Customer Results Confirm Temenos Infinity Leadership for Consumer Loan Origination in North American Bank and Credit Union Market

MALVERN, Pa., Oct. 22, 2019 /PRNewswire-PRWeb/ -- Temenos (SIX: TEMN), the banking software company, today revealed customer results illustrating how Temenos Infinity clients have achieved outstanding success in North American consumer loan origination. Temenos Infinity enables customers to deliver loan decisions over 90% faster, add new products within days, and increase credit accounts to record levels. The results provide continued proof of Temenos' leading position for consumer loan onboarding and origination for North American banks and credit unions.

Using Temenos Infinity, the successful institutions have raised their level of service and competitiveness by delivering lightning fast, auto-decisioned consumer loan application experiences. Temenos Infinity consumer loan origination solves the problems of how to give customers and members an outstanding experience and an instant decision, and for institutions to rapidly bring new products to market.

Temenos Infinity has achieved outstanding results for banks and credit unions in the US market, including:

• A world's top 20, $277 billion US bank achieved an outstanding 75% auto-decisioning rate for credit card application and instant origination.
• A $12 billion institution increased auto-decisioning from 20% to 70% for consumer loans.
• A $5 billion credit union was able to shrink the application, auto-decision, and disbursement process to give new applicants access to cash in as short as five minutes (three minutes for existing members).
• A $3 billion credit union was able to launch a completely new loan product, in response to a local natural disaster, in just 24 hours.

Today, over 600 financial institutions in the US and Canada use Temenos Infinity. This cloud-native, cloud agnostic digital front office solution combines Temenos developed capabilities for onboarding, origination, omni-channel banking, marketing engagement and advanced analytics. With Temenos Infinity, financial institutions can now benefit from a frictionless loan application experience that shortens the process to only minutes and includes behind the scenes integration with fintech services and real-time decisioning. Using rules established by the client's underwriting team, Temenos Infinity evaluates multiple factors simultaneously to deliver instant, automated decisions, driving more loan approvals and higher acceptance rates.

Temenos' recent acquisition of Kony Inc., the #1 digital banking SaaS company, will further solidify Temenos Infinity's position as the richest and most technologically advanced digital banking product. The acquisition accelerates Temenos' growth in the United States, bringing substantial scale, increased market presence, and further strengthening Temenos' unmatched digital expertise.

Andrew Coy, AVP of Lending, PSECU, said: "As a predominantly branchless credit union, it is important that we provide a fast, safe and simple path from application to funding. The powerful decision engine and overall configurability of the Temenos solution has empowered our business unit to define and refine this process, creating a great loan application experience for our members. We are proud to be able to offer loan applicants instant, automatic decisions up to 70% of the time, and access to funds in as little as five minutes. In cases where loans need manual intervention, the system makes the interactions personalized and efficient. With Temenos, if you can think it, you can design it and bring your vision to life."

Thomas E. Hogan, President of North America, Temenos, said: "First impressions and fast responses are everything in a digital-first world. We are proud to share these stories of institutions who have raised their level of service for members and customers."    

For details on each of these customers and a white paper with insight into some of the successful strategies employed by these Temenos Infinity customers, click here.

About Temenos
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world's leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products enabling banks to deliver consistent, frictionless customer journeys and gain operational excellence.

Temenos software is proven to enable its top-performing clients to achieve industry-leading cost-income ratios of 25.2% and returns on equity of 25.0%, 2X better than the industry average. These clients also invest over 53% of their IT budget on growth and innovation versus maintenance, which is 2.5X the industry average, proving the banks' IT investment is adding tangible value to their business.

For more information, please visit http://www.temenos.com.

About Temenos Infinity
Temenos Infinity is the major next step in the award winning Temenos Digital Front Office product, which has over 1000 banking clients. Temenos Infinity is an independent omni-channel digital banking product which helps banks transform multiple siloed banking channels and legacy applications into a fast, consistent, frictionless customer journey. Through design-led thinking, user journeys and multi-country onboarding capabilities, Temenos Infinity enables banks to orchestrate all their customers' touchpoints and interactions.

With its open API-first design, Temenos Infinity enables banks to connect with a wider ecosystem of financial and non-financial providers as well as the developer community to innovate and bring products to market faster. Temenos Infinity also integrates the recently purchased Avoka platform, the leading product in digital customer acquisition and onboarding. Temenos Infinity can be easily implemented through APIs as an independent front office platform on a third-party core banking system or integrated with the market-leading Temenos T24 Transact product.

SOURCE Temenos

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http://www.temenos.com