Print
T24 News
Eager take up of new solution demonstrates demand for business intelligence capabilities

GENEVA, Switzerland, 14 September 2009: Temenos (SIX: TEMN), the global provider of integrated core banking systems, today announced at Sibos 2009, that 17 banks, including retail, commercial and private banks from across Europe, the Middle East, Africa, Asia and Latin America, have selected TEMENOS Insight (Insight), the business intelligence suite built on Microsoft’s BI platform, that was launched by the company earlier this year.

Banco Ficohsa, one of the largest banks in Honduras and a recent T24 customer, selected Insight to facilitate data analysis and report generation.

Commenting on its decision to select Insight Camilo Atala, CEO, Banco Ficohsa states: “As Insight is fully integrated with T24 it can deliver comprehensive business intelligence and reporting capabilities quickly and more cost effectively than implementing a standalone system. Daily extractions are run automatically from a single data repository within T24 and fed directly into the Insight database. This means that we can now produce accurate client and branch profitability reports within a matter of minutes. These reports previously took weeks to complete due to the volume of queries that we had to run on the data. Having access to up-to-date, accurate data will enable us to react quickly to changing market conditions and enable us to constantly monitor our profitability KPI and how each commercial area is adding value to the bank’s results. Insight will make a crucial contribution to our successful performance moving forward.”

Paul Martin, Chief Administration Officer at MeesPierson (C.I.) Limited, a subsidiary of the MeesPierson Banking business in the Netherlands, which has also selected to take Insight, adds: “In today's intensely competitive business environment it is vital to have accurate, timely and relevant management information readily available for sound decision making and cutting edge performance. We chose Insight as it’s an ideal solution to meet these requirements.”

Susan Hauser, Vice President, Worldwide Financial Services, Microsoft, says: “We are excited that Temenos is delivering Insight on the latest Microsoft database and BI technology - making business intelligence easily accessible and more readily available to banks’ staff without the need for specialist skills to create and publish reports. We believe that the combination of Temenos and Microsoft will enable banks to take advantage of familiar, intuitive BI technology to identify new revenue opportunities and improve the level of customer service both today and in the future.”

Andreas Andreades, CEO, Temenos comments: “We are extremely encouraged by the high take up of Insight in such a short time after launch. The need for effective BI solutions is high, but more importantly banks can start using the system and reaping the benefits in as little as 3 weeks. Bank staff, from senior management to branch staff can now make fast, fact-based decisions that will reflect in better customer service and a more agile business.”

Insight is a modular, browser based application, underpinned by Microsoft’s business intelligence platform, and fully integrated with TEMENOS T24 (T24). Insight was developed from Temenos’ strategic acquisition of Lydian Associates, formerly a UK-based business intelligence software provider for the banking sector, made in November last year.
About Banco Fichosa
Banco Ficohsa, member of Grupo Financiero Ficohsa, a financial group with headquarters in Honduras, also includes Interamericana de Seguros (insurance company), Divisas Corporativas (foreign exchange office) and Probursa (brokerage firm), was founded in 1994 as a commercial banking institution with corporate operations being the focus of the business. Five years ago, its market share in the retail segment began to increase, and now Banco Ficohsa is one of the leaders in this business line. Today the bank has 88 branches, across 22 cities nationwide.

Ficohsa has diversified its business, and in its quest to continue increasing the market share in the retail segment, the stakeholders decided to open a Money Remittance Company, Ficohsa Express, a non-banking affiliate of Banco Ficohsa, to tend to the needs of Hondurans in the United States. In 2001 the bank opened the first money remittance branch and the number has grown to 17 Ficohsa Express offices in the States of Florida, Virginia, Georgia, North Carolina, New York, New Jersey and Louisiana.

Banco Ficohsa competes with both local and worldwide banking institutions, and is one of the leaders in the financial market in Honduras, ranked as 2ND in both Deposits and Total Assets. In 2006 the Representative Office in Miami, Florida was opened, making an important statement as the first bank in Central America to open a representative office in the United States.

Banco Ficohsa is also a leader in Corporate Social Responsibility, through Fundación Ficohsa that was created over a decade ago, as an institution dedicated to help raise educational conditions and standards in preschool education. Actions such as: granting free school meals, rebuilding preschools, qualifying the teachers by standardising procedures and knowledge, helping surrounding communities, has benefited over 10,000 preschoolers.

About Meespierson
MeesPierson (C.I.) Limited is part of the international banking network of MeesPierson which is head-quartered in the Netherlands. It can trace its roots back to 1720 and derives its name from the merger of merchant banks Mees & Hope and Pierson, Heldring & Pierson.MeesPierson can provide tailor-made wealth management solutions for high net worth individuals and full service banking for institutions.Our state-of-the-art computer system maximizes the efficiency of transactions – demonstrating our continuing commitment to clients who may also benefit from our e-banking facility. MeesPierson (C.I.) Limited can offer a wide range of services for both international and local individuals as well as both large and small corporate clients:-
It can offer
  • Discretionary asset management
  • Call and term deposit accounts
  • Foreign Exchange
  • Securities Trading and Global Custody
  • CIS Trustee/Custodian services
  • Credit
  • E-banking

About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SWX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 52 offices worldwide, Temenos serves over 700 customers in more than 120 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos annually invests around 20% in R&D, significantly more than its peers, into a single fully packaged upgradeable software release, which ensures all Temenos customers benefit from modern technology and support indefinitely. Temenos is top of the IBS Sales League Table 2009, winner of the Best Core Banking Product category in Banking Technology magazine’s Readers’ Choice Awards 2008, winner of the Financial-i Leaders in Innovation award for the most innovative core banking systems solution 2008 and is listed in the American Banker top 100 FinTech companies.