Early adopters have seen halving of attrition rates and doubling of new product take-up
Temenos (SIX: TEMN), the market-leading provider of mission-critical solutions to the financial services industry, today announces the launch of two new products within its business intelligence (BI) portfolio – Insight Analytics and Insight Mobile – enabling financial institutions to leverage data to build greater customer intimacy and win the battle to retain their best customers.
A recent survey conducted by Temenos and Accenture found that financial institutions’ biggest challenge today is retaining the loyalty of customers whose demands are growing and who have a greater choice of providers than before. The survey also showed that financial institutions are investing significantly in analytical and channels capabilities to enable them to leverage data to bring more value to their customer relationships. Insight Analytics and Insight Mobile give financial institutions the tools to make faster and better decisions, and the ability to identify the products that will really add value to customers.
Early adopters of the solutions, including BlueShore Financial, have experienced significant benefits, such as a halving of customer attrition rates and a near doubling of product adoption rates from existing customers.
Fred Cook, Chief Information Officer, BlueShore Financial, commented: “Temenos Insight is already a valuable solution for us. It provides our business teams with information that’s easy to understand and reconcile. Purchasing Insight Analytics will further advance our business intelligence capability. By becoming more attuned to our clients’ needs, we will be able to enhance our client retention rate. Insight Mobile gives us the ability to make decisions on the move, which is becoming increasingly critical to our business, increasing efficiency and improving customer service.”
From a digital perspective, analytics and information management have become dominant for all financial institutions. According to Gartner, “the ability to amplify the value from information analysis and dissemination requires integration across channels — especially mobile, which has become the stepping-off point for launching digital wallets and moving advisory-based services into digital formats. However, the key to success also lies in the CIO's ability to deliver more contextual information and experience to customer service representatives, as well as potentially the customer in near real time.” 1
Todd Winship, Insight Product Director at Temenos, said: “We are very excited to have launched these new Temenos Insight products. Insight now provides the widest portfolio of BI and analytics products in banking, with the product set covering descriptive, diagnostic, predictive and prescriptive capabilities in financial, customer, operational and risk analytics. Temenos’ continued investment in new products such as Insight Analytics and Mobile reflects our ongoing commitment to helping banks succeed in a marketplace driven by the digital revolution and changing consumer behaviour and expectations.”
1 - Gartner "2014 CIO Agenda: A Banking/Investment Perspective", David Furlonger, Bart Stanco, Published March 2014.