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party for insurance, for example, but we pull everything into one place.”


Part of this includes complex event processing. “When something goes through an account and you want to check the customer has funds and target them with offers, it involves analytics. Complex event processing takes the load off the core to scale this, so is an important part of the integration.”


Meanwhile, the fourth part is interaction. According to Mistry: “This is to give banks access to publish additional APIs.” Within its interaction framework, Temenos is launching a new design to make it easier to publish APIs from the core platform. The company already opens up its software to third parties, while apps on its Marketplace digital store are based on over 11,000 APIs.


Temenos is also aware that cloud is disrupting the financial sector as trust in the technology increases. Taking this into account, the last part of the framework centres around its scalable platform and ongoing work around cloud. “Cloud is becoming much more important,” Mistry says. “Banks and technology vendors are seeing competition from firms providing core banking in the cloud, sometimes with a licence and sometimes without.” Temenos has a competitive advantage in this space because it is present in multiple countries – unlike some of the newer vendors.


Meanwhile, blockchain is a continuing focus area for Temenos and this will extend this into 2017, when the firm plans to add blockchain enabled trade finance. It partnered with Ripple in 2016 and in May this enabled the launch of a payments platform called Bluzelle Networks via the Marketplace. It has also been championing a ‘blockchain lab’ and is working with partners and banks to create proof of concepts.


Another area of interest is the potential offered by virtual reality. “We have been trialling a platform that would allow us to create virtual environments.” This could be useful, for example, in trading applications. “Today, when you sit at a desk, you are limited in


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terms of the number of screens you can see, and the mouse. Virtual reality overcomes this by allowing you to go beyond physical limitations. You can have 20 screens; and there can be people in the room who aren’t physically present.”


There is also opportunity for this type of technology in wealth management. “It is exciting because it allows organisations to have virtual teams and meeting rooms.” Taking its potential into account, Temenos is examining more widely whether virtual reality can overcome physical limitations and improve interactions. “We are testing this technology’s capabilities and assessing the skills that are required,” adds Mistry.


In addition, Temenos is looking to launch chatbots based on machine learning and artificial intelligence (AI) and wants to integrate this functionality into its engagement platform. “This will be enabled through our API layer and we are looking at a number of vendors to enable the platform.”


In the near-term, Temenos is planning to harness analytics via its ‘SingleBrain’ to be able to predict the next best offer for banking customers. To assist in this aim, the firm partners with a university in its home city of Geneva in Switzerland which specialises in data science.


Using machine learning techniques, Temenos is hoping the partnership will help discover “how to make banks more emotionally sensitive” via their digital interactions. For example, the way in which a customer types on the keyboard can tell how he or she is feeling at the time of the interaction. “It’s down to designing the service with empathy and respecting the customer.”


Looking to the future, Mistry believes simplicity is key for banks looking to differentiate in the increasingly complex digital environment: “Today, people are overwhelmed with the number of technologies out there. Tomorrow, it will go back to basics: I don’t believe technology will be the differentiator, it’s what you do with it.”


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