Deutsche Bank has today announced that it has signed a contract with TEMENOS Group, the provider of integrated core banking systems, to implement TEMENOS T24 in major parts of its Private Wealth Management (PWM) business globally. The deal, the largest ever for the vendor, was signed in October 2006 and marks the completion of a detailed software selection process carried out during the past eight months.
By selecting TEMENOS as the global provider of its new IT platform, Deutsche Bank has made another step to further strengthen its competitive position in the Private Wealth Management area. The implementation will cover both front and back office, with Deutsche Bank being an early adopter of TEMENOS ARC, launched in June last year. ARC will provide Deutsche Bank with strong e-channel client-relationship capabilities. ARC comes complete with modules for operational and analytical CRM process workflow and channel banking.
Pierre de Weck, Global Head of Private Wealth Management at Deutsche Bank and a member of the bank's Group Executive Committee, said: “We have been committed to establishing a unique business model for demanding private and selected institutional clients and to focussing on top quality service propositions. At the same time, we are operating in one of the fastest growing businesses in the financial sector. The new state-of-the-art IT platform will enable further profitable business growth, reduced time-to-market for new and innovative product solutions and an increased operational efficiency – all to benefit our clients.”
Andreas Andreades, CEO, TEMENOS, adds: “Deutsche Bank is one of the leading players in the wealth management area. Choosing TEMENOS as the vendor for PWM’s new IT platform is an enormous vote of confidence in our company and our product. TEMENOS T24’s fully-integrated architecture offers a significant cost advantage compared to other competing products. We are confident that TEMENOS T24 will provide the basis and support for ongoing strong growth of the Private Wealth Management business for years to come.”
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
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