Temenos leads the way as Australian banks take to the cloud

Temenos showed it is the platform of choice for Australian banks with more than 100 banking executives from 30 banks attending the Temenos Regional Forum in Sydney.

Temenos customers at the event included Bank of Queensland, Rabobank, customer-owned banks such as Police Bank and Beyond Bank and digital challengers, Alex Bank, Challenger Bank and Virgin Money Australia. The breadth of financial institutions present offered further evidence that Temenos is a force in the region for banks of all sizes that want to ‘Engage and Grow in a Cloud World’ – the theme of this year’s forum.

Ramki Ramakrishnan, Managing Director for APAC said: “The Pacific banking market is a dynamic landscape characterized by its enthusiastic embrace of the cloud and SaaS for integrating digital and core banking solutions. Temenos has a strong presence in Australia and New Zealand with a local based team her for 15 years supporting 70+ banking clients from Tier-1s to the newest digital challengers.”

Ramakrishnan explained that customers had the flexibility to deploy Temenos’ payments, digital and core banking solutions on premise, on any public cloud or as SaaS on Temenos Banking Cloud. Adding, “In Australia, SaaS has become our clients’ preferred way of consuming our banking technology solutions.

Temenos showed off its latest ESG solutions including the Temenos Carbon Calculator for banks to get emissions insights from their actual use of Temenos Banking Cloud. Also, an ESG Investing solution helping banks and wealth managers meet the growing demand for sustainable investing.

According to a recent Economist Impact report, banks face challenges from fintechs and tech companies, consumers’ persistently growing expectations for better, more personalized products and services. These factors, together with environmental concerns have joined the list of reasons—alongside efficiency and security—why banks are accelerating the shift to the cloud. With AI also in the spotlight this year, Temenos, already a leader in Explainable AI, demonstrated an industry-first secure solution for banks using Generative AI to automatically classify customers’ banking transactions.

The Regional Forum included presentations and panel discussions with Temenos executives, customers and partners including AWS, Red Hat and Tech Mahindra. Among the customer sessions, Police Bank and Challenger Bank, which have both adopted a SaaS-first approach, shared insights from their transformative journeys.

Greg McKenna, CEO at Police Bank said Temenos digital and core banking gives Police Bank the technology offering of a neobank with the heart of a community bank. He added, “The bank will cut over to the new technology stack during our Diamond jubilee in 2024 and relaunch Police and Border banks to members.”

A presentation by Loic Tassinari and Chris Filosi from Beyond Bank provided insights on UX best practices and how with Temenos Journey Manager they were able to quickly design and create a new customer experience to make opening an account and applying for a home loan much faster and easier.

Namby Srinivasan, Head of IT Systems, Rabobank, spoke of the drivers for core banking modernization, including the need for seamless customer experience, flexibility and scalability of systems agility to launch new products. The presentation also covered the bank’s journey from partner selection to cloud migration and product modernization with Temenos.