TEMENOS
9.6.2020 09:02:08 CEST | Business Wire | Press release
Two-thirds of banking executives believe that new technologies such as AI, machine learning will continue to have the greatest impact on the global banking sector in the next five years, according to a global survey conducted by the Economist Intelligence Unit (EIU) on behalf of Temenos (SIX: TEMN), the banking software company. The new report “Forging new frontiers: advanced technologies will revolutionize banking ” highlights that COVID-19 is likely to accelerate the digital transformation of banks, which already face intense competition from payment players, Big Tech and e-commerce firms.
The report trends will be discussed on the webinar ‘The Future of Digital Banking: Revolution Accelerated ” on 25 June, with the CEO and Founder of Varo Money, the EIU and Temenos.
With COVID-19 accelerating the digitization of banking, 45% of banking respondents say their strategic response is to build a ‘true digital ecosystem’ and integrate their self-built digital services and third-party offerings. AI will undoubtedly play a key role in accelerating this digital shift. Over three-quarters (77%) of respondents agree that unlocking value from Artificial Intelligence (AI) will be a key differentiator between winning and losing banks. And improving user experience through greater personalization ranked highest (28%) among the most valuable uses for AI.
The focus is shifting towards enterprise agility with DevOps, which brings together software development and IT operations using modern cloud-based platforms. In fact, 84% of respondents agree that DevOps will drive transformation in core banking, while 81% of banking executives believe a multi-cloud strategy will become a regulatory pre-requisite. The primary focus of banks’ technology investment is on cybersecurity (35%), followed by developing AI platforms such as digital advisors and voice assisted engagement channels (33%), and cloud-based technologies (27%).
Max Chuard, Chief Executive Officer, Temenos, said: “Banks were under huge pressure due to new competitors, ongoing regulation and slowing profit growth – these pressures have intensified as a result of the pandemic. The report highlights that senior banking executives believe that new technologies such as AI will have the greatest impact in banking in the coming years. As the digitization of banking continues, these new technologies can help banks fend off competitors and gain competitive advantage.
“Temenos’ cloud-advanced, AI technology and rich banking functionality can help banks deliver value to their customers in the immediate term and accelerate their digital transformation to build sustainable growth in the future. Trends toward digital banking, cloud and SaaS models will only become more pronounced – in the new normal, the need for modern banking technology will be greater than ever.”
Pete Swabey, Editorial Director EMEA - Thought Leadership, The Economist Intelligence Unit, added: “Retail, corporate and private banks were already under pressure to deploy new technologies quickly and change their cultures in order to compete with big tech firms and payment players and deliver an engaging digital experience. Now, as digital banking surges as a result of the coronavirus crisis, this task is more pressing than ever.”
About the survey
Now in its seventh year, the Economist Intelligence Unit report includes for the first time respondents from commercial and private banks, alongside retail banks. The EIU surveyed 305 global banking executives throughout February and March 2020 about the challenges banks are facing relating to the digitization of the sector, and the strategies they are deploying in response. Almost half of respondents (49%) were at C-Suite level. Respondents came from Europe (25%), North America (24%), Asia-Pacific (18%), Africa and the Middle East (16%), and Latin America (17%).
