Temenos today announced that it has been named a Leader in two US flagship reports – the IDC MarketScape: North American Small Business Lending​Customer Experience Solutions 2023-2024 Vendor Assessment and the IDC MarketScape: North American Small Business Lending Decisioning Platforms 2023–2024 Vendor Assessment.

Both IDC MarketScapes evaluated 11 technology vendors in the small business lending segment, which includes any secured or unsecured loan provided to a small business owner, except for mortgage-related products. To be considered a Leader, vendors must be able to address most small business lending needs of any North American institution and support several use cases consistent with providing a complete end-to-end small business banking solution.

Temenos was positioned as a Leader for its comprehensive digital banking and lending platforms, as well as its support for alternative credit data sources for lending decisions, and composable banking features that provide choice and flexibility for bank clients.

Temenos believes being named a Leader in the two reports reflects the front-to-back capabilities of Temenos’ cloud-native solution. Temenos enables US financial institutions to deliver tangible value to small and medium businesses, from onboarding to origination, with digital and face-to-face servicing, advisory and cross-sell for accounts, as well as lending and asset finance.

According to a recent Economist Impact study for Temenos, 71% of bankers view unlocking value from AI as a key differentiator between winning and losing banks, and improving the user experience through greater customer personalization is considered to be the most valuable use case. With Temenos, banks can leverage an AI-powered Smart Banking Advisor to provide comprehensive customer 360° view capabilities and proactively support small business customers’ growth with personalized advice, intelligent insights and tailored solutions.

Marc DeCastro, Research director, Consumer Banking Digital Strategies at IDC, said: "Over the past few years, the amount of small business ownership has risen sharply creating more opportunities for financial institutions to deepen their relationships with their customers. As these small businesses grow, they will likely require access to credit and will gravitate toward solutions that are easy to use and tailored to their needs, whether that be from a traditional lender, a nonbank lender, or a pure digital lender. Finding the right solution will be key to attract this growing and profitable customer segment. Banks and credit unions should consider Temenos when looking for front-to-back core and digital banking platforms for small business lending.​”

Philip Barnett, President – Americas, Temenos, said: “We believe being named a Leader by IDC reflects our ongoing investment in innovation and our strong momentum in the North American market. Temenos’ highly scalable, advanced cloud technology, combined with robust localization and US compliance capabilities, is helping US and Canadian banks of all sizes to increase efficiency and speed to value. With over 30 million SMEs in the US, banks have a huge opportunity to tap into this traditionally underserved market by providing more personalized services and improved data insights. Temenos’ cloud-native composable banking platform, embedded with AI-powered tools designed for SMEs, enables North American banks to grow their small business relationships and expand their customer base in a scalable, cost-efficient way.”

This recognition by IDC offers further validation of the market-leading position of Temenos, which in 2023 was named as a Leader in Digital Banking Platforms and in Cloud-based Core Banking by Omdia, as well as coming first in eight categories, including core and digital banking, in the IBS Sales League Table.