GENEVA, Switzerland--(BUSINESS WIRE)--Temenos (SIX: TEMN), the banking software company, today announced that Komerční banka, a member of the Société Générale Group and one of the largest financial institutions in the Czech Republic, has selected Temenos Transact to modernize its retail and corporate banking.
After a rigorous selection process, the bank selected Temenos’ next-generation core banking platform for its modernization journey in the area of account management. Temenos will decrease time to market for innovative current, savings and deposit account services and lending products as well as streamline straight-through-processing across its retail and corporate banking operations.
Komerční banka is a universal bank providing a wide range of services in retail, SME, corporate and investment banking to more than 1.6 million customers. Komerční banka’s services are accessible through a network of more than 240 branches as well as digital banking channels including mobile and internet banking. The modernization of its core system with Temenos constitutes a crucial step in Komerční banka’s long-term strategy to reinforce its leadership in digital banking in the Czech Republic.
Simplification of IT systems and consolidation on Temenos’ platform will enable Komerční banka to bring new products to market faster. It will also enable Komerční banka to deliver an enhanced service with real-time processing and acceleration of customer journeys in retail and corporate segments. Additionally, Temenos’ flexible and agile technology will allow Komerční banka to rationalize its product portfolio and provide a foundation to future-proof business growth.
Komerční banka ranks among the leading banking institutions in the Czech Republic and in Central and Eastern Europe. It has a reputation as a digital leader and Temenos API-first technology will allow Komerční banka to accelerate the development and integration of new services as it continues to improve the experience and value it delivers to customers.
A key factor in Komerční banka’s decision to select Temenos was the rich banking functionality of Temenos Transact for retail and corporate banking. Komerční banka offers a diverse range of deposit, credit, lending and payment services for individuals, small business and corporate customers.
Jan Juchelka, Komerční banka’s Chairman and CEO, commented: “We have selected the new software platform because of its robust design and also its open and modern architecture. We are delighted to have an opportunity to benefit from the expertise and experience of Temenos, whose clients include the world’s largest financial institutions. It is important for us to work with a partner who shares our approach to innovation and who will help us to use the latest technologies now and in the future. Our objective is to achieve the highest level of customer satisfaction in the market. Thanks to the new software platform we can work in agile, flexible, and effective manner and so, ultimately, innovate faster and bring an added value to our clients.”
Jean-Michel Hilsenkopf, Chief Operating Officer, Temenos: “Komerční banka is a large financial institution that has shown a real commitment and appetite for innovation to deliver a market-leading service to its customers. Now, with Temenos cloud-native technology, it can supercharge these efforts and bring new products to market much faster and on a lower cost base. With heightened competition and new regulation putting pressure on margins across the industry, this capability is a huge competitive advantage that will help Komerční banka to grow its client base and ultimately increase market share and profits. Temenos has a long term strategic relationship with Société Générale and Komerční banka is a new step in this long and successful partnership.”
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Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2bn banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com.
About Komerční banka
Komerční banka is the parent company of KB Group and a member of the Société Générale Group. KB ranks among the leading banking institutions in the Czech Republic, as well as in Central and Eastern Europe. It is a universal bank providing a wide range of services in retail, corporate, and investment banking. Member companies of Komerční banka Group provide additional specialised financial services, such as pension savings and building society schemes, leasing, factoring, consumer lending, and insurance. These are accessible through KB’s branch network, its direct banking channels, and the subsidiaries’ own sales networks. The Bank also provides services in the Slovak Republic through its branch focused on serving corporate clients as well as through selected subsidiaries.