The core banking services of a bank include accepting deposits and issuing loans, the control of monetary transactions, preserving account and account holder information, utilizing a database to connect all accounts and account holders, maintaining its own fixed and variable accounts costs, and enabling routine maintenance, such as opening and closing accounts, and calculating interest.
Temenos T24 – Industry-wide, the 360-degree coverage
Temenos is the industry’s top supplier of banking software systems to community and retail banks as well as corporate, universal, private, and Islamic banks. A popular core banking system offers institutions in over 120 countries, ranging from local community banks to large retail banks with over 15 million accounts, a technologically cutting-edge, SOA-based front-to-back platform1.
Temenos has an open-minded point of view. According to the industry, FIs must be open to becoming fully digital, and Temenos can help with this shift.
After all, today, cutting-edge design and implementation solutions enhance service quality, lower operational costs, and improve customer experience. Additionally, while successfully managing risk and regulatory compliance, banks can lower TCO, increase efficiency, and maintain flexibility. That is the power of a modern core banking system.
In addition to Core Banking Systems, there are more solutions to make banks future-proof.
For banks to fully utilize Temenos’ potent cloud-enabled and cloud-agnostic technology, tenured banking technology partners like Maveric systems offer an end-to-end portfolio of implementation and integration services across all Temenos products. From developing a modernization strategy and roadmap to establishing a business scope, creating a business case, and building the desired operating model, leading banks need to think through the services for data migration, updates, testing, training, and maintenance.
Post-pandemic use cases enabled by Temenos T24.
- Alert notifications: Today, FIs must invest in early-warning technology that actively recognizes and manages customers with a high forecasted risk of going into default or into arrears, including those who are presently performing or who have just recently become past due.
- Reducing debt defaults: These systems alert users when a customer’s financial status is likely to worsen using internal and external data and Temenos’ XAI predictive modeling. This enables banks to contact customers early in the loan lifecycle. Banks can thereby lower their risk of default and write-offs.
- Payments as a service: Supporting the modernization of multi-jurisdictional payments networks’ payment processing capabilities means that banks must develop real-time processing with active monitoring, efficiently adhere to data and standards based on ISO2022, that cut down on time-to-market and lower the risk of deployment and operation.
Conclusion
Be it harnessing real-time consumer information, expanding scalability, lowering total costs of ownership, or future-proofing a bank’s digital operations, Banks need to start making changes for the upcoming decade due to emerging technologies, changing consumer expectations, and the changing conditions of our globe.
About Maveric Systems
Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.
Across retail, corporate & wealth management, Maveric Systems accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.
With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric Systems teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.
