TEMENOS
29.4.2020 08:32:10 CEST | Business Wire | Press release
Temenos (SIX: TEMN), the banking software company, today announced the launch of eight propositions – using innovative Explainable AI (XAI) and cloud technologies – to help banks in their immediate response to the Covid-19 crisis. Temenos is supporting banks to ensure business continuity, enhance digital engagement to meet clients’ changing needs, and manage socioeconomic pressures. These Covid-19 propositions are immediately available worldwide. Delivered as Temenos SaaS, they are deployed quickly, easily and can be implemented remotely, if required.
Temenos is bringing together its dynamic community at Temenos Community Forum Online on 29-30 April to explore ‘Solutions for the New Normal’. Over 5,000 attendees have registered for the action-packed, virtual summit, with 43 product announcements, 49 live Q&A sessions with Temenos experts and over 30 demos showing Temenos’ latest innovations from cloud to digital engagement technologies and Explainable AI. At TCF Online Temenos will showcase how its solutions are addressing the fast-growing needs for digitalization, personalization and greater agility, solving the immediate Covid-19 challenges and creating sustainable business models for the future.
Max Chuard, Chief Executive Officer, Temenos, said: “I am proud of the AI and cloud-advanced propositions we have delivered to help banks address their most pressing needs during Covid-19. I am also proud of our family of Temenos employees, who have worked tirelessly to make this response a reality. As the leader in banking software, we are relentlessly investing in R&D to keep banks running as they assist SMEs, corporate and retail customers at a time of financial distress. In the ‘New Normal’, the need for modern digital banking will be greater than ever. Only Temenos can provide banks the richest banking functionality and the most advanced cloud-native technology to help them deliver value to their customers and build sustainable growth in the future.”
To support banks, Temenos launched the following AI-driven SaaS technology propositions which are immediately available to help banks with the Covid-19 crisis:
- Enhancing customer digital interactions – With the surge in digital banking volumes Temenos is helping banks meet customers’ needs for intimate digital interactions, particularly those who typically bank in branches. Temenos Infinity Engage gives customers a personal digital communications channel to connect with their trusted advisors within the bank.
- Helping banks give financial relief to SMEs and retail customers with Explainable AI (XAI) – Temenos’ new XAI models delivered as SaaS help banks assist small businesses and retail customers with fast loan approval and viable financial products. These XAI models delivered as SaaS will help banks digitally on-board, conduct eligibility checks, process loan applications and establish the right product pricing. These models include Temenos AI - Urgent Relief Loan, Temenos AI-Personalization and Temenos AI – SME Smart Decisioning.
- US Paycheck Protection Program quick roll out – Temenos is helping US banks and credit unions with Temenos Infinity, the digital omnichannel product, to rapidly process loan applications from small businesses under the US government’s PPP and give them the funding they need. Temenos working together as one team with Atlantic Union Bank helped the bank build a brand new digital loan portal specifically for PPP in less than a week.
- Rapidly adapt AML, KYC and fraud management to new emerging threats – Temenos has partnered with Microsoft to offer fast access to its AI-driven, Temenos Financial Crime Mitigation SaaS solution to help banks combat the rise in cybercrime due to Covid-19. Temenos has proven its ability to support banks of all sizes without disruption, providing comprehensive AML/KYC/fraud management while all bank employees are working remotely.
- Helping banks rapidly launch or adapt products to respond to Covid-19 – Governments and regulators are asking banks to make product changes, such as payments holidays and loan restructurings. Temenos Continuous Deployment delivered as Temenos SaaS supports banks to accelerate changes in test and live environments, providing remote, automated, secure DevOps tools. This means that all necessary product changes can take place in these fast changing, and resource constrained times.
- Providing training opportunities for bank employees – Temenos opened its online learning platform with over 400 courses for all Temenos products and sandboxes for free to allow bank users to experience and test Temenos’ latest technology innovations from their own home. More than 3,000 banking practitioners have registered to increase their knowledge on Temenos products and upskill team members. To request free access by visit here .
– Ends –
About Temenos
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com .
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