Advanzia Bank has selected Temenos T24 to replace its existing core banking systems.
The Luxembourg-based bank’s decision to replace its systems was threefold. The bank’s existing system was not able to scale to meet Advanzia’s growth in areas such as customer numbers and mobile interactions. The previous system also didn’t offer the flexibility to launch new products quickly, and could not provide the requisite levels of integration and real-time capabilities Advanzia needed to provide customers with a differentiated and seamless user experience.
The bank selected the Temenos T24 system, which uses Microsoft technology, due to its advanced system architecture and packaged software model.
By selecting an upgradable solution, Advanzia will be able to capitalise on the thousands of enhancements delivered every year based on the best practices of the world’s leading banks.
T24’s architecture also allows for instant customer fulfillment, simple integration with the bank’s other systems, and full exploitation of its data assets.
“We are very pleased to have selected Temenos to provide us with a comprehensive integrated new core banking solution that will support our business expansion strategy,” said Marc Hentgen, CEO at Advanzia. “Our choice of Temenos was based to a large extent on its impressive track records and by a unique functional coverage. We have been offered a fast, cost-effective deployment, with the peace of mind that our software enables us to meet all local regulatory requirements.”
Temenos’ T24 platform was selected by two other banks in Luxembourg in 2015, and is currently used by more than 30 financial institutions in the country.
“We are delighted to have been selected by Advanzia Bank to replace its legacy banking software,” said Steen Jensen, regional director, Northern Europe, Temenos. “Our core banking platform will give Advanzia the technology to scale its business while delivering superior customer service. It is also another important win for us in the Luxembourg market where, following significant investments in strengthening our team and building out the country Model Bank, we have strong momentum and are gaining market share.”
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