Temenos revamps product to help big banks take on fintechs

By Aisling Finn on Tuesday 19 January 2021

Digital Banking

The product enables bigger banks to modernise their systems to keep up with more technologically-focused fintechs.

Temenos revamps product to help big banks take on fintechs
Image source: Max Chuard/Tenemos

Temenos, the banking software company, has redesigned its Temenos Enterprise Solution to bridge the gap between banks and smaller, more agile fintechs. 

Temenos Enterprise Solution helps banks to design, manage and price products and services at a more competitive rate, speeding up the time it takes for customers to start using them and helping to lower costs.

Max Chuard, CEO of Temenos, said: “With Temenos Enterprise Pricing, we give larger banks with legacy IT landscapes, burdened by multiple cores and disparate, siloed systems, the opportunity to solve their operational efficiency needs and start their modernization program, gaining faster time to value.”

“This solution enhances our ability to meet the needs of larger banks, which represent approximately 60 per cent of the total third-party market spend.”

As well as helping banks with slow, outdated systems to create the products and services faster, the new software from Temenos also gives them more control over the fees they charge thanks to greater transparency across the bank.

Christine Barry, research director at Aite Group, said: “In the commoditized world of banking, loyalty to a brand will be harder to create without delivering genuine advantages to customers who display loyal behaviours.” 

Temenos Enterprise Pricing enables banks to manage products and pricing effectively delivering to their customers transparent, relationship-based pricing, innovative services and rewards schemes to delight them and create deeper relationships.” 

Temenos integrates with over 3,000 banks across the world, including 41 of the top 50 that rely on Temenos to process the daily transactions of over 1.2 billion customers, meaning this new product is just one step closer to closing the gap between big banks and fintechs. 

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