Temenos (SIX: TEMN), the global provider of banking software, has won the ‘Leader of the Pack’ award by Aite Group in its latest report on global core banking systems. In the same report, TEMENOS T24 (T24) was also credited with the award for ‘Best User Interface’. The report, which evaluated ten leading core banking vendors, credited a total of four awards, two of which went to Temenos.
The report, “Evaluating the Vendors of Global Core Banking Systems”, summarised Temenos’ key strengths as, ‘a leader in the core space with a strong global brand’; ‘proven scalability with multiple tier one bank deployments’ and a ‘very intuitive user interface’. In addition to these strengths, Temenos was awarded the ‘Leader of the Pack’ category based on a number of criteria including contract signings. T24 was awarded ‘Best User Interface’, being described as ‘an extremely easy-to-use solution’ which ‘offers some unique features to enhance the customer experience’ and has ‘built-in CRM capabilities as well as a sales support tool’.
Temenos believes its position in the report is attributed to a number of key initiatives:
Product strategy – Temenos continues to invest significantly in T24 enhancements, spending an industry leading 20% of revenues on R&D. Recent notable improvements are the launch of the full Java version of T24 and the upgrading of the T24 user interface to offer better graphics and increased pivot table capabilities.
Acquisition strategy –Temenos’ clear acquisition path enables it to expand in existing markets and add new, complementary products. With the report citing, ‘The average number of products used by new customers is already increasing as the company’s product portfolio broadens. Add-on products now account for approximately 15% of total license revenue for the company, compared to about 5% during 2008. Its software products include its core solution, a mobile offering, a business intelligence product, a risk management solution for the energy industry, a payments repair and automation product, a regulatory reporting product, and a market data quality product’.
Best practice methodology – By presenting banks with a solution that has preconfigured processes incorporating proven efficiency and best practices, Temenos has been able to significantly improve implementation times and better serve customers. The company currently has 105 implementation projects underway worldwide, with the average project length from contract signing to go-live date reduced from 20 months in 2005 to approximately 12 months today. Complementary to Temenos’ Model Bank methodology is the expansion of its global partner network, which has greatly increased its capacity and reach to further the success of its services model.
Christine Barry, Research Director, Aite Group commented: “T24 continues to be a leading global core solution in the market, and customers seem very satisfied with it. Temenos is often selected for its proven track record, solution scalability, and leadership position in the core banking space. Though this vendor has yet to penetrate the U.S. market with its T24 solution, Temenos is sure to at least make the shortlist as large U.S. banks begin to head toward core transformation”.
Andreas Andreades, CEO, Temenos commented: “We are delighted to be ranked so highly in this Aite report, which reaffirms the outstanding performance Temenos has delivered so far this year. Increasingly we are seeing banks turning to a single supplier for a highly integrated, best of breed solution which offers a one stop shop for all their operational needs to reduce cost and minimise risk. The success of our acquisition strategy coupled with our cutting edge product roadmap and robust partner network positions us at the forefront of the market to capitalise on this growing trend.”
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