People, Not Products, are the Future of Banking, Finds Economist Intelligence Unit Report for Temenos
A new report by the Economist Intelligence Unit published today by Temenos (SIX:TEMN), the banking software company, reveals that four in five bankers (81%) believe that financial institutions will seek to differentiate themselves on customer experience rather than on their products and services in the next four years. The report underscores the importance of customer experience, as changes to customer banking behavior triggered by the pandemic create long-term structural changes.
The report, titled “Demanding More”, is based on a recent global survey of 305 senior banking executives conducted by the Economist Intelligence Unit (EIU). The report highlights how financial institutions have been forced to adapt to the sudden movement of customers managing their finances online, which has proved beneficial to digital-only banks. As an example, as of January 2021, 14 million British citizens (27% of UK adults) had a digital-only bank account, representing a 16% growth from January 2020 and an increase of 3X compared to January 2019.Almost three in four (71%) global respondents expect cash to represent less than 5% of all retail transactions globally by 2025.
The shift towards online banking has highlighted the evolution of how financial institutions manage relationships and the demise of the traditional branch. Global banking executives’ top strategic priorities are all customer-focused. Improving customer experience and engagement, including personalization and intimacy, was viewed as the top strategic priority by 30%.
The report further reveals that consumers, particularly Millennials and Gen Z, are increasingly demanding that companies follow responsible business practices. This is leading to business engagement with issues that are important to consumers, such as combating climate change and promoting diversity and financial inclusion. Additionally, banking executives are prioritizing the financial empowerment of their customers. Findings show that around one in three financial institutions are considering growing microfinance for entrepreneurs (34%), deposits for unbanked populations (33%) and responsible lending to under-banked populations (32%) in the next one to three years.
Joaquin de Valenzuela Muley, SVP & Busines Line Director – Temenos Infinity, said: “Banking is a very human experience, and yet for so many, banking doesn’t happen the way we live our lives. In today’s world, the relationship financial institutions have with members or customers is more critical than ever. Banks are moving their customers from physical into digital channels and the winners will be those who can inject intimacy into those channels. Banks will need to provide a digitally-driven customer experience in assisted channels and online – offering advice, value-added services, and ‘always on’ banking, helping individuals, families, and businesses to meet their dreams and aspirations. This report showcases what should have already been obvious: banking is about the people, and the products need to reflect that.”
– Ends –
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Alistair Kellie / Ian Morris / Matt Redley / George Esmond
SEC Newgate on behalf of Temenos
Tel: +44 20 7680 6550
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
IFF to Release Third Quarter 2021 Results November 828.10.2021 22:15:00 CEST | Press release
IFF (NYSE:IFF), today announced that it will release its third quarter 2021 earnings results following the market close on Monday, November 8. The management team will host a live webcast on Tuesday, November 9, 2021 at 10:00 a.m. ET to discuss results and outlook with the investor community. Investors may access the live webcast and accompanying slide presentation on the Company's website at ir.iff.com. For those unable to listen to the live webcast, a recorded version will be made available for replay. Welcome to IFF At IFF (NYSE: IFF), an industry leader in food, beverage, scent, health and biosciences, science and creativity meet to create essential solutions for a better world – from global icons to unexpected innovations and experiences. With the beauty of art and the precision of science, we are an international collective of thinkers who partners with customers to bring scents, tastes, experiences, ingredients and solutions for products the world craves. Together, we will do mo
Norsk Titanium Announces Deployment of RPD Builder™ Tool28.10.2021 18:54:00 CEST | Press release
Norsk Titanium AS (Norsk Titanium; Euronext: NTI), a global leader in Directed Energy Deposition (DED) additive manufacturing of aerospace-grade structural titanium components, announces today a significant advancement to their Rapid Plasma Deposition® (RPD®) process. The company has successfully deployed and validated the internally developed RPD Builder™ computer-aided manufacturing tool for the first time, significantly shortening part development timelines. “This is a tremendous accomplishment for Norsk Titanium,” said Nicholas Mayer, Norsk Titanium’s Vice President of Commercial. “RPD Builder™ is a significant enabler as we move into more industrial manufacturing and engineering services markets. It will give our customers added flexibility and allow them to explore part design options independent from our manufacturing engineering team.” RPD Builder™ has been developed over the past three years and incorporates the full knowledge base of Norsk Titanium’s process metallurgy and ma
