• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

Digital Market

seeing people behind the digits

  • About
  • Blockchain and Fintech Events
  • Tech Jobs
  • Domain Names
  • Reports
    • Technology
    • Venture Capital
  • Sponsored Post
    • Make a Contribution
  • Contact

Banks to Move Online and Form Customer-Centric Digital Ecosystems Within Five Years, Finds Economist Intelligence Unit Report for Temenos

June 29, 2021 By admin

Almost two thirds (65%) of global banking executives believe that the branch-based model will be “dead” within five years, up from 35% four years ago

The same proportion (65%) of bankers see new technologies as the biggest driver of change for the next four years, up from 42% three years ago

Four in five bankers believe that banks will seek to differentiate on customer experience rather than products

47% expect their businesses to evolve into ecosystems, involving partnerships with both banking and non-banking third parties

This independent global report surveys over 300 banking executives, half of whom are C-suite

GENEVA – A new report published today by Temenos (SIX: TEMN), the banking software company, finds that 65% of global banking executives believe branch-based banking will be “dead” within five years. The report written by the Economist Intelligence Unit (EIU) entitled “Branching out: can banks move from city centres to digital ecosystems?” is based on a recent survey of 305 senior global banking executives. The research highlights how COVID-19 branch closures, new technologies and increased competition from fintechs, super-app platforms and tech giants have accelerated digital transformation and triggered a shift in banking priorities and business models.

The report highlights how 65% of global banking executives view new technologies such as cloud, AI, and APIs as the trend that will have the biggest impact on the sector over the next four years, ahead of regulation and changing customer demands. Moreover, 81% think unlocking value from AI will be the differentiator between winning and losing banks. Banks are focusing their technology investment on cybersecurity, AI and cloud computing as they accelerate digital transformation projects.

The report finds that 81% of bankers believe banks will seek to differentiate on customer experience rather than products. With this, many established banks are turning to strategic partnerships and investments in technology to become trusted banking partners and the purveyors of consumer-friendly banking experiences.

The pandemic has been a catalyst for collaboration and experimentation. The report states that nearly half (47%) of bank executives expect their businesses to evolve into ecosystems in the next two years, whereby banks offer third-party products and services, together with their own, to customers and other financial organizations.

Aalishaan Zaidi, Global Head of Digital Banking at Standard Chartered notes the change in attitude and culture as a result of the pandemic: “The big shift for us was our belief that we could change fast if we really wanted to.” Mr. Zaidi adds that pre-pandemic, “We would have never done the partnerships we are doing now.”

The report also shows how the pandemic has emphasized the societal role of financial services. Findings show that bankers view microfinance for entrepreneurs (34%) and accounts for the unbanked (33%) as the most promising inclusion-related business opportunities.

Kanika Hope, Chief Strategy Officer, Temenos, said: “Open Banking and increased competition from big tech and new entrants are causing banks to rethink their business models. Many now aspire to develop digital ecosystems that bring more human, differentiated experiences to their customers using the power of cloud, SaaS and AI. This report shows that bankers now understand that technology will be an enabler for these new business models and is critical to their competitive differentiation. Temenos continues to extend its leadership in AI and cloud, serving more than 3,000 banks worldwide, including incumbents and more than 70 challengers. We recently brought to market The Temenos Banking Cloud to help banks digitally transform and take control of their business models and innovation cycles.”

About Temenos
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.

SOURCE Temenos
http://www.temenos.com

Filed Under: News Tagged With: banking

Primary Sidebar

App Coding

Understanding Data Structures and Algorithms
Building Hyperscale Apps: Best Practices and Key Considerations
Snyk Code Tool: The Impact on Code Quality
Deploying Applications in Kubernetes: A Step-by-Step Guide
Building Scalable Mobile Apps: Tips and Techniques
Building an App Without Coding Knowledge: A Guide to Non-Technical App Development
How Much Does It Cost to Build a FinTech App?

API Coding

Streamlining Your Workflow with API Integrations: Benefits and Best Practices
How to Secure Your API: Best Practices for API Authentication and Authorization
Quantitative Analysis Criteria for Assessing API Performance and Quality
Implications of Twitter's Free API Shutdown for Developers and Businesses
Building More Resilient APIs through Negative Testing
How to stop API breaches
The Importance of APIs in Streamlining Your Workflow

Secondary Sidebar

Blockchaining

Exploring the Potential of Blockchain Technology: A Comprehensive Overview
Join Our Team as a Blockchain Developer - Revolutionize the Future
Asia’s Premier Web3 Conference TOKEN2049 Returns to Singapore in September 2023
Exploring the Latest Innovations in Blockchain and Crypto: A Report from the European Blockchain Convention 2023
Experience the Future of Blockchain at Cybertech 2023

Marketing Development

Marketing Strategies for Casino, Gambling Websites, and Esports
Social Media Marketing Strategies for Small Businesses
Leveraging Influencer Marketing for Business Growth
Word-of-mouth marketing (WOM)
How brands can define a first-party data collection and management strategy to better protect customers' privacy

Footer

Recent Posts

  • Unveiling Calendarial.com: Your Premier Event Management Solution!
  • ZGM.org: Crafting the Digital Zeitgeist
  • Exploring the Future of Cities: ZGM to attend the Smart City Expo World Congress 2023
  • Design Brief: jQuery-Powered SQLite Database CMS
  • Business Plan for Newspaperdom.com
  • Business Plan for Technography.org
  • Digital Side Hustle Haven: Your Gateway to Innovative Virtual Creations
  • Pixels Unbound: The Enchanted Marketplace of PXEF.com
  • Embrace Entrepreneurship: Launch Your Event Listing Side Gig with Flair!
  • 15 Lucrative Digital Side Hustles to Boost Your Income

Media Instances

Wild boars in the city
Sony Launching New Social Media Campaign, “U THE WORLDBUILDER”: “Discover Extraordinary World around You,” Collaborative Photography Project with Finn Wolfhard
Phoenician artifacts provide a fascinating window into the history and culture of this ancient civilization
The Vogelherd horse
A Trail of Marvels Offers Visually Stunning Look at Day of the Dead Celebrations

S3H

Customizing AI-powered Customer Support Service for Travel Industry
The future of IoT and its impact on our lives and our world
How to run a corporate blog on JAMstack
Unleash Your Software’s Full Potential with S3H.com’s Exceptional Software Support Services
AI is eating software

VPNW

Comparing different VPN protocols
The Future of VPN Technology: What to Expect
VPN Split Tunneling: What Is It and How Can It Improve Your Online Experience?
Navigating the Complex Landscape of VPN Vulnerabilities: A Cybersecurity Expert’s Perspective
Why dictatorships hate VPNs?

Israel News

Netanyahu days as a Prime Minister are counted
Miss Israel 2013: Yityish Titi Aynaw, Ethiopian, Jewish, and Black
10 Reasons for Not Inviting Benjamin Netanyahu to the White House
Asem Abu Rakaba, good riddance
The dam is breaking on Palestinian propaganda

Copyright © 2022 DigitalMarket.org

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT