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
Cessna Citation CJ3 Gen3 Achieves First Flight, Advancing Next-Generation Light Jet Toward Certification29.7.2026 18:31:00 CEST | Press release
All three Citation Gen3 light jets are now in flight testing, bringing Garmin Emergency Autoland and customer-inspired enhancements to the next generation of business aviation. Textron Aviation Inc., a Textron Inc. (NYSE:TXT) company, recently achieved a key milestone as the Cessna Citation CJ3 Gen3 prototype aircraft completed its first flight, advancing the next-generation light jet toward certification. With this milestone, all three next-generation Citation light jets — the CJ4 Gen3, CJ3 Gen3 and M2 Gen3 — have entered flight testing, demonstrating continued momentum across the Cessna next-generation light jet portfolio. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260729333762/en/ Cessna Citation CJ3 Gen3 achieves first flight, advancing next-generation light jet toward certification. (Photo credit: Textron Aviation) “This achievement continues the forward momentum of the CJ3 Gen3 program and reflects the discipline,
SES Launches Multi-Orbit Satellite Connectivity on LATAM Airbus, Embraer Fleet29.7.2026 17:30:00 CEST | Press release
SES, a leading space solutions company, was selected by LATAM Airlines to provide multi-orbit inflight connectivity service to its growing fleet of Airbus and Embraer aircraft, solidifying SES’s position as the top provider of multi-orbit broadband service in the Americas and around the world. “LATAM’s passengers will soon benefit from reliable, multi-orbit satellite connectivity that will provide the same fast and dependable internet access they enjoy at home no matter where or when they fly. SES’s partnerships with airlines like LATAM highlight how carriers throughout the Americas are leading the way when it comes to the most advanced connectivity. SES is a trusted partner that powers inflight connectivity,” said Mike DeMarco, SES President of Mobility. More than 60 Airbus (A320NEO and A321XLR) and Embraer aircraft (E195-E2) will be equipped with SES services in the coming years. LATAM will be the largest airline in the region to offer service using SES’s new electronically steered a
Carta Rearchitects Private Capital Operations with Plugins for Claude29.7.2026 16:01:00 CEST | Press release
Firms managing billions in assets are cutting days of manual fund and portfolio work down to a single prompt — a shift now available to all Carta customers through Anthropic's official plugin directory. Carta, the connected platform and AI-native ecosystem for private capital, today announces broad availability of its suite of Plugins for Claude following the initial launch in April 2026. With more than 1,500 companies and firms already using the plugins, Carta is changing the way private capital teams — from founders to CFOs — fundamentally operate, bringing fund administration, cap table management, and dealflow analytics directly into the spreadsheets, presentations, and workflows they already use every day. "For the last decade, private capital operation teams have been held back by a hidden tax: the constant, manual handoff of data between disconnected systems," said Henry Ward, Carta CEO. "Carta is eliminating that broken loop entirely by embedding intelligence directly into the
Experian Recognized by Chartis Research for Advancing AI Model Governance in Quantitative Analytics50 202629.7.2026 15:00:00 CEST | Press release
Global data and technology company recognized for helping financial institutions accelerate AI innovation with trusted model governance, transparency and regulatory control Key Highlights Chartis Research recognized Experian as the category winner for Model Risk Management Environment in the Quantitative Analytics50 2026 report. Experian Ascend Platform™ enables organizations to move from model development to governed production with transparency, traceability and policy-driven controls. Recognition validates Experian's approach to helping lenders and financial institutions accelerate AI adoption while strengthening compliance, explainability and model risk governance. Experian today announced it has been recognized by Chartis Research as the winner in the Model Risk Management Environment category in the Quantitative Analytics50 2026 report. The recognition marks Experian's first appearance in the prestigious ranking and reinforces the company's position as a leading provider of data
Grid Dynamics Accelerates Enterprise AI-Native Transformation With Workforce Certification and GAIN Platforms Rollout29.7.2026 15:00:00 CEST | Press release
Key Takeaways: Grid Dynamics plans to have 90% of its engineers trained and certified on Anthropic and OpenAI platforms by the end of October 2026. At one of North America's largest home improvement retailers, Grid Dynamics has scaled its GAIN (Grid Dynamics AI Native) Platform for AI SDLC by expanding its agentic harness technology to more than 500 additional engineers. Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid Dynamics”), a leading provider of technology consulting, platform and product engineering, and AI-driven digital transformation services, today announced significant momentum in the adoption of its enterprise agentic AI solutions. Organizations across retail, financial services, manufacturing, CPG, and logistics industries are increasingly deploying Grid Dynamics’ agentic AI-native platforms and Forward Deployed Engineering (FDE)-led services to accelerate software delivery, improve operational efficiency, and transform business processes at scale. Grid Dynamics is wid
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