Temenos (SIX: TEMN), the market-leading provider of mission-critical solutions to the financial services industry, today announces that it has been selected to provide DNB Luxembourg (DNB) with T24, its award-winning core banking system and Temenos Connect, its multi-channel internet banking solution.
DNB has chosen a comprehensive, integrated front to back solution that will completely replace the current legacy environment which has been running for many years within the bank. This "out of the box" solution provided by Temenos and its partners offers not only a cost effective and seamless solution but also secures a predictable transformation project to deliver the underlying business case.
DNB's decision to replace its core banking system was based on a number of key business drivers. First, the existing system was becoming obsolete, failing to meet the current requirements of the bank and not allowing it to grow to adequately manage the assets of its increasing number of new and existing high-net-worth customers. Second, DNB recognised that having a modern core banking system in place is essential for it to be able to offer new products to its customers quickly. Third, the cost of maintaining the existing system was high. Deploying T24 will enable DNB to focus its expenditure on driving profitability in the bank, rather than directing it to maintenance of the core. Fourth, DNB wanted to provide its customers with a better user experience by offering enhanced access to banking services through the device of their choosing. Therefore, DNB required the fully-integrated, multi-channel capabilities offered by Temenos Connect.
DNB Luxembourg is a local branch of DNB Group headquartered in Norway. It offers premium private wealth banking and credit services to high-net-worth customers. Temenos will be supporting both its private wealth and credit services.
The implementation will be based on a partnership model, with Luxembourg services partner Syncordis managing the delivery of the project, In addition, Temenos' extended complementary solution providers will be providing document management (EFS Technology) and regulatory reporting services (Wolter Kluwers).
Jean-Michel Hilsenkopf, Managing Director EMEA at Temenos, said: "We are delighted to have been selected by DNB Luxembourg to replace its existing banking software with T24 and Temenos Connect. Our software provides a complete front-to-back office solution, offering advanced, multi-channel capabilities, specifically configured to the needs of the local market, through our country Model Bank. Luxembourg is a very important market for us, demonstrated by our strong track record in the region with 25 existing customers and we are very pleased to continue to gain market share. We are encouraged that our solutions are fully aligned with the needs of the Luxembourg banking market,"
Håkon Hansen, CEO at DNB Luxembourg, said: "We are very pleased to have selected Temenos to provide us with a complete front-to-back banking software renovation. Our choice of Temenos was based to a large extent on its country Model Bank, offering a fast, cost-effective deployment, with the peace of mind that our software enables us to meet all local regulatory requirements. We were also very impressed by Temenos' strong track record in the region. Furthermore, the partnership model that Temenos offers, with local partner Syncordis managing the project, also ensured that our country-specific requirements were being sufficiently catered to."