The banking software company, Temenos recently hosted an online event focused on African banks that have operations in multiple countries.
This virtual roundtable discussed how these banks can leverage the services and capabilities of a robust digital banking platform to modernize their systems and optimize multi-country operations.
This is particularly important in the context of a global banking landscape where consumers and corporates are accelerating their adoption of digital banking. However, it is essential that these organizations have seamlessly integrated technologies that provide the same premium user experience across their different country operations and also the ability to tailor these experiences to the local context and requirements.
Pan-African banks, in particular, can combine their regional expertise with global experience and technologies to offer superior services to their customers.
Open value chain architecture
Temenos’ Chief Enterprise Architect, John Schlesinger, explained that true digital banking means being able to put any service onto any channel, and this is enabled by an open value chain architecture.
For example, in the case of a bank in South Africa with several subsidiaries across the continent, manufacturing of banking products and channels would traditionally sit within the core bank, but without distribution.
Manufacturing would then be duplicated across all subsidiary banks, but without support for centralized distribution, there is no way of rationalizing the manufacturing process.
In contrast, if the core bank supports distribution alongside manufacturing and channels, it can now centralize manufacturing, which reduces costs while making sure every country can get every product.
Javier Hermida, MEA Head of Digital Banking at Temenos, then explained how the banking industry has changed as technology has improved.
Hermida explained how the core-agnostic Temenos Infinity digital banking platform aligns with the key digital trends that Africa is currently experiencing in the digital banking space, including the rise of disruptive technologies and increased customer expectations.
“When you’ve got data on agile and scalable infrastructure, and can then apply a layer of AI and machine learning, you can build hyper-personalized experiences,” explained Hermida.
Customers also want convenience and immediate service availability within a simple, intuitive and compelling user experience.
Ultimately, this requires that these banks connect with their customers’ lifestyles, deliver hyper-personalized experiences, and connect on an emotional level.
Temenos Infinity can help banks or fintech companies to create a comprehensive cross-border, digital experience that achieves these goals.
It is an open and flexible platform designed to get to market fast while containing costs and accelerating growth.
The platform also enables intelligent digital and omnichannel experiences that drive stronger customer engagement and loyalty.
And by leveraging microservices and APIs, it is easier to build digital ecosystems that support innovation in ways that transcend what banking has traditionally provided.