Mon, Dec 09 2024
Temenos has announced that Šiaulių Bankas, the largest independently-owned bank in Lithuania, has chosen Temenos to modernise its core banking platform.
Šiaulių Bankas will move its corporate and retail banking, including trade finance, to Temenos Banking Cloud in order to provide the bank with increased resilience and flexibility to suit its growing business needs.
After merging its retail business with Invalda INVL, Šiaulių Bankas underwent a strategy review that included the move to Temenos core banking software-as-a-service (SaaS). Powered by Temenos SaaS, Šiaulių Bankas, a pioneer in SME and mid-cap enterprise finance in Lithuania, hopes to quadruple its business and private clientele to reach 1 million consumers by 2029, all under the joint supervision of the Bank of Lithuania and the European Central Bank.
With a reliable, secure, and always-updated service, Temenos SaaS enables Šiaulių Bankas to leverage on contemporary, cloud-native architecture and modular banking services to improve company agility, shorten time to market, and uphold the highest levels of compliance and risk management.
Temenos banking functions for Product and Pricing, Data and Analytics, Account Servicing, Deposits, SME Loans, and Anti Money Laundering (AML) are all included in the core banking system. Šiaulių Bankas gains from high-performance Service Level Agreements, frequent updates, and state-of-the-art security features on Temenos Banking Cloud.
A 24% greater growth and innovation share of their IT investment is experienced by Temenos core banking clients that use its contemporary banking platform, according to the Temenos Value Benchmark, an industry-leading benchmark of 146 banks worldwide across all segments. Šiaulių Bankas took part in the Temenos benchmark in order to maximise the value of its technological investments for generating revenue.
The viewpoint of representatives
In order to support the bank's aggressive growth goal, Šiaulių Bankas representatives stress how important it is to embrace a modern technological platform. They hope to take use of Temenos' experience and modular banking capabilities by collaborating with Temenos, a reputable supplier of Software as a Service (SaaS) solutions for banks. It is anticipated that this partnership would help the bank provide outstanding services and promptly adjust to the needs of its customers.
Temenos, on the other hand, emphasises how traditional banks—rather than only fintech startups—are increasingly using SaaS solutions in Europe. They were happy to welcome Šiaulių Bankas as Temenos' first customer in Lithuania, highlighting the importance of this cooperation in light of the bank's standing as a significant systemic institution that is subject to direct regulation by the European Central Bank (ECB). Šiaulių Bankas is in a better position to implement new solutions more quickly and at a lower operational cost than if it were to retain antiquated legacy systems thanks to Temenos Banking Cloud.
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