How are Temenos services making banks future ready?

Posted by Lisa Williams on March 17th, 2021

Today, there is no space for traditional banks and their outdated systems. Banks with obsolete technology are easily prone to various hacks, thefts, and stealing of sensitive information. They fail to match the ever-changing universal standards of banks. They also fail to provide and transact their existing services in an efficient manner. Additionally, they hardly ever come up with new services as products as they don't have the means and technology. Thus, banks need to be on their toes and keep on changing and upgrading with changing times. Due to this, today, banks need to have top-notch security. 

To provide this form of banking, the most famous banking service provider is Temenos services. They minutely curate and offer services to banks that are sophisticated and future-ready. Since the last decade, consumers and customers have become technology savvy. It is safe to assume that banks always need to be one step ahead. Temenos provides exactly these services to future-ready banks. Temenos is an open and integrated real-time platform that sees right through customers and their needs. 

Temenos services provides world-class services and keeps upgrading them according to the environment. Business services provided by Temenos include delivering financial services and products to the customers of a particular bank. It depends on the effectiveness of IT services. It also provides program management. Temenos helps run and maintain the day-to-day activities of a bank directed to a beneficial change. It also helps banks incorporate and implement new programs. 

Out of the various services provided by Temenos services, architecture services is one of them. It helps lay and design a particular plan by a bank along with site evaluation and analysis and impact of currently existing plans and programs of the bank. Temenos also provides integration services that help store all the bank data in an organized and easy to access manner. It acts as a data warehousing tool. 

Quality assurance is another of the services provided by Temenos. It helps to figure out defects in any program and service and correct them with maximum efficiency. Lastly, Temenos provides environment management as a service to train personnel and monitor reports and other workflows. 

Thus, Temenos has revolutionized the banking industry, and its position as a core banking service providers in the world is justified. The three main types of bank transactions which are cheque, deposit, and withdrawal may still be relevant and widely used but won't be as widely used if not for the constant new technology, safety measures, and other revolutionary banking services in the banking industry.