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TEMENOS Loyal to the core


FIs must embrace data analytics in order to differentiate in an increasingly competitive sector, according to Temenos Chief Digital Officer Dharmesh Mistry


“If you flood customers, they switch you off very quickly. Our digital engagement platform is all-seeing and all-knowing but it is also respecting”


financial sector that is often stifled by complex regulation, according to Geneva-based Temenos. The firm thinks banks must capitalise on their vast stores of data to differentiate and grow customer loyalty as the pace of digital change increases. This will be especially relevant as the revised Payment Services Directive (PSD2) comes into place, which requires banks to share customer data with third party providers via Application Programming Interfaces (APIs) that cut out transaction intermediaries.


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ata analytics is key to a competitive


The resulting apps will be able to gather account information from multiple banks and present it in a similar way to the travel industry’s aggregator Trip Advisor, says Mistry. It is therefore essential that banks have the ability to scale to cope with increasing volumes of traffic. “When we start opening up systems for PSD2, it is important that banks are able to scale. This will be a massive task – and I’m not sure everyone has understood the need for a scalable platform.”


As FIs seek to differentiate in a complex landscape


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