– Ends –
About Temenos
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. 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 front office and core banking, payments, fund management and wealth management software products enabling banks to deliver consistent, frictionless customer journeys and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve industry-leading cost-income ratios of 25.2% and returns on equity of 25.0%, 2X better than the industry average. These clients also invest over 53% of their IT budget on growth and innovation versus maintenance, which is 2.5X the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20200609005051/en/
Link:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Rigaku Launches CT Lab HR160 High-Resolution X-ray CT System1.9.2026 17:00:00 CEST | Press release
- Developed in collaboration with Excillum for battery, semiconductor devices, and advanced materials analysis - Rigaku Corporation, a global solutions partner in X-ray analytical systems and a group company of Rigaku Holdings Corporation (Headquarters: Akishima, Tokyo; President and CEO: Jun Kawakami; “Rigaku”), today announced the launch of the CT Lab HR160, a high-resolution X-ray computed tomography (CT) system for battery, semiconductor devices, electronic components, and advanced materials analysis. The system is developed in collaboration with Excillum AB, the global source for X-ray innovation (Headquarters: Stockholm, Sweden; CEO: David Lindblom; “Excillum”). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260901074099/en/ Photo: CT Lab HR160 High-Resolution X-ray CT System CT Lab HR160 combines Rigaku’s X-ray CT imaging expertise with Excillum’s NanoTube N3 X-ray source. Operating at up to 160 kV to support a wide r
GigaDevice Joins the Zephyr® Project to Foster Global Open-Source Ecosystem1.9.2026 16:00:00 CEST | Press release
GigaDevice, a leading semiconductor company specializing in Flash memory, 32-bit microcontrollers (MCUs), sensors, and analog products, has officially joined the Zephyr® Project, one of the world’s leading open-source real-time operating systems (RTOS). Hosted by the Linux Foundation®, the Zephyr® Project welcomes GigaDevice as a Silver Member, making GigaDevice a dual Silver Member of both the Zephyr® Project and the Linux Foundation. Leveraging its comprehensive GD32 MCU portfolio, GigaDevice will actively participate in the Zephyr® community, promoting deeper integration between its MCU technologies and the global open-source RTOS ecosystem. This will provide customers and developers in industrial, IoT, consumer electronics, and other fields with a more open, standardized, and efficient embedded development environment, while continuing to contribute to the growth of the global embedded open ecosystem and broader access to technology. With the continued evolution of the Internet of
Vivax-Metrotech Partners with Oaktree to Accelerate Strategic Growth1.9.2026 16:00:00 CEST | Press release
Vivax-Metrotech Corporation (“Vivax-Metrotech”), a leading manufacturer of precision locating and inspection devices for utility infrastructure, and Oaktree’s Power Opportunities strategy, today announced a partnership to accelerate Vivax-Metrotech’s growth trajectory and strengthen its leading position. For more than 60 years, Vivax-Metrotech has delivered best-in-class solutions for the utility industry with a focus on underground infrastructure. From its origins in California, the company has expanded across the United States and internationally, developing and supplying locator systems, inspection cameras, and associated digital solutions that help utilities, municipalities, and service providers safely build, maintain, and manage their assets. Today, Vivax-Metrotech is firmly established as a leading player in the U.S. and Global utility locator equipment and inspection device markets. The partnership with Oaktree’s Power Opportunities group will support Vivax-Metrotech’s continue
Mary Kay Unveils New Global Brand Platform – Beauty Is More Beautiful Shared™ – Reclaiming Beauty as a Shared Experience1.9.2026 15:00:00 CEST | Press release
With Largest Consumer-Facing Campaign In Company History Mary Kay Enters Its New Era Of Reach And Impact Today, Mary Kay Inc., the iconic beauty and entrepreneurship brand founded by the bold visionary Mary Kay Ash, announced Beauty Is More Beautiful Shared™, its largest-ever global consumer-facing campaign and a long-term brand strategy designed to drive its next era of growth. Launching across 40 markets worldwide, the campaign reintroduces Mary Kay to a new generation of consumers by celebrating a timeless truth at the heart of the brand: Beauty Is More Beautiful Shared™ and bridging the love for Mary Kay across generations. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260901735460/en/ Mary Kay announces Beauty Is More Beautiful Shared™, its largest-ever global consumer-facing campaign and a long-term brand strategy designed to drive its next era of growth. (Image Courtesy: Mary Kay Inc.) “Beauty Is More Beautiful Share
Visa Launches Enhanced A2A Protect Innovations to Help Financial Institutions Stop Fraud Before Money Leaves Accounts1.9.2026 15:00:00 CEST | Press release
New unified fraud score is the company’s first combined offering in-market since Visa’s acquisition of FeaturespaceA2A Protect has been shown to reduce over 50% more fraud and help reduce over 40% in unnecessary fraud alerts Visa (NYSE: V), a world leader in digital payments, today announced an enhanced version of A2A Protect, delivering real-time risk insights that help banks stop account-to-account fraud before money leaves customer accounts. The expanded solution introduces a new unified fraud score—Visa’s first in-market integration of Featurespace technology—giving financial institutions faster, clearer signals to detect more fraud while reducing unnecessary alerts. As account-to-account (A2A) payments accelerate globally, A2A transactions are projected to surpass 5.8 trillion by 2028, a 160% increase from 20241. A2A Protect leverages advanced AI and sophisticated transfer learning and gives banks immediate access to critical global risk insights on A2A transactions, without waiti
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom