Temenos (SIX: TEMN), today announces a global agreement which will see the bank progressively modernise its IT infrastructure with Temenos' best-of-breed applications.
The programme will begin with core system replacement, with Temenos' award-winning T24 platform to be used as the hub for the bank's operations in Asia. Thereafter, it is envisaged that Julius Baer will progressively modernise its systems across the front and back-office. The scope of the programme will be global.
Julius Baer is the leading Swiss private banking group, with a focus on servicing and advising sophisticated private clients in global wealth management through 50 global locations. The implementation of Temenos' solutions will, in the primary stage, modernise the Group's current operations in Asia. A later phase is likely to comprise core banking replacement across multiple additional sites, including Europe, as well as solutions to develop the next generation multi-channel private wealth solution.
Julius Baer considered Temenos' technology to be the best fit for its IT strategy. The goal of the modernisation programme is to improve the bank´s clients' service experience, to increase operational efficiency and to become more agile.
David Arnott, CEO at Temenos, said: "We are delighted to have been chosen by Julius Baer as their global partner for IT modernisation. The private wealth industry is undergoing a major structural shift. Regulatory burdens are rising at the same time as customer expectations are changing, driven by younger and more technically-savvy consumers. Julius Baer has the right strategy: to build a scalable, highly-automated IT platform for back-office operations with decoupled, cutting edge front-office capabilities that enable it to build rich, interactive and personalised experience across customers' preferred channels. Temenos is able to provide these capabilities which, together with our advanced enterprise architecture and our ability to offer progressive renovation, proved the key factors for selection. We are excited to work with Julius Baer on this project, which we believe will underpin their strategic goals and see them continue to take market share"