Metro Bank opens its doors in the UK with TEMENOS T24
LONDON, 29 July 2010 – Temenos (SIX: TEMN), the market leading provider of banking software, announced that Metro Bank, the first full service bank to enter the UK retail banking market in over a century launched its operations on TEMENOS T24 (T24).
Metro Bank will offer unparalleled customer service with a unique branch approach, underpinned by a convenience with quality business model to serve the banking needs of the consumer and business communities. It pledges to deliver the ultimate customer experience through exceptional service delivery. Customers will benefit from extended opening hours with branches in operation 361 days of the year, a 24/7 London based call centre, online banking facilities and rapid account opening services with debit and credit card issuance in 15 minutes.
LONDON, 29 July 2010 – Temenos (SIX: TEMN), the market leading provider of banking software, announced that Metro Bank, the first full service bank to enter the UK retail banking market in over a century launched its operations on TEMENOS T24 (T24).
Metro Bank will offer unparalleled customer service with a unique branch approach, underpinned by a convenience with quality business model to serve the banking needs of the consumer and business communities. It pledges to deliver the ultimate customer experience through exceptional service delivery. Customers will benefit from extended opening hours with branches in operation 361 days of the year, a 24/7 London based call centre, online banking facilities and rapid account opening services with debit and credit card issuance in 15 minutes.
“Today marks the start of a British banking revolution. T24 gives us a competitive advantage by delivering functionality we need to support our UK business model on a single software platform, which keeps costs low and delivers a single customer view that allows us to deliver superior service to our clients. We want to build fans not customers; with Temenos we have a world class software provider which will help us achieve this and significantly contribute to our success in this market”, commented Vernon Hill, Co-founder and Vice Chairman, Metro Bank.
The bank chose the Temenos T24 Model Bank platform, based on its proven ability in lowering entry barriers around operational speed and cost to market - frequent challenges to start ups and indeed all banks in the current macroeconomic climate. The Model Bank platform embodies pre-configured, best practice products and processes and distils Temenos‟ implementation experience across more than 600 projects worldwide into a proven, safe and well-documented implementation methodology. This provides Metro Bank with a single, out of the box solution to support its business with a low cost, low risk and rapid implementation, with system deployment completed in just nine months. Temenos in partnership with NIU, is supplying T24 as an externally hosted and managed service, further minimising initial capital investment.
“We are delighted to be playing a part in such an exciting, revolutionary development in UK banking. The way banks interact with customers will play a fundamental role in building their long term profitability and excellent operational execution is the only real way to achieve this; Temenos and T24 provide Metro Bank with a sustainable strategic advantage of best in class IT and operational costs that will allow it to invest in customer service and therefore grow faster and more profitably than competition. Model bank has already provided for a 50% faster roll out time and up to 80% of the bank‟s required functionality out of the box”, commented Andreas Andreades, Chief Executive Officer, Temenos.
About Metro Bank
Metro Bank PLC is registered at One Southampton Row, Holborn, London and is regulated by the Financial Services Authority.
Metro Bank was co-founded by Vernon Hill and Anthony Thomson. It is based on the successful Commerce Bank model that was established by Vernon Hill in the US in 1973. A UK management team has worked with Vernon Hill to help bring this model to the UK market.
Metro Bank will operate retail hours, not banking hours. It will be open 7 days a week (8am- 8pm Monday to Friday, 8am- 6pm Saturday, 11am- 4pm Sunday), every day of the year apart from Good Friday, Easter Sunday, Christmas Day and New Year‟s Day.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: 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 56 offices worldwide, Temenos serves over 1000 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 is top of the IBS Sales League Table 2009; winner every year since its launch of the Best Core Banking Product in Banking Technology magazine‟s Readers‟ Choice Awards and ranks 26th in the American Banker top 100 FinTech companies Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos‟ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers.
The bank chose the Temenos T24 Model Bank platform, based on its proven ability in lowering entry barriers around operational speed and cost to market - frequent challenges to start ups and indeed all banks in the current macroeconomic climate. The Model Bank platform embodies pre-configured, best practice products and processes and distils Temenos‟ implementation experience across more than 600 projects worldwide into a proven, safe and well-documented implementation methodology. This provides Metro Bank with a single, out of the box solution to support its business with a low cost, low risk and rapid implementation, with system deployment completed in just nine months. Temenos in partnership with NIU, is supplying T24 as an externally hosted and managed service, further minimising initial capital investment.
“We are delighted to be playing a part in such an exciting, revolutionary development in UK banking. The way banks interact with customers will play a fundamental role in building their long term profitability and excellent operational execution is the only real way to achieve this; Temenos and T24 provide Metro Bank with a sustainable strategic advantage of best in class IT and operational costs that will allow it to invest in customer service and therefore grow faster and more profitably than competition. Model bank has already provided for a 50% faster roll out time and up to 80% of the bank‟s required functionality out of the box”, commented Andreas Andreades, Chief Executive Officer, Temenos.
About Metro Bank
Metro Bank PLC is registered at One Southampton Row, Holborn, London and is regulated by the Financial Services Authority.
Metro Bank was co-founded by Vernon Hill and Anthony Thomson. It is based on the successful Commerce Bank model that was established by Vernon Hill in the US in 1973. A UK management team has worked with Vernon Hill to help bring this model to the UK market.
Metro Bank will operate retail hours, not banking hours. It will be open 7 days a week (8am- 8pm Monday to Friday, 8am- 6pm Saturday, 11am- 4pm Sunday), every day of the year apart from Good Friday, Easter Sunday, Christmas Day and New Year‟s Day.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: 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 56 offices worldwide, Temenos serves over 1000 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 is top of the IBS Sales League Table 2009; winner every year since its launch of the Best Core Banking Product in Banking Technology magazine‟s Readers‟ Choice Awards and ranks 26th in the American Banker top 100 FinTech companies Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos‟ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers.