Presented by Temenos

Here’s how challenger banks are shaking up the finance industry

A few big players have dominated the banking industry for decades.

However, the rise of innovative technologies has made it possible for new banks to shake up the financial services industry.

There are now many success stories where challenger banks have established themselves by leveraging new technologies to provide innovative digital-first experiences that make life easier for their clients.

In 2020, studies showed that the challenger bank market was valued at nearly $35 billion – and this will only grow in the coming years.

The COVID-19 pandemic has also accelerated the rise of innovative digital banking solutions as more people sought ways to execute core banking tasks without needing to visit a branch or an ATM.

Financial institutions that do not keep up with the pace of innovation risk being left behind, with customers switching to digital challengers that offer easier functionality.

Temenos banking software

Leading banking software provider Temenos has been innovating in the financial services sector for many years and is at the heart of more than 70 challenger bank success stories.

Temenos is the #1 banking software for neo and challenger banks, according to the latest IBS Intelligence Sales League Table for 2021.

This experience and expertise has allowed it to help challenger banks take their markets by storm through 24/7, real-time financial services, and cutting-edge features.

Launch fast and be efficient

Challenger banks need to establish an operational capacity quickly and with scalable costs, which allow them to service new customers at any growth rate.

With the Temenos Banking Cloud, the next generation in Software-as-a-Service (SaaS), banks now have the power to self-provision always-on banking services and scale instantly and securely while dramatically reducing the cost of operations.

“Our mission is to deliver simple, accessible, and above all mobile-first banking. Temenos’ cutting-edge cloud technology, relentless focus on innovation, and unrivaled regional experience make it the perfect partner,” said Patrick Roussel, Vice President, MEA Mobile Financial Services, Orange Bank Africa.

Attract and retain customers

Temenos enables challenger banks to attract and onboard customers quickly by providing scalable front-to-back digital onboarding capabilities.

With Temenos Infinity, the digital banking platform, banks can provide the individualized, frictionless experiences customers crave and drive loyalty.

An open and extendable platform, Temenos allows banks to grow their capabilities and innovate quickly by leveraging an ecosystem of the best fintechs through Temenos MarketPlace.

“We selected Temenos’ packaged and open banking software to transform our customer experience, offer personalized products and services and drastically lower our total cost of ownership,” said Kobus de Wet, CEO, Barko Financial Services.

Contact Temenos

If you’re a challenger bank looking to revolutionise your industry, Temenos is the obvious partner for your software needs.

Click here to learn more about their range of banking products.

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Here’s how challenger banks are shaking up the finance industry