The solution is designed to enable banks to overcome the limitations of their legacy core banking or other, peripheral systems
Switzerland-based banking software firm Temenos has rolled out its new-generation Temenos Enterprise Pricing solution to enable banks design, manage and price their products, services and product bundles.
Temenos Enterprise Pricing is a enterprise-wide pricing engine that supports personalisation of products and services, and advances time to market, said the company.
The new solution is development for deployment on Temenos Transact or on any third-party core, and help modernise large banks with complex, siloed legacy systems.
Temenos chief executive officer Max Chuard said: “With Temenos Enterprise Pricing, we give larger banks with legacy IT landscapes, burdened by multiple cores and disparate, siloed systems, the opportunity to solve their operational efficiency needs and start their modernization program, gaining faster time to value.
“This solution enhances our ability to meet the needs of larger banks, which represent approximately 60% of the total third-party market spend.
“Our next-generation SaaS solution enables banks to create new revenue streams by launching new compelling offerings and to apply dynamic pricing strategies to maximize profitability, increasing customer retention and boosting wallet share.”
The company said that large banks usually operate on large legacy technology stacks, with multiple core capabilities and disparate systems or product silos.
Banks with legacy systems are competing with the fintechs and neobanks, as their speed facilitates rapid launch of different products and draw new customers.
Temenos Enterprise Pricing allows banks to start incremental modernisation
Temenos claimed that its Enterprise Pricing solution will enable banks to address the immediate operational efficiency they require and commence an incremental modernisation process.
Its enterprise pricing solution would help banks deliver their products and pricing bundles with competitive pricing based on the customers’ relationships with the bank and their behaviours to provide tailored rewards and promotions.
Also, the solution provides banks with enhanced control over the fees, centralising product data from multiple legacy systems and disconnected applications.
Aite Group research director Christine Barry said: “In the commoditised world of banking, loyalty to a brand will be harder to create without delivering genuine advantages to customers who display loyal behaviors.
“Temenos Enterprise Pricing enables banks to manage products and pricing effectively delivering to their customers transparent, relationship-based pricing, innovative services and rewards schemes to delight them and create deeper relationships.”
Last year, Temenos has joined forces with Microsoft to offer its financial crime mitigation (FCM) SaaS solution intended for banks.