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Temenos microservices a major leap towards futureproofing

Prema Varadhan, Chief Architect and Head of AI at Temenos

Prema Varadhan, Chief Architect and Head of AI at Temenos

The new microservices from Temenos, applied to both Infinity and Transact, are major milestones in offering personalised, future-proof and AI-driven products, its Chief Architect and Head of AI has said.

Prema Varadhan of Temenos told IBS Intelligence that the new microservices will help banks and financial institutions unlock services and a business model which they previously have been unable to access.

“What banks are currently going through is that they are finding it very hard to add new use cases that can activate revenue. The use cases are shrinking,” Varadhan said.

“In the past 12 to 18 months we have seen a big structural change, and what we mean by that is that it has been quite significant factors in play, which has resulted in the distribution and manufacturing getting split within the banking value chain.”

The distribution – sales, servicing and marketing functionalities of financial products – and manufacturing – core banking products, manufacturing and execution of deposits, loans, corporates, SME products, and so on – has traditionally been done in-house, she pointed out.

However, Open Banking has opened the opportunity to start playing around with the distribution space.

Varadhan continued: “Because of Open Banking, there is a possibility to consume data and to connect with other FinTechs or financial institutions, and they are able to sell third-party products as well, quite easily, fully regulated.

She noted that legacy banks are unable to come up with the same proposition as neo-banks because they are lacking the platform capability, which is what microservices will enable.

“If they have a distribution platform, it gives them the opportunity to not only have the data about their products and what their customers use but also to sell third-party products, getting customers to stick with the bank and using the data to sell more of their own products as well.”

“Banks need not actually distribute their own products, but they can create bundles of products, which can be sourced from the third parties. To able to do that, banks need to have a platform that can actually provide these really sophisticated agile capabilities of sales, servicing and marketing. That’s what distribution is all about,” Varadhan said.

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