Temenos tops leading analyst report for international retail core systems
Temenos, a leading banking software provider, have announced that it has been positioned in the ‘shortlist’ category by Ovum in its Solution Guide to International Retail Core Systems report.
Ovum evaluated a pool of banking technology vendors based on an analysis of market impact, strength of product functionality and technology capability. Describing the calibre of the three vendors included in the shortlist category, the report states: “This category represents the leading solutions that we believe are worthy of a place on most technology selection shortlists. The vendor has established a commanding market position with a complete offering to address overall market requirements with strong technology capability”.
The report described TEMENOS T24 (T24) as, “a technology platform with high deployability, with business functionality that offers breadth, good adaptability and wide market coverage. It is also the leading vendor by aggregate score across the three primary evaluation criteria - market impact, core systems functionality and technology assessment”.
It went onto state, “Temenos has added over 108 core systems clients in the last 3 years making it the leading vendor in terms of total number of new clients, and increasingly has been gaining share in the higher tier bank segment. The company also benefits from a partner-led implementation approach, with close relationships with integrators such as Capgemini, Cognizant, and has one of the largest formally-trained, partner workforces available for a core system provider”.
As banks adjust to the new political and economic realities of the post financial crisis landscape, Ovum expects the market for core transformation, and core replacement within this, to accelerate. Outside the largest tier one banks, Ovum believes that the leading vendor solutions have reached sufficient functional and technology maturity to make buy, over build, the default option for most institutions, with vendors able to help banks deal with the advances in technology architecture and process-centric design that have occurred over the last decade.
Daniel Mayo, Principal Analyst, Financial Services Technology at Ovum and author of the report commented:
“Temenos is a core systems specialist that has consistently increased its installed base in recent years (even during the financial crisis), to establish itself as a market leader in terms of its market impact, with a strong installed base and presence across all regions. Its main offering, T24, is a modular, real-time core solution, strong in retail banking and wealth management, which is highly configurable and benefits from development of a 'model bank' version with pre-configured reference processes to allow rapid deployment”.
Andreas Andreades, CEO, Temenos commented: “We are delighted to be ranked so highly in this report, which reaffirms how our market leading R&D investment, robust partner programme and visionary product roadmap fully support the operational requirements of the most innovative retail banks today. As the only vendor focusing exclusively on banking to make the shortlist category, we are able to offer our clients unparalleled product differentiation while we ensure that our market reach and partner program can ensure a successful system implementation”.
