Temenos (SIX: TEMN), the market leading provider of banking software, today announces the launch and availability of a suite of front office products, Temenos Connect.
The launch capitalises on Temenos' recent acquisition of edge IPK, market leader in User Experience Platform (UXP) technology. Temenos Connect allows banks to escape the limitations of their existing technology infrastructure to offer a rich, consistent and interactive customer experience across all channels. The urgency to improve customer experience is underpinned by the rapid growth in the adoption of 'MAD', such as smartphones and tablets, and is key to enhancing brand equity, defending share against new retail banking entrants and to attracting and retaining the most lucrative customers.
Adoption of MAD is rising at an extraordinary pace - especially high among the young and the most affluent - and as with any retailer, customers are demanding an exciting user experience from their banks. Nonetheless, banks' current approach to meeting this generational shift is to essentially maintain proprietary technology and existing applications. This approach is costly and time to market for new products and services is too slow - damaging customer goodwill and banks' brand perception, reducing the opportunity to grow wallet share and raising the competitive threat from new banking entrants.
Temenos Connect solves this challenge by combining edgeConnect, the market-leading UXP technology, with Temenos' unrivalled banking knowledge - providing banks with a consolidated channel management and delivery solution, enabling them to deploy a secure, consistent and interactive user experience across all devices and in all languages. The Temenos Connect product suite comprises edgeConnect UXP, Temenos Connect Internet, Temenos Connect Mobile and Temenos Connect Onboarding. This synergy of solutions creates a single instance of the customer, complete data integrity and a cutting-edge user interface supported by advanced workflow, all in packaged upgradeable software.
edgeConnect is already benchmarked at 17 million transactions per hour, with banks documenting a five-folld improvement in productivity as a result of using the platform*. Banks can build applications once and deploy across different channels, including MAD, which vastly enhances efficiency levels. In tandem, Temenos Connect Onboarding allows banks to profile prospective customers applying for products online - facilitating a usable design process to maximise straight-through processing, preventing the amount of people that stop midway, which greatly increases successful new customer applications and positive user experiences.
David Arnott, CEO, Temenos said: "Consumers of all ages are increasingly seeking to access banking products and services over tablets, smartphones and other MAD, which are now ubiquitous. Banks already know that customers are demanding a rich and interactive user experience across all available channels, but they are struggling to overcome technology constraints to meet these demands. The only way for banks to not just catch up but to exceed customer expectations is to take an entirely new approach, namely to adopt a UXP.
"The Temenos Connect products can be implemented independently of any other systems changes, making them quick to deploy and giving customers time to value in as little as 3 months."