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Transforming Banking with Digital CORE: A Collaboration Between Temenos and Huawei

2024-06-28
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In the dynamic world of banking, digital transformation is no longer a future goal but a present necessity. At the forefront of this evolution is Temenos, a leading provider of banking software, partnering with technology giant Huawei. Together, they are redefining the landscape of banking services through their innovative Digital CORE solution. As the Director of Partners & Alliances for the Middle East & Africa at Temenos, I am excited to share insights into this powerful collaboration and its impact on the financial industry.

Temenos: a global leader in banking software

Temenos is the world’s leading open platform for composable banking, serving clients by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity twice the industry average.

Our goal at Temenos is to power a world of banking that creates opportunities for everyone. This passion drives us to be the banking platform for all players in the industry — large and small banks, non-banks, fintechs, partners, and developers. Our ambition is to be everyone's banking platform, offering open, composable, cloud-based banking services at a fraction of the cost of legacy systems.

Choosing Huawei as a Technology Partner

When considering technology partners, Huawei stood out as a key ICT provider both in our domain and globally. At Temenos, we invest heavily in R&D, and aligning ourselves with a company that shares this commitment to innovation was crucial. Huawei’s capabilities and market presence offer our customers another option, ensuring flexibility and the highest standards in technology.

Banks and financial institutions aiming to upgrade their applications must consider several factors in today’s environment. Cloud adoption is a significant trend, and institutions need to evaluate their options — whether on-premises, hybrid cloud, or full cloud. Flexibility with your software provider is essential to enhance customer experiences while maintaining operational efficiency. Our collaboration with Huawei allows institutions to move at their own pace, adopting cloud technology gradually without the need for a complete overhaul at once.

Addressing Hesitations in Digital Transformation

Many financial institutions are understandably cautious about making significant changes, often preferring a step-by-step approach. This is another reason why Huawei is an ideal partner. They offer solutions that allow institutions to transition piece by piece, moving technology incrementally while still operating within a cloud infrastructure. This method helps institutions become accustomed to new systems and gain regulatory approval before fully migrating to the cloud.

The Digital CORE Solution

The digital CORE solution developed by Temenos and Huawei addresses the needs of various banking entities. Whether it's established banks with legacy systems seeking digital transformation, new entrants needing a comprehensive banking system, or fintechs entering the financial space, our integrated solution provides a seamless transition to digital operations. The solution is cloud-based, eliminating the need for extensive ICT infrastructure and enabling rapid deployment and scalability.

Together, Temenos and Huawei have successfully rolled out this solution to customers, demonstrating its effectiveness and reliability. Our collaboration ensures that financial institutions can adopt advanced technologies without disrupting their existing operations.

Enhancing Resilience with ICT Infrastructure

In the financial sector, resilience and agility are paramount. Institutions must be able to roll out new products and services swiftly, which is challenging with legacy infrastructure. Transitioning to a Software as a Service (SaaS) model or a cloud-based model enhances resilience, allowing institutions to scale operations in response to demand spikes, such as during a shopping weekend. Cloud technology ensures that hardware resources are available to handle increased transactions in milliseconds, providing the necessary agility and reliability.

Driving Innovation and Efficiency

At Temenos, we continuously innovate to combine rich, out-of-the-box functionality with cutting-edge technology. Our single code base means that every dollar invested benefits all our customers, helping them create new growth opportunities and drive efficiencies at scale.

Our collaboration with Huawei exemplifies our commitment to delivering value to our customers. By working with a leading ICT provider, we ensure that our clients have access to the best technology and services, enabling them to stay ahead in a rapidly evolving industry. Together, we are paving the way for a new era of digital banking, where innovation, flexibility, and customer-centricity are at the core of every solution.

In conclusion, the partnership between Temenos and Huawei is a testament to our shared vision of transforming the banking industry. Through the Digital CORE solution, we provide financial institutions with the tools they need to navigate the complexities of digital transformation, enhance resilience, and deliver exceptional customer experiences. As we continue to innovate and collaborate, we remain dedicated to being Everyone's Banking Platform, creating opportunities for all players in the financial ecosystem.

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy, position, products, and technologies of Huawei Technologies Co., Ltd. If you need to learn more about the products and technologies of Huawei Technologies Co., Ltd., please visit our product pages or contact us.

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