Temenos-CEO David Arnott. (Foto: Temenos)
At the 17th Temenos Community Forum in Barcelona – on 19 May 2016 – Temenos (SIX: TEMN), the software specialist for banking and finance, today announces the winners of its annual customer and partner awards, which recognise outstanding performance across a number of categories.
The award for “Excellence in Customer Service” was won by Canada’s Equitable Bank, which recently launched a new digital bank, EQ Bank running on the Temenos RetailSuite. A great example of “Experience-driven banking”, EQ Bank offers a completely digital way of banking, one that combines seamless customer experience with transparent and value-added services. Just four months after launch, EQ already boasts more than 20,000 active customers and CAD800m in deposits.
The “Product innovation” award was lifted by Nordea Bank SA, the international private banking arm of the Nordea group. Nordea, which runs Temenos WealthSuite, has used technology to drive efficiency in its operations at the same time as transforming its customers’ banking experience. Live since the start of the year, Nordea has already seen a 47% reduction in number of IT applications used as well as a more than 25% shift in back office staff’s time towards client facing activities.
Sumitomo Mitsui Banking Corporation (SMBC) was recognised for “Supporting Growth”. SMBC, a fully owned subsidiary of Sumitomo Mitsui Financial Group, uses Temenos software as its common platform to run the corporate operations of 11 countries in Asia Pacific. This single hub, multi-country configuration allows SMBC to scalably and cost effectively support growth while also achieving a real time view of all credit exposures and counterparty risk. SMBC is currently in the process of rolling out CorporateSuite for its China operations.
EFG International picked up the prize for “improved efficiency”. EFG, which is in the process of merging with BSI group to form one of the largest private banks in Switzerland, was recognised on account of its outstanding record in extracting IT cost synergies from acquisitions. Since 1993, EFG International has made and successfully integrated the IT and operations of more than 20 acquired banks using Temenos software and today spends less than 6% of total costs on IT, roughly one-third of the average for European private banks.
In its inaugural year, the award for “Extending Financial Inclusion” was scooped by Fullerton Myanmar. The subject of a recent Microsoft cloud advertising campaign, Fullerton is capitalizing on the opportunity of using the MicrobankingSuite running on cloud technology to lower the cost of banking and to make banking available over mobile channels. In doing so, it is achieving its goal of extending financial provision across even the remotest places in Myanmar. In 2015, Fullerton brought banking to more than 50,000 previously unbanked people.
Credit Suisse, a Temenos client since 1999, collected the Chairman’s Award for its longstanding and growing commitment to Temenos. As well as running Temenos core banking software across various locations such as the US, Bahamas, Spain, Guernsey, the UK and Ireland, in 2013 the bank embarked on a significant programme to upgrade its IT infrastructure in Asia. The project consists of consolidating separate instances of its Temenos core banking software onto a single, multi-company hub supporting five locations in APAC as well as replacing with a Temenos solution its front office platform in Switzerland.
The partner awards were collected by Sofgen, for partner project of the year, Crossmatch, for complementary solution provider of the year, and Syncordis for Partner Innovation of the Year for its rapid implementation approach built on the Temenos Model Bank.
Sales Partner of the Year, awarded on account of its pivotal role in securing the deal to replace Nordea’s core banking systems across the Nordics, was picked up by Accenture. The deal with Nordea is the largest core banking deal ever in Europe, which will transform the banking experiences of over 11m customers.
Temenos Group AG (SIX: TEMN), headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 38 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos customers are proven to be more profitable than their peers: in the period 2008-2014, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications.
About the Temenos Community Forum
The Temenos Community Forum (TCF) was started in 1999 as an annual event for Temenos users. Since that time, it has become one of the largest financial services conferences in the world, attracting a large global audience of more than 1,200 delegates comprising Temenos customers, partners, employees, investors as well as other industry participants such as journalists, bloggers and research analysts.
To get live updates or to join in the conversation at this year’s Temenos Community Forum please use the hashtag #TCF2016 on twitter.