Praxia Bank has selected Temenos’ digital banking platform to drive its ambitious growth plans for SME lending and consumer credit
Temenos (SIX: TEMN), the banking software company, today announced that Praxia Bank has signed for Temenos T24 Core Banking.
The project will be a greenfield implementation, and launch Praxia as the first challenger bank in the Greek market.The bank’s strategic goal is to grow its SME lending business.In addition, it also aims to offer state-of-the art digital products and services to consumers,including deposits, auto loans and consumer lending aiming to grow its loan portfolio to 4 billion euros by 2022.
With plans to launch a targeted network of retail stores and business hubs,Praxia needed a technology partner that could deliver on its digital-first vision from in-person to online. The onboarding process needed to be completely digital, with a single front-end for any and all interactions with the bank. Temenos’ banking platform will provide Praxia with agile technology, processing that is fully digital from end to end, and a consistent user experience across its branch and online channels. The result will be a state-of-the art experience for its retail and corporate customers alike.
Anastasia Sakellariou, CEO, Praxia Bank, commented: “In Greece we are starting to see signs of economic recovery.At Praxia we believe that one way we can help the growth of the economy is by supporting small and medium businesses through financing. As a startup bank, we are starting fresh to build a bank with the customer experience in mind, and without being weighed down by legacy technology. We chose Temenos to help us build the bank we envisioned because they are the market leader for core banking, providing proven products and bringing deep domain knowledge of country-specific requirements to the table. With Temenos, we will be able to offer our customers a digital experience that is second to none, and a competitive alternative in Greece.”
Steen Jensen, Regional Director – Europe, Temenos, said: “We are excited to partner with Praxia, the first challenger bank in Greece. The leadership team atPraxia has seen an opportunity in the market that they can fulfill in a unique way, and we’re delighted to help them deliver on that vision. By choosing Temenos as its technology provider, Praxia is putting a robust, scalable infrastructure in place to meet its ambitious growth goals, including growing its loan portfolio to four billion euros by 2022. On top of that, they will be able to take advantage of our 25 years of global expertise, with knowledge of best practices from around the world and understanding of the requirements unique to the Greek market, in order to deliver a state-of-the-art customer experience across their product offerings.”