The apps, Robo Advisor and Goal-Based Investing, enables retail banks to offer personalised, digital wealth experience to their customers
Swiss banking software firm Temenos has introduced two wealth management apps, Robo-Advisor and Goal-Based Investing, to support its Temenos Infinity for Retail Banking.
Temenos Infinity for Retail Banking, a part of the company’s suite of cloud-native, cloud-agnostic products, enables retail banks to offer easy and cost-effective services to new and existing customers.
Temenos digital product director Darryl Proctor said: “By expanding Temenos Infinity for Retail Banking with Robo-Advisor and Goal-Based Investing, retail banks can offer personalized wealth management products and services to their customers from a single platform, alongside other banking services.
“This will enable them to address the growing segment of next-generation investors, who are looking to make informed investment decisions and achieve their financial objectives in line with their life events. This means increased revenue opportunities from attracting new customers and increased profitability and customer retention from existing customers.”
New wealth management apps are added to Temenos Infinity for Retail Banking
Temenos said that the newly added wealth management apps are expected to enable retail banks to quickly and easily market and compete against investment firms.
The apps allow retail banks to differentiate themselves against other banks that do not offer investment services, apart from being low-cost investing tools.
Robo-Advisor is expected to enable retail banking customers to build a desired portfolio or adjust it, based on personalised criteria including risk tolerance, target dates and asset size. It has been designed to manage the investments automatically, complementing the target allocation model.
The Goal-Based Investing is said to enable the customers to define specific financial goals, view simulation results on how to achieve the goals, and bring the investment plan into action.
The company said that its wealth management apps for Temenos Infinity are available for any core banking system or pre-integrated with Temenos T24 Transact.
The addition of the wealth management apps for Temenos Infinity for Retail Banking provides all the functionalities required for automated investment management, including client profiling, asset allocation management, constraints, rebalancing, portfolio analysis, and more, said Temenos.