Eurobank plans front-to-back transformation with Temenos
Eurobank Group is to overhaul its core and digital banking with Temenos’ T24 Transact and T24 Infinity, reports Martin Whybrow.
The project will cover the group’s international operations. It will start in Cyprus, with the intention of swiftly moving on to Eurobank Private Bank Luxemburg, with Eurobank Bulgaria AD (Postbank) and Eurobank AD Beograd (Serbia) also on the roadmap.
The project comprises a full IT renovation programme. The bank has also taken Temenos’ WealthSuite for Cyprus and Luxembourg, with the aim of reducing time-to-market for new products and services and improving automation of its private banking operations.
Also in the mix is Temenos Analytics to support Eurobank’s marketing campaigns. Development tools, which will use the T24 APIs, are intended to speed up building and deploying applications around the core.
In terms of the initial project in Cyprus, Stavros Ioannou, deputy CEO and group COO, Eurobank, comments: “We look forward to this cooperation, as this is the first stage in the wider implementation of Temenos banking software across the group.” He describes the project as supporting the bank’s “vital digital transformation journey” which is intended to shape “advanced relationships” and provide customers with “high quality service and a vast variety of innovative and tailor made products”.
The bank currently uses a range of legacy international and Greek packages, including Oracle FSS’s Flexcube in Serbia and CSoft’s VCSBank++ in Bulgaria, FinTech Futures understands. The holding group is Greece-based EFG Eurobank Ergasias.