US local banks sign up to Temenos T24 core banking cloud
US banks Clare Bank and Farmers Exchange Bank have chosen to install cloud-hosted core banking services from vendor Temenos, in the first deal the firm has made since it acquired US supplier TriNovus earlier this year.
Wisconsin USA-based Clare Bank is a small community bank with eight locations across its community in the Platteville area, in the north of the American Midwest. The bank was founded in 1905. Farmers Exchange Bank has branches in Cherokee, Oklahoma and the surrounding great salt plains area.
The two banks have chosen the T24 core banking application, delivered through the SaaS capabilities of TriNovus on a ‘pay as you go’ basis. They chose T24 because of its real time characteristics and the ease of integration. T24 is web-based and can be deployed on tablets such as iPads, helping the bank staff to connect with customers.
“We want to provide long term value to the communities we serve,” said Patrick Clare, president of Clare Bank. “To do that, we need to address how we operate and serve. Other providers provide patches but do not solve the underlining problems. Adopting Temenos’ T24 core system will enable us to do that and much more. It will enable us to give our clients a truly differentiated customer experience, help us to identify and manage their banking needs more effectively, redirect time to serving our customers’ needs and further reduce our operational costs by shifting from a report to technology based approach.”
The acquisition of TriNovus was part of a big shift in Temenos’s approach, unveiled earlier this year at its annual user event in Abu Dhabi. The firm has adopted a ‘progressive renovation’ agenda, in which it sorts the channels and the product sets using modern technology while integrating to an efficient back-end over time.