Temenos launched a mega announcement during the Temenos Community Forum 2019 at The Hague when they came up with Temenos Infinity digital. The range of emotions that existed blew through the banking industry could have been described as one which would be highly varied as there would have been excitement, concern and even confusion as to what Infinity digital solutions would bring to the table and what made it a luxury for banks to possess.
So what really is inside Temenos Infinity?
Infinity digital solutions are one, which aims to take customer experience to a completely different level. Here, the priority for customer experience in each component of Temenos Infinity is evident.
Temenos Infinity has 6 different aspects to it – Temenos Channels, Analytics, User Administration, Front Office solutions, Financial Crime Mitigation and Origination. Now, let us break each of these blocks and see what is inside each of them.
The banking industry has seen its highs and lows. Some of the lows are evident through the fact that customers find their channels inconsistent with their user experience. There also appears to be concerns about the availability of an omni-channel experience.
In a very crowded and competitive banking industry, there are all sorts of challengers from the financial space and even from non-financial entrants. With such a market and with customers being extremely demanding, it’s important that the banks stand out by providing a visual user experience.
A complete analysis and understanding of customer behaviour has always been missing at banks. A behavioural analysis of the customer’s preferences and movements across various platforms and touchpoints, when analysed can have marketing and sales teams to position their services in a better manner, which would aid the customer’s needs and requirements. This is another aspect, which Temenos Infinity masters perfectly. As a bank, you’ll be able to drive higher upselling and cross-selling opportunities and hence draw more customers to personalized solutions of the bank.
Generally, in the user administrative process at banks and financial institutions, authorizing access across various levels of the bank can be a tedious process. With security concerns amongst retail and corporate banking customers, Temenos Infinity has a product suite, which makes authorization and provision of access to employees within the bank much simpler. A single dashboard can control the provision of authorization and access across different departments of the bank.
A customer’s first interaction usually happens to be the most crucial interaction of the customer with the bank. It either can spark out an envious jealousy quotient or can be the last interaction of the customer with the bank. Hence, front office operations at a bank are important. Temenos Infinity consists of a solid front office suite, which allows customers to implement the front office suite into their core banking. This enables the customer to have a high-powered performance, supplemented with rich functionalities.
Financial Crime Mitigation
With the rise in digital transformation, cyber-crimes, hacking and financial crimes have increased by high numbers. Hence, mitigation and security of your applications and data becomes prime and highly important. Security at banks has been categorized by experts as more important than customer experience. Temenos Infinity specialises in the prevention of suspicious activity by calculating risk scores for customers. It also conducts behavioural analysis of transactions, payments and any notable activity conducted by the customer. This becomes vital, especially since fraud and financial crimes cost the banking industry 67 billion on an average per year.
If bringing a product into the market has been time consuming for you, then Temenos Infinity has a solution for that as well. With Temenos Infinity solution, product origination durations can change from a period of months to weeks. This is because Temenos Infinity helps in delivering and bringing out the product and helps in providing a proper content management system of the product. This provides for a single customer view of the product and builds an excellent customer relationship. Product Origination comes in handy especially when the market has become extremely competitive in terms of the time to market approach and the agility of the banking products and services that are rolling out.
Temenos Infinity, can act as a standalone solution for many business and technological problems of bank. At the same time, the combination of several banking solutions can aid challenger banks and traditional banks in improving banking services for customers around the world.