Temenos and EIU survey concludes banks must invest in customer service to remain competitive
Temenos, the market-leading provider of mission-critical solutions to the financial services industry, announces at the ABTEC forum, the publication of The Economist Intelligence Unit’s (EIU) ‘Future Factors’ report, conducted on behalf of Temenos. The report finds that retail banks risk losing out to non-financial competitors if they fail to adapt to new customer service digital strategies.
The EIU surveyed 242 global retail banking executives for their views on the challenges and changes they expect to face in the years up to 2020. The report also includes 13 one-one interviews with senior management executives from around the world. The report’s approach is unique in the industry, as it contains both qualitative and quantitative analyses.
This survey is an important barometer of the current state of the retail banking industry. Key findings include 63% of survey respondents saying they are instituting significant change across functions in order to remain competitive. Meanwhile, 46% of respondents believe that competition is more likely to come from non-financials such as retailers and telecommunications companies, than from new banks. Click here to read the full report.
‘Future Factors’ is part of Temenos’ ongoing commitment to understanding the requirements of Middle Eastern retail banks. To complement the report, Temenos has conducted a Q&A session with Temenos’ Managing Director of Middle East, Jean-Paul Mergai, to gain a more in-depth understanding of the challenges and opportunities specific to the Middle East region. Many interesting findings emerged, including that many banks are looking to invest in their branch networks, and Islamic banking and channels are the most enticing products for new customers at the moment. To read more about these and other findings in the Q&A, click here.
Jean-Paul Mergeai, Managing Director of Middle East, Temenos, said: “Temenos’ involvement in retail banking runs all the way from the company’s inception, and remains central to our business. We already have strong track record in the Middle East, with over 66 banking customers, and 37 of these using T24 for Islamic banking. We will be using the findings of the EIU report and the Q&A to further adapt our existing products and develop new products that suit the unique requirements of the Middle East market. The overall message we have received is that banks are keen to innovate, to keep pace with a rapidly changing market environment.”