FINVASIA Acquires Gini Health, Expands Into Healthcare Services28.10.2021 18:49:00 CEST | Press release
FINVASIA, today, announced its investment in Gini Health, a Canada based healthcare technology company that pioneered DNA and lifestyle data based personalized health to prevent diseases. This acquisition furthers FINVASIA’s strategic business objectives of investing in traditional business and transforming them. The partnership supports FINVASIA’s commitment to health care to accelerate technology-led innovation in preventive and personalized healthcare services. Effective immediately, all the previous investors have exited, making FINVASIA and Gini Health’s founder and CEO Gurjot Narwal key stakeholders in the company. This move by FINVASIA is a step towards making the company’s capital structure lean, providing them more room to support their business strategy. Gini Health’s founder and CEO Gurjot Narwal will keep leading the company. Finvasia along with the investment will provide group resources, operational experience, technology, infrastructure, and its reach as a multidisciplin
Philippine Airlines Boosts Digital Transformation by Switching to Rimini Street Support for its Oracle Footprint28.10.2021 18:00:00 CEST | Press release
Rimini Street, Inc. (NASDAQ: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced that Philippine Airlines (PAL), the flagship carrier of the Philippines, has switched to Rimini Street Support for its Oracle E-Business Suite, Fusion Middleware and Database software portfolio. The airline made a strategic decision to move to Rimini Street to help it address the challenges faced by the commercial aviation sector as a result of the global pandemic. By turning over complete support of its Oracle footprint, the airline was able to accelerate key digital innovation projects that support the growth of its business including modernizing its cargo system, integrating its mobile and remote capabilities for more efficiencies and launching its passenger analytics for improving its Know Your Customer program. This press release features multimedia. View the full
Verimatrix Video Protection To Be Deployed Inside New WISI Professional ABR Receiver for Hospitality Networks28.10.2021 17:55:00 CEST | Press release
Regulatory News: Verimatrix, (Euronext Paris: VMX), the leader in powering the modern connected world with people-centered security, and WISI, a world leader in edge video delivery solutions, today announced that Verimatrix video protection technologies are set to be deployed within the new WISI Professional ABR Receiver that enables video operators to connect multiscreen PayTV offerings to the edge while still maintaining existing infrastructure at hospitality sites. Designed to allow video operators that service the world’s major hospitality organizations to avoid costly upgrades, WISI’s Professional ABR (Adaptive Bitrate Streaming) Receiver, along with Verimatrix’s protection technologies, eliminate the need for new set-top boxes or TVs. “By providing operators with a simple path toward migrating to ABR services while still supporting Linear TV deployments at the edge, this WISI-Verimatrix solution stands as a notable example of how close industry collaboration can translate into ma
Ben Cousins Appointed Head of Studio Operations for FunPlus’ European Studios28.10.2021 17:00:00 CEST | Press release
FunPlus, a leading independent mobile game developer and publisher, announced today that Ben Cousins has been appointed Head of Studio Operations, supervising projects in development at FunPlus’ studios in Moscow and Stockholm. Based in Stockholm, and in close collaboration with studio leadership in both locations, Cousins will help to optimize the studios’ working environment and align all studio activities to contribute to successful product development and continued company growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211028005417/en/ Ben Cousins Appointed Head of Studio Operations for FunPlus’ European Studios; Free-to-play and games-as-a-service expert brings more than two decades of experience to the role (Photo: Business Wire) A game industry thought leader, Cousins created Battlefield Heroes, one of the western world’s first free-to-play games. A former Executive Producer of the Battlefield franchise at DIC
Moody’s ESG Solutions’ Climate on Demand tool selected by the Private Infrastructure Development Group28.10.2021 16:02:00 CEST | Press release
Moody’s ESG Solutions announced today that the Private Infrastructure Development Group (PIDG) has selected Moody’s Climate on Demand scoring tool to assess climate risk exposure in its investment projects. PIDG mobilizes private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and south-east Asia. It will use Moody’s data to screen potential new investments for exposure to climate hazards based on their precise location, and to assess the physical climate risk exposure of assets in its existing portfolio. PIDG’s investment teams and project sponsors will also leverage the data to inform due diligence and climate risk management and mitigation measures. “We need to ensure that new infrastructure is resilient to the changing climate, especially in the most vulnerable countries,” said Marco Serena, Head of Sustainable Development Impact at PIDG. “Using Moody’s data, we look forward to working with project sponsors and investee companies to understand
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom