Banking software integrations are transformational. They support the flow of information, improve business intelligence, provide crucial reporting capabilities, and offer insight into consumer behaviours.
Temenos T24 is an example of a market-leading transaction processing systems that
To gain access to powerful data analysis, and its subsequent benefits, financial institutions must integrate their core banking system data into a high-value banking application.
Here we provide five key benefits of integrating Temenos T24.
1. Real-time Customer Information
Like many core banking systems, Temenos T24 is a real-time platform, so all input data is read, processed, and made available virtually immediately.
When integrating Temenos T24, banks and credit unions can unite the analysis and reporting capabilities of their banking integration application with the real-time availability of their core banking system to gain an up-to-date understanding of banking performance.
This snapshot of the financial environment can then be leveraged to offer customers the right products at the right time to maximise their value.
2. Embedded Product Builder
Product builders are a valuable asset for financial institutions. With an interactive builder at their disposal, banks and credit unions can market new products extremely quickly, capitalising on market opportunities faster.
Temenos T24 boasts an embedded product building service. To maximise its benefit, banks and credit unions can integrate Temenos T24 to perform high-value analysis, discern which product features their users are looking for, and then personalise products and services to suit the needs of the individual user.
3. Infinite Scalability
In financial markets, scalability refers to a financial institution's ability to handle increased demands. And a system that scales well will be able to maintain or even increase its level of performance or efficiency when tested by larger operational demands.
Temenos T24 is engineered to be linearly scalable, allowing customers to generate significant economies of scale. But, while the ability to scale is impressive, knowing when to do so is more important.
Integrating Temenos T24 data provides detailed insight into financial performance, enabling banks and credit unions to choose the right time to scale up or down their offerings.
4. Extremely Low TCO
In financial terms, TCO stands for total cost of ownership and provides a cost basis for determining the total economic value of an investment.
Core banking systems used by retail financial institutions are notorious for their high maintenance costs. But Temenos T24 is a system that regularly updates and maintains its legacy systems so that customers spend just 44.3% of their IT budgets on maintenance, in contrast to the industry average of 78.8%.
Integrating Temenos T24, a core banking system that's routinely maintained, reduces the likelihood of any data pipeline errors or delays, ensuring data-analysis is carried out punctually, accurately, and without any threat of mistake.
5. Zero Risk of Obsolescence
The fear of being left behind is a constant concern in the banking sector. Failure to react to opportunities can quickly reduce market share and impact bottom-line results.
Temenos T24 is a core banking platform that spends more than 20% of its annual sales on research and development, continually evolving financial and banking software based on customer requirements and innovation. This enables banks and credit unions to benefit from the latest updates and releases so that they never fall behind in the market.
Integration with a modernised core banking system not only mitigates the risk of obsolescence but, as the functionality of the core banking system evolves, more and more data can be analysed using a banking integration application to provide even greater insight.
Banking Software Integration Application
Banking software integrations can provide numerous benefits for banks and credit unions, providing unparalleled insight into the financial landscape to create competitive advantage.
Temenos T24 is one of the top core banking systems throughout the private banking sector and is used by over 600 financial institutions globally. But, to maximise its performance, financial institutions must combine it with a high-value integrated application and execute comprehensive analysis.
To discover how BankBI performs unparalleled banking data analysis, produces detailed and automated financial reports, and provides banks and credit unions with greater clarity into their financial environment, contact us today for a free consultation.