EXCLUSIVE: Big Takeaways From The Temenos Community Forum 2022
The #TCF2022 event was filled with invaluable insights from some of the banking industry’s leading pioneers. Banking is at an evolutionary period, as organisations look to innovate around their core fundamentals to transform the traditional approach to how they operate and offer financial services. From celebrating 300 members in 2002 to now hosting 3000 banking partners, Temenos have no doubt been on a mission to put organisations at the forefront of banking. Whilst we were lucky to interview the likes of Temenos, Wise, Deloitte and many other prestigious organisations (videos to be released soon …), here are my key takeaways from the event!
The food was incredible, need I say any more?
The quote of the day: “Efficiency goes well beyond the financials” – Max Chuard, CEO of Temenos.
Everyone’s Banking Platform. The Temenos rebrand clearly placed importance on collaboration for the wider benefit of the community. “Your success is our success”, said CEO Max Chuard, “Every year, Temenos reinvests 20% of their revenue back into innovation, as well as hosting a RoE that is 3x greater than industry average.”
Speaking more broadly on the benefits of the cloud, embedded finance and BaaS, Chuard shared how “BaaS and Embedded Finance is a massive disruption” with BaaS specifically worth up to 3.6 trillion dollars by 2030 and where up to 20% of banking revenue could shift towards by 2025. To be successful with BaaS, you need the right technology for scale and innovation. Evolving into an open platform for composable banking lets you compose new banking solutions based on new granular banking capabilities.
Whilst collaboration was the main theme in my eyes, it was impossible to ignore the ambitious energy in the room, even from the industry leaders right at the top. Mirabaud, an organisation operating in the wealth management space, has over 200 years of banking experience in Switzerland and now their customers expect a human touch combined with the power of technology in this modern age. A 200 year old bank is moving to the latest SaaS technology to accelerate their digitisation process and deliver outstanding customer service.
This was also shown through US giant Green Dot, who serve over 33 million customers and provide BaaS to global brands like Apple, Amazon and Uber but voice their desire to remain “the biggest US bank that nobody has heard of.” The goal may sound ludicrous at first, but it typifies the amazing opportunities that exist for financial institutions at the moment with Green Dot looking to use Temenos to provide BaaS and digital banking simultaneously.
And with all of these new innovations, time to market is so crucial. Italian challenger bank Flowe had gone live with Temenos Transact, core banking and AI-powered Financial Crime Mitigation (FCM), delivered as SaaS in 2020. Flowe launched a fully regulated bank in a record 5 months, as well as becoming the most downloaded app in Italy at one point. Exposing individuals to these services as quickly, efficiently and impactfully as possible will only allow greatness a platform to prosper for longer.
An early talk featuring Commerce Bank’s Dave Roller Senior Vice President and CIO, was also fascinating in highlighting the benefits of the cloud on their organisation. “Cloud is the way”, said Roller as he praised the company’s ability to move 2.5 million customers across 360 different products to a new platform with Temenos. Furthermore, Commerce Bank saw in the first quarter that across all business segments they either maintained or improved customer satisfaction and retention rates, reflecting how the seeds of agility are very strong.
Across the whole day, it was clear that all organisations were proud to be part of such a successful hub of connectivity and innovation. The banking industry has always faced claims of being outdated and archaic, but the future of banking is one that is certainly promising! And I’m sure everybody is grateful for Temenos for TCF 2022, from the reception night of wonderful music filling the Tate Modern, right through to the breakout rooms where elite expertise were on offer!
1500 attendees. 40 speakers. 35 interactive sessions. But ultimately, endless opportunity and expertise on display.