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Building Societies: Deepening Foundations for Success in the Digital World

Trusted by global banks and financial institutions, and with 29 years’ experience providing IT solutions, Temenos enables Building Societies to provide exceptional digital experiences for their members.

Meeting Building Society Member Expectations with SaaS Solutions

Approximately 81% of customers now use digital channels to engage with their bank. Building Societies risk being left behind if they do not implement a robust digital strategy. Hear John Coen talk through the opportunities available to Building Societies which fully embrace digital channels.

Building Societies – The Challenge

For decades UK building societies have been close to their customers. Best known for providing mortgages they worked out a modus operandi which worked well until the Pandemic enshrouded us. Cut off from their customers they found it difficult to adjust to the new world where branch visits were impossible and new, digital channels had to be explored. They are turning to Temenos to build the new solutions which will allow their imaginations to produce products for their customers they could only dream of in the past.

Cloud Banking Technology

Access cloud-composable pre-built banking services from Temenos, such as Buy Now, Pay Later, Retail Lending, and soon, Digital Mortgages. All are deployed on the Temenos Banking Cloud, on any public cloud. APIs enable you to innovate new products and services and to meet regulatory re-quirements, such as PSD2, through pre-defined APIs. We provide solutions from partners with 700 enterprise API endpoints on our Developer Community. Enrich your services with the integration of new FinTech technologies using Temenos MarketPlace.

The Temenos SaaS Ecosystem

Temenos replaces the need to manage multiple vendors. You gain access to the Temenos SaaS Ecosystem, with expert partners who provide strong customer authentication, regulatory reporting and compliance functionality as well as financial crime mitigation of the highest standard for testing and regression testing. This is particularly important for Building Societies embarking on digital transformations, as vendors can issue new software releases frequently and at differing times.

The future of technology for building societies is SaaS delivered in the cloud.

Temenos believes in making and integrating our capabilities as easy as possible. We provide cloud-composable banking services where building societies can choose pre-built banking services and customise them.

MultiChannel

Allow your members to operate in a multi-channel world where they can choose how to interact with you.

Open Banking

Invite your members into the world of Open Banking where they can use your apps to explore their finances.

Onboarding without pain

Simplify the onboarding pain for members and smooth the initial deposit process.

Full stack

Deploy independent solutions or a fully integrated end-to-end stack

Non-stop Innovation

Provide your members with continuous innovation to the extent that they will never leave you.

Digital Native by Design

By being digitally native, building societies can create and maintain a single view for its members with a feature-rich, cloud-native environment that’s flexible and customisable.

Measurable success:

67%

of building societies said technology could help drive efficiencies within the business

17%

of the top 40 building societies offered an app as part of their customer services

68%

say the pandemic has dramatically increased the expectations of their bank’s digital offering

67%

of building societies said that digital transformation is on their agenda within the next five years