Under the bonnet of every private bank lies the engine that keeps the entire system running seamlessly: its core operating software. Tasked at organising data front-to-back and covering the entire wealth suite, this is doubtlessly an integral part of any private bank. Now, as players in Asia realise the deficiencies of their legacy systems toward keeping pace with new regulations, upgrades and an increasingly sophisticated clientele, they are turning to external vendors for help before the engine stalls.
Temenos has been privy to many of the decisions made by private banks looking for “bolt on” solutions, which promise to lower operating costs while remedying shortfalls. In short, it has been picked by many private banks across Asia for this essential task. Among other things, Temenos offers private banking clients different layers of wealth management as well as an overarching end-to-end solution in the form of its T24 software.
As private banks prepare for a digital revolution, it is imperative to ensure that its foundation is robust. Yet, uprooting its legacy systems requires a hefty, one-off investment. This is where Temenos’ “layered solutions” allow integrated banks with private banking arms to add capabilities onto their existing technology platforms, with minimal disruption or the need for clients to migrate from one system to another.
As client behaviour changes, private banks are pressed to stay relevant and ensure that their front-to-end solutions cater to rapidly evolving attitudes. This is all the more crucial in today’s technology age. Temenos has created a sound presence in the region and is this year’s deserved winner of Asian Private Banker’s Best Provider of Front-to-Back Wealth Suite Solutions.