Temenos revolutionizes onboarding and origination by delivering end-to-end digital experiences across all channels and geographies and segments

Temenos (SIX:TEMN), the banking software company, today launched Temenos Origination, a component-based platform, that enables banks to onboard customers and originate products across all segments, channels and devices, offering bank customers a frictionless and contextualized digital experience. With Temenos’ solution, banks can rapidly design and deliver personalized products and digital services, at a pace their customers demand, and at a fraction of the cost of traditional solutions.

Temenos Origination is integrated with Temenos T24 Core Banking and available on Temenos Front Office Suite. This provides banks with a state of the art, digital front office on a proven platform that can be rapidly deployed as part of a front office- led progressive renovation program, or a full front to back core platform replacement or as a standalone solution.

Adrian Hadley, Core Banking Product Director, Temenos, stated: “Temenos Origination represents a new approach to the origination and onboarding challenge in the digital age. Structured around customer needs rather than the bank’s products, it provides a componentized and flexible solution for building and maintain compelling customer origination and onboarding journeys. It is available for use on any core banking solution but there are specific advantages when used with Temenos’ own T24 core banking due to a seamless interface between the front and back office via a single product catalogue and a common set of product services enabling the greatest agility and the highest levels of efficiency. Temenos Origination shares the same proven and trusted technology, architecture and upgrade strategy with Temenos’ core banking, leveraging the creativity of Temenos’ 3000 strong client community and unrivalled levels of investment in R&D.”

As digital journeys become more complex, customers demand fast and frictionless service on the channel of their choice.  Attracting new business and the onboarding of new customers on their channel of choice is the most critical part of any bank’s digital strategy. Banks currently spend approximately $10bn on in-house or legacy origination systems that are costly to build and maintain, are hard to upgrade, driving up costs.  With the same open and scalable architecture as Temenos T24 Core Banking and Temenos Front Office Suite, Temenos Origination dramatically reduces these costs by eliminating redundant processes and data.

Craig Focardi, Senior Analyst, Celent, commented: “The vast majority of banks lag behind digital onboarding and loan origination and are unable to create an end-to-end digital experience for their customers. Financial institutions need flexible, component-based technology that can originate multiple types of loans and deposits across digital and personal channels. These digital services must be localized for country-specific products and compliance, and easily integrated into their other systems. With the launch of its origination system, Temenos continues to build upon its expertise in global core banking.”

 Temenos Origination offers:

•  rapid time to market for all products,  defined and maintained in a central catalogue that provides both servicing and marketing definitions for products. Products are defined once via Temenos’ graphical product builder creating a single product catalogue that is used for both core banking, and origination.
•  needs based recommendations that are fully auditable and GDPR compliant from first enquiry to account closure, based on the reuse of common product parameters, calculations and scheduling algorithms
•  personalized pricing based on customer relationships and delivering a unique price for each customer at every stage of the application
•  an omni-channel experience which means customers and bank staff can move seamlessly between channels and devices without any loss of data
•  a built-in workflow tool or the ability to use any third party tooling as the solution is workflow agnostic. This helps move control from IT to the business
•  maximum reuse and zero duplication of data through shared master data, which is synchronized automatically with and between applications
•  the lowest TCO and maximum operational efficiency by eliminating complex front- to- back office interfaces

Comprising highly customizable and reusable components that can be integrated into workflows, Temenos Origination can be configured to meet different regional requirements and local practices.  Temenos Origination will be available via a set of pre-configured regional or country models that will cater to local practices, regulatory requirements and interfaces, while still being supported by a common code base, which will be continuously enhanced and released via a proven upgrade program.