Eurobank Group chooses Temenos to power digital transformation

Financial software developers Temenos has secured a deal with banking conglomerate Eurobank Group (EBG) to drive the groups digital presence.

EBG will take advantage of both Temenos Infinity, a digital front office product, and Temenos T24 Transact, the next generation in core banking system, in an effort to enhance its digital business agility.

Stavros Ioannou, deputy chief executive officer and group chief operating officer, Eurobank, explained: “The cornerstone of our growth is a commitment to our customers, towards shaping advanced relationships and providing them among other things with high quality service and a vast variety of innovative and tailor made products.”

The group disclosed it has opted for an entire renovation of its subsidiaries IT programmes, starting with Eurobank Cyprus.

Eurobank Private Bank Luxembourg will follow the Cyprus renovation with Eurobank Bulgaria AD (Postbank) and Eurobank AD Beograd (Serbia) next line to implementTemenos’ software.

Ioannou continued: “Temenos’ state of the art technology will enable our bank to build further on this commitment, placing it in the forefront of innovation and spearheading the implementation of our digital transformation journey which is a vital target for us, taking also into consideration the strong international character of Eurobank Group.

“We look forward to this cooperation, as this is the first stage in the wider implementation of Temenos banking software across the group.”

Temenos’ WealthSuite solution will be applied to the groups affiliates in Cyprus and Luxembourg, with a focus on streamlining wealth management processing.

All products run on Temenos’ cloud, API-first banking platform, providing Eurobank developers the ability to develop applications into the system.

Steen Jensen, managing director, Europe, Temenos said that Eurobank’s decision to choose the firms software will only “boost product innovation and allow for operational excellence enabling it to thoroughly prepare for future growth and expansion.”

He commented: “We are delighted to partner with Eurobank Group for its digital transformation project. By choosing Temenos Infinity and Temenos T24 Transact, Eurobank is implementing the most complete cloud-native, cloud-agnostic digital front office and core banking products.

“Temenos WealthSuite will also enable the bank to significantly enhance client engagement through its advisors and self-service digital execution. Using API-first technology and design-led thinking, new changes to banking software can be rolled out in hours instead of weeks.”