Report highlights important role of core banking replacement to gain access to enterprise-level customer information and to adopt new delivery channels
Temenos (SIX: TEMN), the market-leading provider of mission-critical solutions to the financial services industry, today announces that industry analyst firm Gartner, Inc, has positioned Temenos as a leader for the sixth consecutive year in the 2014 report 'Magic Quadrant for International Retail Core Banking'. This report assessed the capabilities of 20 core banking vendors against two criteria: their ability to execute and their completeness of vision.
Don Free, Research VP, and Ethan Wang, Research Director, Gartner and authors of the report, state "The core banking market demand for practical and enabling technology to support significant business initiatives, such as a digital banking strategy, is surging. Lack of agility and the high cost of technology are driving more banks to build the business case for core banking renewal.
“Gaining access to enterprise-level customer information - a highly differentiating value for the business, but a significant challenge with product-centric core solutions - is definitely a driver for the adoption of open-architected core banking solutions that are easily integrated with other surrounding systems."
Temenos T24 has numerous banking components - having a highly componentized solution gives banks the choice to implement only the components that address their requirements, as well as paving the way for progressive renovation for legacy core banking transformation, reducing risk and speeding up time to value.
David Arnott, CEO, Temenos, said: "We are delighted to once again be named as a leader in our industry and to receive independent recognition for our completeness of vision and ability to execute. Temenos’ business model is centred around high R&D investment recycled into packaged software built on open and cutting-edge architecture. Over time, we have capitalized on the strength of our core platform by adding capabilities around analytics and digital channels that enable financial institutions to offer rich, consistent and highly differentiated customer experiences. Working together with our global partner network, which gives banks access to over 1800 certified resources, we have taken live more than 142 institutions on our solutions in the last 12 months. As a result, Temenos today offers the highest level of customer success as well as the highest levels of return on investment in the industry.”
- The full report reference is: Gartner Magic Quadrant for International Retail Core Banking, Don Free and Ethan Wang, 13 November 2014
- Gartner defines a core banking system as “a back-end system that processes daily banking transactions and posts updates to accounts and other financial records. Core banking systems typically include deposit, loan and credit processing capabilities, with interfaces to general ledger systems and reporting tools."
- Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.