Temenos, the banking software company, announced that it has delivered new industry first Banking Distribution Services as part of the award-winning Temenos Infinity digital front-office banking product. Temenos Infinity is the first core-agnostic product to give banks the ability to continuously transform at scale, creating AI-driven customer experiences. Through upgradeable, standalone distribution services banks are able to retain their own apps and digital banking experience but offer deeper personalized customer engagement capabilities. As the first to deliver a packaged, API-driven, digital front-office capability allowing banks to create hyper-personalized experiences while building on cloud-native, cloud-agnostic microservices, Temenos uniquely enables continuous renovation at scale of sales, servicing and marketing capabilities For the largest banks worldwide, requiring an architecture that abstracts the underlying complexity from delivery of personalized service across channels, to small banks wanting to differentiate through innovation and services, Temenos Infinity delivers agility and extensibility to both through its new microservice distribution. Temenos Infinity is available “out-of-the-box” with Temenos Transact or as a package of services for use on any core, in any architecture.
Max Chuard, Chief Executive Officer, Temenos, said:
“At Temenos, we recognize that distribution has split from manufacturing in response to open banking and other structural changes in the banking industry. Last year we launched Temenos Infinity and Temenos T24 Transact to offer banks more choice in how they wish to transform and today we are launching another Industry first with the delivery of API and microservice based distribution services in Temenos Infinity. This major milestone, unmatched in the digital banking market, gives banks the ability to offer personalized, explainable AI driven products, rapid development and deployment, and reduced cost of operation up to an enterprise-wide scale. While other digital banking products put limits on the biggest banks, Temenos Infinity gives a path to the future”.
Building on its already-extensive set of standalone Temenos Infinity services, Temenos now offers banks these new distribution services:
In the open banking environment, banks are moving to separate product distribution from manufacturing to take advantage of opportunities for distribution across multiple channels and to establish new business models and meet the demands of their customers. Temenos Infinity distribution services allows this.
Packaging of these distribution services separate from core manufacturing makes Temenos Infinity the first to deliver a modern layered bank architecture with the banking features, salable products and marketing capability all inbuilt. Additionally, for large banks aspiring to lead development of their own AI-driven personalized open banking experiences, building on packaged microservices will allow a quicker delivery that is more agile and better able to adapt to Open Banking, regulations and market change opportunities.
Another innovation for Temenos Infinity is the separation of applications from the API-driven distribution services. This gives each bank the ability to consume Temenos Infinity products at their desired level. For banks requiring a packaged solution to address retail, business or corporate banking, or wealth management customer journeys, Temenos Infinity Apps provide an extensible business solution. For banks wanting to take greater control of their trajectory and build their own apps from a proven set of API-driven distribution services, Temenos Infinity gives them a low risk, fast to market, upgradeable option which allows the bank to quickly adapt and adopt any new or enhanced distribution service offering more capability, combined with the ever learning AI capability models being drawn in from a global audience.
Temenos Infinity is the first to offer banks an API driven product delivery, where the banking platform is delivered as a set of API accessible services, and the user visible journeys are created by the bank using their preferred design tools. Its cloud-native, cloud-agnostic standalone distribution microservices allow banks to focus on differentiating customer experiences, while benefiting from a packaged set of services for the difficult data collection, security, AI based personalization and FinTech integration behind the scenes. It addresses the realistic needs of banks continuously renovating a mixed environment of core systems. Temenos Infinity enables banks to easily integrate with banking and non-traditional third parties using open APIs, taking advantage of the open banking opportunities. It is the most open and agile SaaS product available, allowing banks to continuously extend and expand their digital experience for all or portions of the customer lifecycle. Temenos Infinity is available on premise, as a SaaS offering, or in the cloud via Microsoft Azure, AWS and Google Cloud. Temenos Infinity can be deployed alongside any core banking system or pre-integrated with Temenos T24 Transact, the market leading core banking product.