News

Banking through physical branches could phase out by 2025, a new survey has revealed, as the pandemic-era push to online holds its momentum. Nearly 70 per cent of European banks, surveyed by the Economist Intelligence Unit (EIU) and Temenos, said that brick and mortar banks will be dead and gone in just three years.

Disruptive technologies are changing the way that banks must operate to ensure they provide engaging, consistent, yet frictionless customer journeys. Banks are realizing the heightened need for a customer-centric approach, which is why the MEA cloud computing market is expected to grow from $14.2 billion in 2021 to $31.4 billion by 2026.

In this episode of the What the Fintech? podcast, we’re joined by Tony Coleman, chief technology officer at cloud banking platform Temenos. In our News in Numbers section, Tony discusses the importance of collaboration following the news that TSB and banking technology platform provider BankiFi have teamed up to launch a new app to enable small businesses to receive quicker payments and to better manage their business finances.

Banks may not have been the earliest adopters of the cloud, but industry leaders now realize that a cloud-based digital strategy enables a range of strategic advantages—including improved sustainability.

The use of Artificial Intelligence in the financial services sector has grown exponentially in the last decade. Banks are now implementing the technology across a range of innovative use-cases. A new survey of IT executives in banking, conducted by The Economist Intelligence Unit in partnership with Temenos, finds that 85 per cent have a “clear strategy” for adopting AI to develop new products and services.

Kalliopi Chioti, Chief ESG Officer at Temenos, shares her ESG predictions for 2022 and beyond. We hear how banks can achieve greener, more efficient operations, what banks can do to appeal to green consumers, and the implications that will come from banks moving to a net-zero plan.

Expect buy now, pay later to be a juggernaut in payments for years to come. That's according to the 156-page 2022 Global Payments Report released March 2 by the Worldpay unit of Fidelity National Information Services, also known as FIS. Buy now, pay later will account for about $438 billion, or 5.3%, of the global e-commerce transaction value by 2025, up from 2.9%, or $157 billion, in 2021, fueled by strong demand in key markets such as North America and Europe.

Temenos has extended its leadership position in the S&P Sustainability and FTSE4Good Indices, two of the world’s most influential ESG performance ratings. The Sustainability Yearbook 2022, an annual report of companies with the best performance in Sustainability, is based on the 2021 Corporate Sustainability Assessment, the basis of The Dow Jones Sustainability Index (DJSI) and The S&P ESG Index.

Temenos worked with Canada Life UK to support specific functionality for the UK market, including support for UK SORP, UK tax, Solvency II and unique company reporting requirements. Since implementation, the firm has migrated over 800 funds in a single weekend and will administer more than £40 billion of assets on the Temenos platform.