IBS Journal January 2017


11


where transactions are moving online, they must maintain high quality interactions with customers, Mistry observes. “Banks are moving online,” he explains, adding that in a number of countries, 90% of customer transactions are made via mobile and internet. Part of the challenge is adding value to these digital interactions. “To add value to transactions, organisations should give advice. For example, if a customer goes over their available balance, a bank can let them know and offer a suitable loan.”


Harnessing data analytics


This type of interaction requires data analytics, which Temenos believes must be harnessed to take advantage of information to help banks reach customers with relevant offers. Temenos aims to provide this through its Digital Engagement platform which it launched last year. It says the platform provides intelligent real-time customer marketing by bringing together locational, transactional and contextual datasets for banks to analyse.


The platform generates value-added insights about customers so FIs can offer a suitable product or service, at the right time and through the relevant channel. Over time, the system learns and can adjust campaigns as it analyses results to offer more tailored and relevant communications. At the centre is an intelligent technology dubbed the ‘SingleBrain’, which Mistry says streamlines communications across channels. “Online, a timely and relevant offer is worth so much more. If you can make a customer an offer when they are online and making a payment, when there’s relevance to what they’ve done, you can achieve their engagement. So now it doesn’t look like like an offer; it’s advice.”


As part of this, companies should be able to “track and trace” the customer. “Whether it’s a cheque paid into the branch or a salary into an account, these are events you can bring in. You should have access to your data and then you can then look at the most relevant offer to make.”


Some banks have the ability to do this already but they have to pull together disparate tools. “Our platform brings it all together. You can do everything from one


place and I believe it’s a differentiator in the market. It gets rid of the silos in the organisation so customers aren’t targeted with duplicate offers through different channels – which can be annoying.”


But there are also challenges posed by the vast amounts of valuable customer data collected by banks. For example, cyber security is an issue highlighted by recent hacks on the likes of Tesco Bank. As a result: “Banks have now got to keep up with the capabilities of hackers.” The focus on security is important internally at Temenos too, he says. With this in mind, its security programme centres on “not just the software, but our internal working practices”.


Mistry explains: “Quite often the problem is software intelligence that has been leaked from the inside, so covering the product lifecycle is integral. It is a continuous investment; you can’t just buy one solution to sort it out.”


At the same time, technology should take customers’ privacy into account. Mistry points out that consumers are more likely to release information and access when their privacy is respected. “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.”


Technology frameworks


Temenos has broken its platform out into five technology frameworks, which it says reflects the areas in which banks face major business challenges. The first centres around data and lifecycle management, which Mistry says the firm continues to invest in. The second is around design: Temenos is adding more data analytics, integrating systems and publishing APIs – with a full separation of design time and run time. “A key part of our investment centres around making API access simple and easy.”


The third focuses on integration, or the ability to add data from other systems. “Banks don’t always provide everything through core banking – they might use a third


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