Commerce Financial institution, PayPal can be utilizing the Temenos platform to energy the onboarding for its purchase now, pay later (BNPL) product and Inexperienced Dot has chosen the agency for its banking-as-a-service play.
Exterior of the USA, Flowe, an Italian neobank, was introduced as having gone dwell on the Temenos platform in simply 5 months.
From a product perspective, the transfer in the direction of cloud native/agnostic was mentioned by CTO Tony Coleman, who highlighted vital efficiency enhancements within the platform, taking it to 102,875 transactions per second (TPS) – deeply spectacular when you think about that Visa performs at 1,700 TPS and Mastercard at 5,000 TPS.
I spoke to Tony afterwards in regards to the migration to a contemporary structure, and he says: “We’ve got used microservices and serverless structure appropriately. Not every thing must be a microservice.”
Prema Varadhan, chief product and expertise officer, described the agency’s core theme of composable banking, which is in step with opponents within the trendy core banking area.
Mambu was the primary to make use of the composable banking story, whereas Thought Machine has majored on programmable merchandise. The aim for all of them is identical – to allow banks to supply hyper-personalised services to their clients.
Each Varadhan and Kanika Hope (chief technique officer) reiterated the necessity for hyper personalisation, but it was the latter’s reveal of CEO Navigator that was the hidden star of the present.
CEO Navigator is a consulting service backed by knowledge from over 100 banks protecting greater than 50,000 knowledge factors. Hope says: “Temenos CEO Navigator is an industry-leading buyer advisory service that distils Temenos’ nearly 30 years of banking IP into highly effective enterprise insights for our purchasers.”
The service analyses operational and monetary metrics in addition to qualitative finest practices throughout all the banking worth chain regardless of what banking platform they’re on. It may possibly assist financial institution CEO’s determine key areas for enchancment and the way they’re performing towards different banks.