Banking Software Company, Temenos, has announced that Eurobank in Greece has selected its Temenos Wealth to strengthen its position in wealth management and affluent segment services.
Eurobank, the third largest bank in Greece, will use Temenos Wealth to create a fully-digital investment portfolio management service offering Robo-Advisor and Goal-Based Investing apps to target the mass affluent and affluent market.
These growing market segments want personalized offerings and are used to convenience through digital channels. With the Temenos solution, Eurobank combines an efficient back-office and product-building engine with modern omnichannel customer experiences powered by AI to meet the segments’ high expectations.
The new Robo-Advisor app will allow Eurobank’s customers to create or adjust a desired portfolio, based on personalized criteria such as risk tolerance, target dates and asset size, by themselves or with an advisor. The solution manages the investments automatically in line with the target allocation model. Goal-Based Investing will enable Eurobank’s customers to define specific financial goals, such as a holiday home purchase or retirement, view simulation results illustrating how they can achieve those goals, and then put the investment plan into action.
Eurobank will implement Temenos Wealth in two phases. Firstly, to bring to market the new Robo-Advisor service. Secondly, to deploy Temenos Wealth for all investment portfolio services, including execution, advisory and discretionary services for clients in Greece. Concurrently, the bank will replace its middle and back-office systems with Temenos Transact, adopting Temenos’ Europe Model Bank approach that incorporates local functionality to accelerate implementation and MiFID compliance purposes.
Temenos Wealth covers all the front-to-back needs of a modern wealth management firm, from digital wealth to CRM to portfolio management, securities and core processing, market data management, analytics, AI and more. Its modular design will enable Eurobank to implement the components they need.
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Stavros Ioannou, Eurobank’s Deputy Chief Executive Officer and Group Chief Operating Officer, commented: “We have selected Temenos to unify all our investment portfolio operations on a single, modern technology platform. We are working intensively and at all levels, towards completing our digital transformation, constantly upgrading our systems, structures and services, adopting to current trends and increased appetite for concrete, safe and innovative digital services, quickly and effectively. Always putting our clients first, we believe that this new agreement and Temenos’ expertise will enable us to provide new, functional solutions to our customers, helping them simplify their everyday lives and their wealth’s management.”
David Macdonald, President – Europe, Temenos, said: “Temenos is proud to extend its relationship with Eurobank for the platform modernization of its wealth operations in Greece. Temenos’ market-leading technology will enable Eurobank to create enticing front-office experiences while achieving back-office efficiency with a high degree of automation. This capability is essential to provide the services that customers expect at attractive price points, helping Eurobank gain new customers and prepare for the future.”