AFRICATemenos, a provider of banking software systems, has announced the launch of its latest product, Temenos Banking Cloud in a bid to enable banks to self-provision always-on banking services and scale instantly and securely while reducing the cost of operations to 10% of legacy systems.

The product combines banking services, covering all segments and all geographies, with a Sandbox for fast innovation and the Temenos MarketPlace for FinTech collaboration, all powered by a new AI-enabled engine to drive banks’ business growth and accelerate time to market.

“Banks face huge challenges – fierce competition, rising customer expectations, cost pressures. Research shows that for quite some time 70% of banks cannot cover their estimated cost of capital,” Max Chuard, Chief Executive Officer, Temenos, said.

“Banks can no longer wait; they need a new approach to run their business and develop banking products.”

“Banks can no longer wait; they need a new approach to run their business and develop banking products.”

Max Chuard – Chief Executive Officer, Temenos

The Temenos Banking Cloud is for both digital-first banks that want to launch in weeks as well as large or complex banks that want to acquire distinct capabilities, launch products fast and progressively migrate customer bases that are serviced by legacy systems.

“We are putting banks in control of their business models and innovation cycles, giving them the agility and speed to build great customer products and profitable businesses. With the Temenos Banking Cloud, we empower banks to digitally transform and massively scale faster than ever,” Max added.

The Temenos Banking Cloud is powered by an Explainable AI engine with advanced data analytics, so banks can test, report and measure product performance, and gain insight to support business decisions and product design.

“Our digital bank has been designed with a clear ambition to simplify banking and help customers achieve their financial goals. With Temenos SaaS, we can deliver a frictionless digital experience, bringing together credit cards, transactions, and savings accounts, plus a loyalty program in a single, native mobile app,” Chris Sozou, General Manager Platforms, Partnerships & Analytics, Virgin Money Australia, said.

“With the Temenos Banking Cloud, it is easier to integrate with third parties and we have an agile platform that easily scales up or down depending on business demands.”

Temenos AI advisors offer recommendations to banks to proactively manage usage and service health.