Source: Coventry Building Society
Temenos (SIX: TEMN), the banking software company, today announced that Coventry Building Society, the UK’s second-largest building society, has chosen Temenos T24 Core Banking platform for its future savings and mortgages servicing.
The Society has opted for a front-to-back digital transformation using Temenos T24 Core Banking as well as Temenos Channels, Financial Crime Mitigation and Temenos Payments Hub solutions.
Coventry Building Society, one of the UK’s top 10 mortgage lenders, chose Temenos T24 Core Banking after a rigorous competitive evaluation. By implementing Temenos software, the Society will be able to introduce new products and services more quickly, support its growth ambitions and maintain its sector-leading cost efficiency. The Society will also be able to offer market-leading digital services to its members through online and mobile channels. The Temenos model bank approach of providing preconfigured country-specific functionality, will also help Coventry Building Society meet the UK’s evolving regulatory requirements and business practices in an efficient and cost-effective way. The Society will leverage Temenos’ global expertise and 25 years of experience in providing integrated, scalable packaged software, as well as Temenos’ aggressive innovation roadmap, with 20% of revenues invested in R&D every year.
Peter Frost, Chief Operating Officer, Coventry Building Society, commented: “We are delighted to appoint Temenos, which has a worldwide reputation for robust, innovative banking systems, as a key technology partner. Temenos’ digital banking platform will help drive simplicity and efficiency, enable us to introduce new and innovative products more quickly and help reduce operational costs, as well as offer an enriched digital experience - all of which will enhance the value and quality of our services to members.”
David Arnott, Chief Executive Officer, Temenos, stated: “We are proud to be the strategic technology partner for Coventry Building Society on its digital transformation journey. This partnership cements our leadership position in the UK retail mortgage space and highlights our strength in core banking replacement for large top tier financial institutions. The UK is a key growth market for Temenos with banks and building societies now starting to embark on a core digital transformation cycle. Our integrated, real-time and scalable banking software helps financial institutions address the challenges of customer demands and evolving regulatory requirements. We believe that financial institutions can only become truly digital when they transform their operations front-to-back and we are the best provider to help them realize their digital vision. We look forward to working with Coventry Building Society as it transforms the services it offers to its members.”