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What Technological Innovation Means Today: 7 Lessons Learned at the Temenos Americas Fall Forum 

Financial technology is evolving at lightning speed, and those who prioritize AI, data management, and SaaS are become more efficient, winning banks and credit unions. Such as a takeaway at the Temenos Americas Fall Forum in Miami on Sept. 4-5. Long-term innovation, especially in SaaS and digital solutions, is critical for driving efficiency and growth. AI is more than a buzzword—it’s a transformative force delivering measurable returns and enhancing personalization. Effectively leveraging data provides crucial insights for decision-making and strategy. Continuous improvement in technology and communication keeps institutions ahead. Finally, modern tech helps manage risks and mitigate the impact of economic downturns, making it essential for any financial strategy. 

1. Innovate for the long-term. Temenos does. 

Technological innovation is a building block to success in today’s financial services industry, and with that in mind, banks and credit unions must take time to focus on long-term business goals. It’s easy to get swept up in market talk, yet keeping abreast of what’s going on in banking and technology is a wise thing to do. But when innovation decisions are made with the long-term goal of adding value for the customer, key factors like total costs of ownership and times to market will follow suit. The right technology is important, and it takes the right combination of people to move forward. A good provider is one who harbors a similar mindset, one that looks inward and innovates its own offering. Today, SaaS presents enormous opportunities for financial entities and those who cater to them. So do top-notch digital solutions that improve onboarding, origination, collection and recovery efforts. 

2. AI is really real 

AI goes beyond cleaning up emails or tightening up social media posts. It doesn’t just make you seem witty and bright; it propels you to very real—and very measurable—success. According to José Nuñez, Microsoft’s Customer Transformation Lead and TAFF speaker, for every $1 a company invests in Generative AI, they can expect $3.5 in return. In some cases, it’s $8. Generative AI strengthens efforts to hyper-personalize banking, it enhances customer support, allows for the use of predictive analytics and much more. A good technology provider can help you overlook the hype and media buzz and get to what works for you. 

3. The data points are there. Use them 

Modernizing technology—such as upgrading your core or using innovative solutions for customer onboarding and loan management—improves life for both your customers and your institution. Today’s technology gathers more data than ever, empowering financial institutions to better understand their customers and markets, ultimately enhancing the customer experience. Make data management a central part of both your technology and business strategies. 

4. There is always room for improvement 

Knowing what the customer wants and needs is a good start for any company, hopefully an obvious one. Delivering what the customer wants or needs is merely doing one’s job. But taking a good look in the mirror to figure out what works and what doesn’t and then make constant changes to improve a product or service and its delivery—and communicate what’s going on—sets a winner apart. Throughout the event, Temenos showcased the changes it makes in its operations to better service customers and how it communicates all along the way. In our Lifecycle Management System space, for example, the benefits stemming from new KPIs, basecamp sites, squad calls and internal/external communication overhauls are really taking the form of better SLA and backlog data. 

We are testing our business continuity and ensuring continuity in everything we do.” 

—Kimberly Hubbard, Temenos Senior Vice President, Support  

5. Maximize the power of data: strategy meets smart models 

Everyone knows that good use of data empowers credit unions to rank consumers, but when combined with other data attributes like validations, good models and strategies that include innovation alongside business goals, data management becomes ​extremely powerful. While a model can provide a score, it can’t tell you what to do with it. And by focusing on a decision management strategy, you can leverage ​other information and attributes about different customer segments to make better decisions. ​ 

Both a model and strategy have an important role to play, and each makes the work of the other more effective.​” 

—Lila Freer, Solution Consultant, Experian 

6. When it comes to modernization, opportunities far outweigh the risks 

Technology modernization plans are fraught with concerns, and well they should be. We’re in the business of either guarding people’s money or financing others to make more money. It’s only natural that any decision to swap out or overhaul a financial institution’s motor and key parts like onboarding solutions might raise some questions. The evidence suggests the decision to modernize is worth it. Costs fall, times to market increase. And all those fears of disrupted service rarely, if ever, materialize. 

7. Technology softens the blow of business downturns 

Economic downturns are inevitable, and when they happen, delinquencies can rise. It’s an unfortunate reality, but fortunately, modern technology can empower financial institutions to protect their portfolios and work customers with earlier to detect when the risks of delinquency rise and deal with them in a more timely and efficient manner by automating workouts, automating communications procedures and other stages of lifecycle management. 

We will hold your hand the whole way through, from pre-delinquency through, unfortunately, that charge off.” 

—John DeLuccia, CPI Sales Specialist, Allied Solutions