Temenos and AWS: Modernization that lets you focus on customers
With Temenos' SaaS platform on AWS, financial institutions can focus on delivering exceptional banking experiences
Why do customers and members bank with you?
Perhaps it's your seamless digital experiences or your ability to quickly bring niche products to market. Or maybe it's your proactive advice and the strength of your relationship management.
Whatever your answer, your core banking platform is the hero behind the scenes. Customers and members may never notice it—until it gets in the way. When legacy core systems can't keep up with expectations for speed, convenience, and personalization, customers don't wait. They move on to a competitor.
Banks and credit unions of all sizes recognize that modernizing legacy core banking systems is critical, whether to deliver exceptional customer experience, bring products to market quickly or leverage new Agentic and Generative AI technologies. However, many institutions delay modernization due to the operational disruption and technological challenges of migrating core systems.
Empowering banks to focus their efforts on customer experience and product innovation was the guiding force behind the original launch of Temenos SaaS on AWS. This removed the need for banks to manage on-premises or cloud-based banking infrastructure. Offering Temenos core solutions as SaaS on AWS is the next leap forward.
A Partnership Focused on Customers and Based on Choice
Being able to offer differentiated products and exceptional experiences is the fun part for any financial institution.
"To modernize and stay competitive, our customers demand options for their core banking platforms," explains Barb Morgan, Chief Product and Technology Officer, Temenos. For example, rather than embarking on a 'big bang' modernization approach, banks and credit unions are looking for modular, progressive modernization. They're also looking for choice in deployment models and cloud providers that can offer scalability and lower up-front costs. Adds Morgan, "Our partnership with AWS enables us to meet those needs with pre-built, ready to deploy solutions."
Scott Mullins, Managing Director for Worldwide Financial Services, AWS, agrees, "Core banking is critical to bank operations. It can't fail." At the same time, consumers have more choice of financial services providers than ever before. "The Temenos and AWS partnership enables banks and credit unions of all sizes to invest in experiences and products while making the core modernization transition easier and less risky," says Mullins.
Faster Time to Market
Temenos' SaaS on AWS creates real results for banks and credit unions.
Here in the US, implementing Temenos' out-of-the-box SaaS solution enabled
The flexible cloud infrastructure also supports the bank's future digital initiatives by providing API connectivity to the bank's existing core system and to a host of third-party fintech services for fraud, identity, funding, and more.
And across the world, banks have seen the value from running Temenos core on AWS.
Powered Temenos' cloud-native core banking platform on AWS, WeLab Bank launched a new bank in under 10 months. Mobile next-generation digital services powered by more than 400 out-of-the-box APIs enabled WeLab to open 10,000 accounts within 10 days of launch.
Core banking is critical to bank operations. It can't fail.
There's a similar story with Ila bank, a multi-award winning mobile-only offering from Bank ABC, one of the largest banks in the MEA region. Running Temenos Core on AWS has given Ila the speed, agility and scalability required to drive customer growth and launch new products and services faster. It enables rapid integration of new capabilities and open banking services to further enhance customer experience.
Less Worries, Better Results
In the past, banks and credit unions 'modernized' their core banking systems to meet customer and member demands by modernizing front-end systems and leaving core legacy systems as is. But new technologies such as Agentic and Generative AI, regulatory compliance requirements, and increased need for network security and resiliency highlights the shortcomings of that approach, particularly for smaller institutions without the budget for huge IT teams.
AWS can be architected for very high levels of availability and has more than 240 fully featured services, with infrastructure architected to support sensitive workloads, backed by 143 security standards and compliance certifications, notes Mullins.
The Temenos and AWS partnership means that banks and credit unions can worry less about infrastructure issues and spend more time on their customers, says Temenos' Morgan. "Being able to offer differentiated products and exceptional experiences is the fun part for any financial institution," she adds.
About Temenos
Temenos (SIX: TEMN) is a global leader in banking technology. Through our market-leading core banking suite and best-in-class composable solutions, we are modernizing the banking industry. Banks of all sizes utilize our adaptable technology – on-premises, in the cloud, or as SaaS – to deliver next-generation services and AI-enhanced experiences that elevate banking for their customers. Our mission is to create a world where people can live their best financial lives.
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