TEMENOS
19.1.2021 08:32:46 CET | Business Wire | Press release
Temenos (SIX: TEMN), the banking software company, announces its next-generation Temenos Enterprise Pricing solution, which enables banks to design, manage and price innovative products, services and product bundles using their own and third-party products. Temenos Enterprise Pricing can be deployed on Temenos Transact or on any third-party core, helping larger banks burdened with complex, siloed legacy systems gain faster time to value as they start their modernization program. The powerful, enterprise-wide pricing engine supports hyper-personalization of products and services, and accelerates time to market for all products, increasing the bank’s profitability.
Larger banks are typically operating on large legacy technology stacks often with multiple core capabilities and disparate systems or product silos. These banks are struggling to compete with fintechs and neobanks, whose agility allows them to rapidly launch differentiated products and attract new customers. Developing and taking-to-market new products and pricing bundles across geographies, business lines and multiple, core banking systems requires a transformation program that banks cannot solve in-house. With Temenos Enterprise Pricing banks can address their immediate operational efficiency needs and start an incremental modernization journey.
With Temenos Enterprise Pricing banks can deliver innovative products and pricing bundles with competitive pricing based on the customers’ or entire households’ relationships with the bank and their behaviors to provide tailored rewards and promotions. Temenos enables banks to create products and pricing structures both across digital channels and within the banking core, making it the only technology provider capable of helping banks implement this approach through the entire value chain.
Temenos Enterprise Pricing also gives banks greater control over the fees they apply, centralizing product data from multiple legacy systems and disconnected applications. Banks gain better visibility of the product and pricing portfolio across the enterprise, which in turn reduces revenue leakage and optimizes profitability. This transparent pricing across products and services benefits the customer and the bank.
Christine Barry, Research Director, 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 behaviors. 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.”
Max Chuard, Chief Executive Officer, Temenos: “Max Chuard, Chief Executive Officer, Temenos: “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% of the total third-party market spend. Our next-generation SaaS solution enables banks to create new revenue streams by launching new compelling offerings and to apply dynamic pricing strategies to maximize profitability, increasing customer retention and boosting wallet share.”
Temenos Enterprise Pricing provides an enterprise-wide product repository, a ‘one-stop shop’ of all products and services. This enables banks to overcome the limitations of their legacy core banking or other, peripheral systems. It gives banks the agility to launch compelling products and services as well as product bundles by packaging their own and third-party products, crucially enabling them to price them appropriately. Banks can deliver benefits to customers through:
- value-based pricing determined by the overall customer relationship with the bank across business line silos;
- aggregation of financial products on a single platform;
- creation of new services that help people better manage their finances;
- providing insight into spending and saving habits; and
- widening access to products and services.
The microservices-based solution will be pre-integrated with Temenos Infinity Origination to originate products and pricing structures digitally through multiple channels and will provide AI-generated pricing propositions. Temenos Enterprise Pricing can also integrate with any front-office digital banking system. It is hyper-efficient, highly configurable and its open-API architecture allows for faster and simpler implementations. The solution is available as Software-as-a-Service managed by Temenos, or in the public cloud and on-premise run by the bank.
– 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 1.2 billion 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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