GENEVA, Switzerland 23rd July 2009 - Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that it has been positioned by Gartner, Inc. in the Leaders Quadrant in the International Retail Core Banking Magic Quadranti report. Gartner Inc. positioned vendors based on 15 qualification criteria that included product/service capability, customer experience and market understanding. Describing the calibre of vendors featured in the leaders quadrant, the report explains
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Investment in SOA - T24 (Release 09) featured over 100 enhancements, including the first Reference Business Services in the T24 Service Catalogue, which further extend Temenos’ SOA investment and development to assist banks in moving towards a service oriented architecture. Temenos’ ongoing alignment to the Banking Industry Architecture Network’s (BIAN) efforts to help the industry define standards will further accelerate its move towards SOA and standardised services;
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Improving customer experience - in 2008 44 banks went live successfully on T24, a 20% increase on the previous year, with banks achieving average implementation times of less than 12 months. As a direct result of more customers adopting T24 Model Bank and its standardised implementation approach, project timelines have been reduced by around 40% over the last three years. Temenos’ implementation methodology and Reference Processes approach is enabling banks to reap the benefits of industry standard banking processes and their investment in technology much earlier.
Going forward Temenos will focus strongly on further increasing the depth of its capabilities in specific banking sectors such as retail banking and private wealth management, as well as extending its services capacity via partners, to complement T24’s existing breadth of functionality.
Don Free, Principal Research Analyst, Gartner comments in the report: Although the economic downturn has had an impact on the booming retail banking market of years past, international retail core banking (IRCB) systems are increasingly the focus of banks searching for competitive advantage across multiple geographies. Moreover, the technology evolution to services-enabled, component-based core solutions that promise to enhance business agility is gaining momentum, and many banks are viewing this time of industry turmoil as an opportunity to gain traction in their respective markets.
Andreas Andreades, CEO, TEMENOS, concludes: We believe our position in this report is testament to our long term vision and commitment to delivering best in class core banking software and services to retail banks across the world. Temenos has turned the corner on providing more consistent customer experiences in implementation efforts and on-going customer support. Our ongoing investments in this area including our Temenos Application Management (TAM) CMMI certified development facility in Chennai, formalized implementation methodology (TIM), new upgrade tool (T-Verify), a newly launched customer support and collaboration portal (TCSP), and the annual Temenos Client Forum will ensure that we maintain our traction in this area.
About the Magic Quadrant
The Magic Quadrant is copyrighted 2009 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the "Leaders" quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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 2008, winner of the Best Core Banking Product category in Banking Technology magazine’s Readers’ Choice Awards 2008 and is listed in the American Banker top 100 FinTech companies.