ATHENS, Greece – 14 June, 2006 – At its annual client forum, TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced its new service strategy that taps into 13 year’s worth of knowledge gained from the largest client base of any international core banking supplier. The suite of new support services will focus on consultancy, implementation and application management.
Following on from a customer survey in 2005, TEMENOS completed a strategic review of its services taking into account market opportunities as well as client feedback. Mark Cullinane, COO, TEMENOS says: “Historically, we have focused on the software and provided just basic services, with implementation and support being delivered through local partners working with the bank’s in-house team. But embarking on core replacement is one of the most arduous tasks any bank can undertake, with implementations notoriously tricky to manage. Unlike systems integrators, by purely focussing on implementing and integrating our products, we believe TEMENOS can add real value. Our clients will now have full access to our global expertise and unrivalled depth of experience.”
The three new key support initiatives comprise:
TEMENOS management consultancy: TEMENOS will make available its most experienced consultants to work directly on site. It also intends to localise skills so that a high proportion of services are delivered in accordance with local language and culture. And by looking to recruit from the banking community, TEMENOS will continue to ensure that its consultants have the very best understanding of the business drivers.
TEMENOS implementation services: Having an installation base of 500+ banks has put TEMENOS in the best position to devise a Model Bank implementation methodology that wraps around TEMENOS T24 Model Bank. The methodology is pre-configured, pre-parametered and incorporates a global best practise standard with 60% of project man days conducted off site. This new approach promises to minimise local development, ensure a faster implementation, reduce costs and also brings tighter controls over project scope and deliverables.
TEMENOS application management: The open architecture of TEMENOS code allows locally developed software to seamlessly coexist alongside it, but this can be difficult to maintain. Now customers will have access to a dedicated team that will develop code to support any new local requirements and assume maintenance responsibility for all historically developed code. This gives the bank local development at off-shore rates, and bespoke code that is quality controlled and maintained to the same standard as the core system.
Both TEMENOS implementation consulting and application management are available with immediate effect. TEMENOS management consultancy will launch with a phased approach over the next 12 months.
Andreas Andreades, CEO, TEMENOS, adds: “We have built our world-class reputation on enabling banks to reduce transaction processing costs, launch new products effortlessly and improve customer access and information. But in order for our customers to fully realise these benefits, providing the software is only half of the solution. Having established our leadership in terms of product pedigree, it is the perfect time to focus our attention on services and to develop this revenue stream.”
The announcement is made on the second day of the TEMENOS client forum in Athens, which brings together over 450 worldwide bankers, key investors and industry analysts as well as business partners such as IBM, Oracle, HP and Microsoft.