For the seventh consecutive year, Temenos (SIX : TEMN), the banking software company, has been named 'Top Global Player' for combined deals in research firm Forrester's prestigious Global Banking Platform Deals Survey 2019, a key benchmark for measuring new and extended banking system business. In the same report, Temenos has also reconfirmed its position as a 'Global Power Seller', with Forrester noting that "Temenos earned its status as a Global Power Seller for the 13th consecutive year".
The Forrester findings reveal that while banks previously saw digital banking as limited to digital channels, they now show increasing interest in end-to-end digital banking platforms. The research firm also highlights that there is lot of market hype around 'new school' players, they "may not be so transparent about their capabilities or their market impact." Forrester cautions buyers that, "established banking platform vendors tend to be more transparent than core banking fintechs when it comes to market success and solution capabilities."
Jost Hoppermann, Vice President and Principal Analyst, Forrester, wrote in the report:
"The need – and the time – for discussions is long gone: the transformation imperative in banking needs imminent execution. Very few banks and technology leaders disagree that banks need complete digital transformation – and that they need to finalize it by 2025 or sooner to avoid dying an analog-business death. Facing less-than-comfortable time constraints and shrinking, in some cases gruesome, margins, banks' technology teams must look carefully for off-the-shelf capabilities that help them to accelerate and shorten their digital journey."
Max Chuard, Chief Executive Officer, Temenos, said:
"We are proud to be the sole vendor at the top off the combined deals pyramid and recognized as a Global Power Seller for new named deals in Forrester's Global Banking Platform Deals Survey 2019. Our leadership is accelerating; we launched our cloud-native and cloud-agnostic products in 2019, we have the largest number of customers and the greatest scale and reach across the globe and we are leaving the competition behind, whether old or 'new' legacy vendors. We believe this is a testament to the trust our customers place in our ability to deliver on their digital transformation vision and plans. Supported by over 6,000 skilled consultants deploying our software, we take a bank live every single day."
Forrester's Global Banking Platform Deals Survey 2019 is an independent survey conducted annually by Forrester. It assesses both the volume and the geographical spread of banking platform sales to new and existing customers for 2018 deals. The research is published to guide decision-makers at financial institutions around the world in effectively evaluating the plethora of banking software solutions available.
Temenos has also been named a leader in The Forrester Wave™: Global Digital Banking Platforms, Q3 2018. Temenos launched at the start of the year, Temenos Infinity – a breakthrough digital front office product – and Temenos T24 Transact, the next generation in core banking. These new products further demonstrate a commitment to constant innovation, leveraging 25 years of functionality from 3,000 banks in more than 150 countries with the most advanced cloud-native, cloud-agnostic, API-first technology and design-led thinking.